Studio Condos for Rent in Oak Park, IL

The median rent for a condo in Oak Park, IL is $1,950 per month, though prices vary by neighborhood, size, and property type. As of May 2026, condos tend to be the most affordable option while single-family homes and townhouses are currently more expensive.

To comfortably afford the median rent in Oak Park, IL, a household needs to earn roughly $87,800 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 $2,195 per month in Oak Park, IL, renters typically need to show $6,585 per month in gross income to qualify. Actual affordability will vary depending on household debts, other living expenses, and overall budget.

In Oak Park, IL, the price-to-rent ratio is 16.4, 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.

The best neighborhood for renting in Oak Park, IL depends on your priorities: commute, walkability, budget, and lifestyle all play a role. Popular areas for renting a condo include Lincoln Square, River North, Lakeview East, Edgewater and Logan Square, each with its own character and price range.