Here at LincolnParkHomes.com, our rental agents work with hundreds of people every year looking to rent in Lincoln Park. Before becoming our clients, we see folks struggling to gain a clear picture of the going market rates. They have to look through dozens of listings to get an idea of what they should be budgeting for to meet their needs. We believe realtors can and should do better.
As part of our mission to empower renters, we make an annual rental price guide to help our clients stay up-to-date on the rental market in Lincoln Park. Our methodology is simple – our Lincoln Park Rental expert looks thoughtfully at every single property Lincoln Park property that was rented in 2022 and uses that information along with @properties market forecasts to come up with a fair prediction of what prices will be in 2023. We went through over 1000 rented listings in 2022 to come to our conclusions this year!
2022 in Review and our predictions for 2023
In 2022, rents in Lincoln Park increased significantly (going up as much as 20%!). Unfortunately, that trend is expected to continue into 2023 as low rental inventory, a slowed sales market, and the popularity of Lincoln Park persist.
Without further ado, here’s the guide:
LincolnParkHomes Rental Price Guide 2023:
| Price Range: Good Quality* Apartment | Price Range: High Quality** Apartment | Price Range: Luxury Quality*** Apartment | |
| Studio | $900 – $1400 | $1400 – $1800 | $1800-$2100 |
| 1-Bedroom | $1250 – $1700 | $1700 – $2100 | $2100 – $3000+ |
| 2-bed, 1-bath | $1400 – $2000 | $2000 – $2800 | $2800+ |
| 2-bed, 2-bath | $1800 – $2600 | $2600 – $3000 | $3000 – $4500+ |
| 3-bed, 1-bath | $2000 – $2500 | $2500 – $3800 | $3800+ (Rare) |
| 3-bed, 2-bath | $2000 – $2700 | $2700 – $4000 | $4000 – $5000+ |
| 3-bed, 3-bath | $2600 – $3200 | $3200 – $4000 | $4000 – $5200+ |
| 4-bed, 1-bath | No Data | $3200 – $3700 | No Data |
| 4-bed, 2-bath | $2700 – $3100 | $3100 – $4250 | $4250 – $5400+ |
| 4-bed, 3-bath | No Data | $3300 – $4500 | $4500 – $6000 |
| 4-bed, 4-bath | No Data | No data | $4700+ |
| 5+bed, 1-bath | No Data | No Data | No Data |
| 5+bed, 2-bath | No Data | No Data | No Data |
| 5+bed, 3-bath | No Data | No Data | $4800+ |
| 5+bed, 4+bath | No Data | $7000 – $8000 | $8000 – $15000 |
*Good Apartments: Safe and livable apartments that may have dated features or appliances, carpeting, laundry in the building, may or may not have a dishwasher.
**High Quality – Updated features, appliances, potentially in-unit laundry, hardwood and laminate floors, building amenities (gym, common areas, or roof-deck), good-sized floorplan, and potentially outdoor space.
***Luxury Quality – Hardwood floors, top-of-the-line appliances, spacious floorplan, in-unit laundry, building amenities, and outdoor space.
