Chicago single-family rentals leased in 7 days in Q3 2026, 3-bedroom rents ran 10.4% above last year, and buying cost $518 more per month than renting.
The 3-bedroom median dipped 0.9% from Q2 to $2,263 but is up 10.4% from a year ago, while 1-bedroom and multifamily rents each rose at least 5% year over year.
Median days on market fell to 18 from 24 in Q2, one day faster than the national median, as single-family rentals leased in 7 days and concessions held at 31.4%.
Managers expecting rent increases fell to 29% from 38% in Q2, and those reporting more applicants slipped to 16% from 25%.
Buying costs $518 more per month than renting, up $193 from Q2 and the widest gap since Q2 2025.
Download the full national analysis including rent-vs-buy and sentiment data across every tracked metro: Q3 2026 National Rental Market Report
Additional reports are available for the following markets:
Rental data used in this report are sourced and catalogued directly by Rental Beast, unless otherwise noted. Rental Beast listing data covers a range of rental property types and owner types operating within the long-term rental market (generally considered to be leases with a minimum of three months). Single-family rentals are considered to be properties with 4 or fewer units. Multifamily is more than 4 doors. Unless otherwise noted, our analysis uses the Chicago-Naperville-Elgin, IL-IN-WI metropolitan statistical area (MSA) as the geographical unit.
Rents are calculated based on these listings. Days on market (DOM) and concession analysis are based on these listings, with some data sources excluded due to DOM and concession info being unavailable or deemed to be unreliable. Concessions are incentives that entice renters to sign a lease (e.g., one month free, a gift card, etc.). Our sentiment survey is based on phone conversations during Q3 2026 with rental building and community managers and property managers. Questions and answer choices:
DISCLAIMER. This report attempts to provide reliable and useful information; however, there is no guarantee that the information or other content in this document is accurate, current or suitable for any particular purpose. All content is subject to change without notice. All content is provided on an “as is” basis, with no warranties of any kind whatsoever. Rental data used in this report are sourced and catalogued directly by Rental Beast, unless otherwise noted. Our analysis uses MSA as the geographical unit and is not reflective of all-U.S. measures. Information from this document may be used with proper attribution.
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