Looking for a luxury apartment rental in Chicago but unsure where to start? While the Windy City is known for its remarkable skyline, deep-dish pizza, and diverse neighborhoods, it’s also home to some of the priciest apartments in the Midwest. Each neighborhood offers its unique charm, lifestyle, and, of course, rental prices.

This guide will take you through 10 Chicago neighborhoods with the most expensive apartments, spotlighting their distinct atmospheres and pricing trends. Whether you’re a professional relocating for work, or simply someone seeking an upscale lifestyle, this will help you make an informed decision.

Why Are Some Chicago Neighborhoods More Expensive For Renters?

Before we jump into specific neighborhoods, it’s important to consider what drives the variation in rental prices across Chicago. Several factors come into play:

• Location: Proximity to downtown, major transportation hubs, and top employers significantly impact prices.
• Amenities: Luxury apartments equipped with fitness centers, pools, and concierge services often carry higher price tags.
• Neighborhood Vibe: Restaurants, nightlife, schools, and safety metrics influence the desirability and cost of living in a neighborhood.
• Demand: High demand for housing in certain areas drives up rental prices.

With these aspects in mind, we’re ready to explore the 10 most expensive neighborhoods for renting apartments in Chicago.

1. The Loop 

Average Monthly Rent: $2,900+

Why It’s Expensive:

Known as Chicago’s central business district, The Loop offers unparalleled convenience, proximity to major offices, and iconic attractions like Millennium Park and the Art Institute of Chicago. Apartment buildings here often feature luxurious amenities like rooftop pools, modern gyms, and floor-to-ceiling windows showcasing breathtaking city views.

Living in the Loop is a top pick for professionals who want to walk to work while being surrounded by vibrant culture and dining experiences.

2. Streeterville 

Average Monthly Rent: $3,000+

Why It’s Expensive:

Streeterville is famous for its high-rise apartment buildings along Lake Michigan and the Magnificent Mile. It’s a haven for shopping enthusiasts, fine dining lovers, and those drawn to upscale living along Chicago’s waterfront.

Most Streeterville rentals include luxury features, such as valet parking, state-of-the-art fitness centers, and direct lake access, making it a hotspot for affluent tenants.

3. River North 

Average Monthly Rent: $3,200+

Why It’s Expensive:

Chic, trendy, and bustling, River North ticks all the boxes for upscale living. Its art galleries, boutique stores, and buzzing nightlife draw an affluent, young crowd.

The luxury apartments in Chicago’s River North neighborhood are often within walking distance of Michelin-starred restaurants. High-end condos and loft-style apartments in converted industrial buildings dominate this neighborhood, offering unique architectural appeal.

4. Gold Coast 

Average Monthly Rent: $3,500+

Why It’s Expensive:

The aptly named Gold Coast earns its reputation as one of Chicago’s ritziest areas. With high-end boutiques lining Oak Street and historic mansions around every corner, Gold Coast apartments tend to be synonymous with luxury.

Many apartment buildings in this neighborhood often come with modern interiors, 24/7 doormen, and proximity to Lake Michigan beaches. Renting here is ideal for those who value historic charm with a contemporary twist.

5. West Loop 

Average Monthly Rent: $3,100+

Why It’s Expensive:

Once an industrial district, West Loop has transformed into one of Chicago’s trendiest culinary and cultural hubs. Its apartment buildings stand out for their industrial-chic aesthetic with features like exposed brick and open floor plans.

The neighborhood also houses some of Chicago’s best restaurants and bars, making it a favorite among foodies and urbanites alike.

6. Lincoln Park 

Average Monthly Rent: $2,800+

Why It’s Expensive:

Popular for its green spaces and family-friendly vibe, Lincoln Park boasts a quieter charm without sacrificing proximity to the city center. The area is home to a variety of high-end apartments and townhouses, designed for those who love luxury alongside nature.

Here, you’ll find tree-lined streets, boutique shopping, and the expansive Lincoln Park Zoo just steps from your apartment.

7. Fulton Market 

Average Monthly Rent: $3,400+

Why It’s Expensive:

Fulton Market is a buzzing neighborhood blending industrial roots with modern luxury. This trendy area appeals to professionals working in tech, advertising, or design firms headquartered nearby.

Its vibrant restaurant scene and modern apartment complexes with panoramic city views create a high demand for housing, pushing prices upward.

8. Old Town 

Average Monthly Rent: $2,900+

Why It’s Expensive:

Old Town offers a mix of historic homes and modern high-rises, catering to urbanites seeking a neighborhood with deep character. The area is rich in cultural landmarks, boutique shopping, and fantastic dining options.

Luxury apartments in Old Town often boast large units with high ceilings and unique layouts, blending the area’s traditional charm with contemporary luxury.

9. South Loop 

Average Monthly Rent: $2,700+

Why It’s Expensive:

South Loop provides stunning high-rise apartments near Lake Michigan and Grant Park. The neighborhood’s growing popularity brings upscale living close to cultural gems like the Field Museum and Adler Planetarium.

Its residential and rental options in the South Loop mix modern skyscrapers with townhome-style units, catering to a diverse set of renters who appreciate both conveniences and aesthetics.

10. Lakeview 

Average Monthly Rent: $2,600+

Why It’s Expensive:

Lakeview captures luxury with a laid-back atmosphere. Located along Chicago’s iconic waterfront, this neighborhood is popular with renters looking for proximity to the lake, vibrant nightlife, and landmark entertainment options like Wrigley Field.

Apartments in Lakeview range from brand-new developments with extravagant amenities to remodeled historic buildings, creating a wide appeal for upscale renters.

What To Consider Before Renting a LuxuryApartment in Chicago

If you’re considering renting in one of the neighborhoods above, it’s essential to think beyond monthly rent. Here are a few factors to keep in mind:

• Lifestyle Fit: Does the neighborhood align with your personal and professional needs, such as commute time or leisure preferences?
• Amenities: Evaluate what’s included—gyms, concierge services, and parking can add tremendous value.
• Budget: Factor in utilities, local taxes, and any additional costs like parking fees.
• Lease Terms: Double-check for conditions or hidden fees before signing a lease agreement.

Elevate Your Chicago Living 

Choosing the right neighborhood can make all the difference when renting in Chicago. Whether you prioritize unparalleled luxury, proximity to iconic landmarks, or a vibrant local scene, there’s a neighborhood that aligns with your vision of city living.

Looking for more tailored advice? Start exploring Chicago’s top luxury apartments and take the next step toward finding your dream rental home.