1. What is the average rent for an apartment in Lincoln Park?
Rents in Lincoln Park range widely based on the size of the apartment (sq ft and amount of bedrooms/bathrooms), location, type of building (high-rise, walkup), finishes, amenities, floor level, and other factors. A rental agent can provide you with an estimate of what your costs will be based on your specific criteria. Our 2023 Lincoln Park Price Guide will give specific price ranges based on apartment size and finishes.
2. Are pet-friendly apartments available?
Yes! Many apartments in Lincoln Park will allow pets. Renters with very large dogs (50-100+ lbs), more than 2 pets, or unconventional pets beyond cats and dogs may have fewer options to pick between. Pet owners may also be expected to pay additional fees for their pets.
3. How close is public transportation?
Lincoln Park has ample public transportation options nearby including the CTA Brown and Red Lines and bus service along all major streets. Almost all apartments in the area will be walking distance from a CTA or bus stop.
4. Are there furnished apartments available?
Yes, but they are rare. Furnished apartments are more common in the luxury price bracket and may command rents of $500+ per month over a similar unit unfurnished.
5. What is the typical length of a lease?
Typically landlords are looking for a minimum lease length of one year, though some landlords may require a two-year lease. It may be possible to secure a shorter lease, especially in the luxury market.
As the rental market in the neighborhood has grown more competitive, longer leases have become more common. Also, renters starting leases beginning in the winter may be asked to extend the lease length so it terminates in the summer (14-18 month leases).
6. What costs are associated with renting an apartment in Lincoln Park?
The costs of moving into an apartment will vary based on the requirements of the landlord, building, or management company. When touring units, your rental agent will outline the costs of securing each apartment.
Typically potential tenants will submit an application to a unit along with a application fee to complete a background and credit check (~$40 – $80 per application). Once approved, renters may be required to pay any combination of:
- refundable security deposit (typically 1-months rent)
- first months rent
- a move-in fee to the landlord ($250 – $500)
- a move-in fee to the building ($200 – $1000)
Chicago landlords and management companies have been moving away from security deposits in recent years and non-refundable move-in fees have become more common.
7. What is the parking situation like?
Street parking in Lincoln Park is available, but may not be easy to find depending on the time of day. You may also need to purchase a parking permit from the City of Chicago. For renters who need use their car every day or do not want to park on the street, many apartment complexes and high-rises buildings will have rental parking available. Often this is at an additional cost ($100 – $300 per month). If your building does not offer rental parking, monthly parking spots are available in nearby garages for $200-$300 monthly.
8. Will my utility costs be included in the rent?
What utilities are included in the rent varies based on the type of rental and the practices of the landlord. High-rise buildings will often include more utilities than smaller buildings. Renters will almost always pay their electric bill.
9. Do I need renter’s insurance?
Renters’ insurance may be required by some landlords or management companies. Regardless of requirements, we always recommend renters insurance to our clients. They are available all major insurance companies and are reasonably priced.
10. What kinds of rental properties are available in Lincoln Park?
Lincoln Park offers a wide range of rental properties all the way from single-family homes to luxury high-rise apartments. Lincoln Park has fewer high-rise buildings than its downtown neighbors and they are mostly located along the lakefront. Residential areas will include single-family homes, attached townhouses, 2-4 flat condo buildings, small rental buildings (2-4 units), larger vintage buildings (5 – 50 units), and mid-rise buildings (5-12 floors) among other options. In the formerly industrial western edge of the neighborhood, you will find several converted loft buildings and newer “soft-loft” developments.
11. What is the rental market like?
As one of the most prestigious and popular neighborhoods in Chicago, Lincoln Park has a competitive and active rental market. After several down years during the COVID-19 pandemic, the rental market in 2022 saw strong demand and rising rents (up 20% over 2021). We expect that the rental market will remain red-hot in 2023 as rising interest rates deter potential buyers.
Apartment hunters in Lincoln Park should expect new apartments to rent quickly and possible with several competing applications. For strategies to secure apartments in competitive markets, we recommend speaking with a rental agent.
12. When Should I Begin My Apartment Hunt?
The ideal window for finding an apartment is between 2-6 weeks before your ideal move-in date. For a June 1st lease, we would recommend starting your search around April 15th. This window is when the majority of new listings for that move-in date will be available.
13. What are the income and credit requirements for apartments in Lincoln Park?
Credit and income requirements will vary depending on the landlord and management company. Typically landlords are looking for credit scores at or above 650 and pre-tax incomes of 3x the monthly rent.
Due to the competitiveness of the rental market in Lincoln Park, securing an apartment in Lincoln Park with a lower credit score / income will be difficult. For students and others who do not meet these criteria, landlords may be willing to accept a co-signer.
14. What are similar Neighborhoods in Chicago to Lincoln Park?
Renters looking in Lincoln Park often also consider similar nearby neighborhoods.
More affordable/residential neighborhoods to the north include Lakeview, Ravenswood, Lincoln Square, Andersonville, and Uptown.
More population- / business-dense areas to the south including Old Town, Gold Coast, River North, and Streeterville.
Hip and trendy areas to the west include Logan Square, Wicker Park, and Bucktown.
Our Lincoln Park rental agents also work in these areas!
15. What information will I need to provide to find an apartment?
When applying for an apartment you may be asked to provide your photo ID (drivers license, passport, etc. ), a written or online application, 2-4 recent paystubs, and a credit score.
16. How much does it cost to work with a rental agent?
Working with one of our expert rental agents is a completely free service. Rental agents are paid a commission by the apartment’s listing broker.
17. When is the best time to look for an apartment in Lincoln Park?
Renters can find apartments in Lincoln Park all year round, though leases typically begin on the 1st and 15th of the month. More apartments become available during the warmer months, but that is also when demand and competition are highest. In recent years, it may be easier to secure apartments in colder months despite lower supply.
