Posted Jun 12, 2013
How Can You Save 60% on Rent in Chicago?
You guessed it, roommates!
The latest city in our series on the cost savings renters can enjoy by living with roommates is that toddling town, Chicago. As the third largest city in the country, Chicago offers renters the best of urban living paired with a little Midwest sensibility, all at reasonable prices compared to its coastal counterparts. For Windy City renters looking to cut costs without settling for a cramped studio, roommates are a perfect solution.
We analyzed historical rental data of nearly 900,000 listings in Chicago to determine exactly how much money you can save every month by living with roommates, how readily these properties are available and in what neighborhoods they can most likely be found so you are armed and ready to find the perfect home on a budget.
At 60% savings each month, living with four roommates in Chicago represents the most savings of any city we’ve analyzed so far. Compare those figures with 47% savings by living with four roommates in Seattle, 39% savings by living with three roommates in Los Angeles or 54% savings by living with three roommates in San Francisco.
Here’s a snapshot of the median price per bedroom of listings ranging from studios to five bedrooms. This chart also details what percentage of the total rental market these properties make up so you can get an understanding of what types of listings are readily available in Chicago.
While living with four roommates will save you a whopping 60% on your monthly rent, five bedroom listings are scarce in Chicago, making up only one percent of the listings currently available in this range. With that in mind, three bedroom options are a great choice if you’re looking to save as three bedroom listings account for 15% of current availability, plus living with two roommates will still save you an average of 50% on your rent bill every month.
If you’re looking for a charming North-side neighborhood, close proximity to the Lake and shops, restaurants and nightlife, get two friends together and start your search in Lincoln Park or Lakeview.
Cost Savings in Lincoln Park & Lakeview
- Save 42% by living with two roommates in Lincoln Park– median price per bedroom drops to $887 in three bedroom homes, 42% less than a one bedroom (median price: $1,535)
- Save 40% by living with two roommates in Lakeview– median price per bedroom drops to $841 in three bedrooms homes, 40% less than a one bedroom (median price: $1,394)
If you want to be among some of Chicago’s hippest crowds, you and three friends can save some major cash each month in West Town or Wicker Park.
Cost Savings in West Town & Wicker Park
- Save 59% by living with three roommates in West Town– median price per bedroom drops to $659 in four bedroom homes, 59% less than a one bedroom (median price: $1,622)
- Save 46% by living with three roommates in Wicker Park– median price per bedroom drops to $675 in four bedrooms homes, 46% less than a one bedroom (median price: $1,248)
If you’re craving downtown living, new construction and modern amenities, you and two friends can score a deal in the South Loop or West Loop.
Cost Savings in the South Loop & West Loop
- Save 35% by living with two roommates in the South Loop– median price per bedroom drops to $990 in three bedroom homes, 34% less than a one bedroom (median price: $1,518)
- Save 16% by living with two roommates in the West Loop– median price per bedroom drops to $1,454 in three bedrooms homes, 16% less than a one bedroom (median price: $1,741)
Where else are you likely to find these listings? We checked out which neighborhoods currently have the most listings available for each room type so you can focus your search and start saving.
As always, be sure to set alerts so you don’t miss a single listing as you search for your ideal Chicago rental.
Happy hunting, Chicago!