Chicago renters have undoubtedly been feeling the pressure on their wallets —and a recent report from Zillow confirms rental prices have skyrocketed over the past year.
Zillow’s August 2026 Rent Report found that average rental prices increased by nearly 5% over the past year.
Here’s a look at the data and what’s driving the surge.
Chicago rent up 4.9% from 2025-2026
Chicago’s Zillow Observed Rent Index (ZORI) increased by 4.9% between 2025 and 2026, according to Zillow’s report.
The ZORI method calculates the typical rental price across a given geographical market, measuring asking rent prices as they change over time. The method also adjusts for changes in available rental stock.
Chicago’s typical asking rent according to the ZORI method is $2,210 as of August 2026, up from an estimated $2,107 in August 2025.
The nationwide ZORI rate is $1,948 as of August 2026, meaning Chicago’s typical rent is 13.45% higher than the national figure.
What’s driving the surge and what it means for your rental prospects
A significant contributing factor to surging rental asking prices in Chicago is limited new housing supply, according to a separate report from Apartments.com from earlier this year.
New housing construction in Chicago reportedly slowed in 2024.
Additionally, most new housing construction is concentrated downtown, where one-bedroom apartments cost approximately 40% more than the city average.
