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Report: Renting a one-bedroom apartment in Chicago is expensive ...and a bargain

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You’re getting a good value, especially if you work in finance. Read on to see why.

Chicago skyline

Chicago can seem mighty pricey for housing, with some new developments clocking in at over $3,000 per month (and that’s merely a starting price). But fret not, because you could always have it worse. It only takes a matter of perspective.

According to the analysts at RENTCafé, the Windy City comes in as just the 17th most expensive place to rent when compared against its top 30 global peer financial centers. This cost of living looks relatively higher if we focus only on the United States, though. While the city's average rent is a hefty $1,720 per month, we could be spending more along the coasts: averages for Boston hover at $2,930, San Francisco looms at $3,360, and New York soars with the world's most expensive rent at $3,680.

See the infographic below for full detail on the worldwide outcome.

Average rent in the top financial centers around the world
RENTCafe

How did these numbers come to be? Analysts looked at housing market data, added up the average rents for one-bedroom apartments between 600 and 999 square feet in each city, and stacked the results. You can go deeper to delve into more details on methodology.

But, let's look at this another way to wring some more good news out this. When you consider how much rent you're paying to live in an influential financial center, then the numbers change a bit more in our favor. Considering the latest results of the biannual Global Financial Centres Index (GFCI), Chicago hits eighth place in global financial rank, making it among the top ten cities in the world when it comes to measuring financial potency. For that reason, you’re paying relatively little to live in a city with so much power.

So, there you have it. For those who work in the financial sector (and even those who love them), living in Chicago offers you a pretty good return on your investment.