$3,100 Per Month
- 2 Beds
- 2 Baths
- 1,100 Sq Ft
- Condo for Rent
1305 S Michigan Ave Unit 1206, Chicago, IL 60605
1305 S Michigan Ave Unit 1206, Chicago, IL 60605
Frequently Asked Questions
How much does it cost to rent a condo in Chicago, IL?
The median rent for a condo in Chicago, IL is $2,295 per month, though prices vary by neighborhood, size, and property type. As of July 2026, single-family homes tend to be the most affordable option while condos and townhouses are currently more expensive.
How much do you need to make to afford rent in Chicago, IL?
To comfortably afford the median rent in Chicago, IL, a household needs to earn roughly $94,000 per year. This is based on the common guideline that households should spend no more than 30% of gross income on housing. Most landlords require monthly household income of at least 3x the monthly rent, and with a median rent of $2,350 per month in Chicago, IL, renters typically need to show $7,050 per month in gross income to qualify. Actual affordability will vary depending on household debts, other living expenses, and overall budget.
Is it more affordable to rent or buy in Chicago, IL?
In Chicago, IL, the price-to-rent ratio is 13.7, which generally favors renting. This ratio divides the median home price by the annual median rent: below 15 typically favors buying, 15 to 20 is balanced, and above 20 typically favors renting. Your finances, how long you plan to stay, and costs like mortgage rates, taxes, and maintenance all factor into the decision.
What neighborhoods in Chicago, IL are best for renting a condo?
The best neighborhood for renting in Chicago, IL depends on your priorities: commute, walkability, budget, and lifestyle all play a role. Popular areas for renting a condo include Little Village, McKinley Park, Heart of Chicago, Austin and Garfield Park, each with its own character and price range.
