Co-Living vs. Traditional Apartments: Which Saves You More in Chicago?

How Much Does It Really Cost to Live in Chicago?

The short answer: more than your rent check. A traditional one-bedroom apartment in Lincoln Park averages $2,100/mo in base rent, but the real number — once you add utilities, WiFi, furniture amortization, and cleaning — lands closer to $2,700. Co-living at Post Chicago starts at $1,350/mo with nearly everything included. That gap is not a rounding error. It is the difference between building savings and burning through them.

According to the Bureau of Labor Statistics' Chicago housing data, the median asking rent for a one-bedroom apartment in Chicago's Lincoln Park neighborhood sits at approximately $2,100 per month. That figure has climbed steadily year-over-year and does not include any of the costs that follow.

Let's break down the real monthly cost of three options side by side.

Expense	Traditional 1BR	Co-Living Private	Co-Living Premium
Base Rent	$2,100	$1,350*	$1,550*
Electricity	$85	Included	Included
Gas / Heat	$65	Included	Included
Water / Trash	$40	Included	Included
WiFi (500+ Mbps)	$70	Included	Included
Renter's Insurance	$20	$20	$20
Furniture (amortized)	$125	$0	$0
Cleaning Service	$150	Included	Included
Household Supplies	$35	Included	Included
TOTAL / Month	$2,690	$1,370	$1,570
TOTAL / Year	$32,280	$16,440	$18,840

*Co-living prices shown at the 14-month lease rate (best value). Shorter terms available from 3 to 18 months. See full pricing for all lease lengths.

That is a difference of $1,320 per month between a traditional one-bedroom and a co-living private room — or $15,840 over a year. Even with a shorter 6-month co-living lease at $1,971/mo, you would still save roughly $700/mo compared to the fully loaded cost of renting alone.

The $8,400 figure represents a conservative midpoint, accounting for the fact that most co-living residents sign terms between 6 and 12 months rather than the lowest 14-month rate. According to the Bureau of Labor Statistics, housing is the single largest expense category for Chicago-area households, consuming 33.8% of pre-tax income on average.

The Hidden Costs of Traditional Apartments

Base rent is the number on the listing. It is not the number on your bank statement. Traditional apartments in Chicago carry a cascade of expenses that rarely appear in the ad — and they add up fast.

Broker Fees

Chicago's rental market increasingly involves broker fees, particularly for desirable units in Lincoln Park, Lakeview, and the Gold Coast. These fees typically run one month's rent — so $2,100 upfront — and in some cases climb to two months' rent for premium listings. According to U.S. Census Bureau housing data, Chicago's rental vacancy rate sits at just 6.1%, giving landlords limited incentive to waive these fees.

Security Deposits

Illinois law caps security deposits at 1.5 months' rent, but most Lincoln Park landlords require a full month. That is another $2,100 tied up for the duration of your lease — money you cannot invest, cannot access, and may lose to disputed deductions at move-out. The Illinois Security Deposit Return Act gives landlords 30 to 45 days to return deposits, and disputes are common.

Furniture

Furnishing a one-bedroom apartment from scratch costs between $3,000 and $5,000 for the basics: bed frame and mattress ($800–$1,200), desk and chair ($300–$500), sofa ($600–$1,000), dining table and chairs ($400–$600), kitchenware and dishes ($200–$300), and linens and towels ($150–$250). Amortized over a 24-month useful life, that adds $125–$210 per month to your real cost. And when you move? You either sell everything at a loss, pay to store it, or pay to move it — which brings us to the next line item.

Moving Costs

A local move in Chicago runs $400–$1,200 depending on the size of your apartment and whether you hire movers. Renting a truck yourself still costs $100–$300 when you factor in fuel, insurance, and the tolls on the Skyway. The average Chicagoan moves every 2.5 years, according to Census mobility data, meaning these costs recur more often than most budgets acknowledge.

Utility Setup Fees

Opening new accounts with ComEd, Peoples Gas, and your chosen internet provider involves setup fees, installation appointments, and occasionally deposits for new customers. ComEd charges a connection fee of $36.70. Peoples Gas charges a $42 reconnection fee. Internet installation typically runs $50–$100. These one-time costs are small individually but collectively add another $130–$180 to your move-in tab.

Move-Out Cleaning

Most Chicago landlords require professional cleaning at move-out, or they deduct it from your security deposit. A one-bedroom deep clean runs $200–$400. If you skip it, expect a $300–$500 deduction from your deposit — often at the landlord's preferred (and more expensive) vendor rate.

What Co-Living Eliminates

Co-living is not just a different apartment. It is a fundamentally different cost structure. Here is what disappears from your budget entirely.

No Furniture to Buy or Sell

Every room at Post Chicago comes fully furnished with premium pieces from Floyd and Article — a bed frame with quality mattress, desk, chair, and linens. Common areas include a full living room setup, dining table, and a completely equipped kitchen. When you leave, you leave. No Craigslist listings, no storage units, no moving trucks.

No Utility Accounts to Set Up

Water, electricity, gas, high-speed WiFi (500+ Mbps), and trash are all bundled into your rent. There are no accounts to open, no deposits to pay, no split-the-bills arguments with roommates, and no surprise $180 heating bill in January when the polar vortex arrives. The U.S. Department of Energy estimates that the average Chicago household spends $2,280 per year on utilities — all of which is included in co-living rent.

No Roommate Hunting

Finding compatible roommates in Chicago is a part-time job. Posting on Facebook groups, vetting strangers, coordinating move-in dates, negotiating lease terms — it consumes weeks and rarely ends well. In a co-living setup, you are matched with compatible housemates, or you can apply with friends. Either way, the logistics are handled for you.

No Cleaning Service to Hire

Weekly professional cleaning of all shared spaces is included. Kitchens are cleaned, bathrooms are sanitized, floors are mopped, and household supplies (dish soap, paper towels, trash bags) are restocked. A comparable biweekly cleaning service in Chicago costs $150–$250 per visit, according to local service marketplaces.

Flexible Lease Terms

Traditional Chicago apartments lock you into 12-month leases. Breaking that lease early typically costs two months' rent as a penalty — that is $4,200 on a $2,100/mo apartment. Co-living at Post Chicago offers lease terms from 3 to 18 months. If your internship ends in June, your lease can end in June. If your plans change, you are not paying thousands to exit.

When Does a Traditional Apartment Make More Sense?

Co-living is not the answer for everyone, and being honest about that matters more than overselling.

A traditional apartment is likely the better choice if:

• You are part of a couple or have a family. Co-living rooms are designed for individual occupancy. If you are sharing your space with a partner, children, or pets that need a yard, a traditional apartment or house gives you the square footage and privacy you need.

• You own significant furniture. If you have already invested in furniture you love — a couch from Restoration Hardware, a dining table you built yourself, a full home office setup — co-living's furnished model is a mismatch. You would be paying for furniture you cannot use while storing the furniture you already own.

• You want total control over your space. Some people need complete autonomy over their living environment: the thermostat setting, the cleaning schedule, the kitchen organization, the noise level at 10 PM. If sharing common areas with others is a dealbreaker, a solo apartment is the right call.

• You are staying long-term in one place. If you know you will be in Chicago for 3+ years and want to build a home base, the upfront costs of a traditional apartment amortize over a longer period and may make financial sense.

• You work from home full-time and need a dedicated office. While Post Chicago has co-working spaces in the building, some remote workers need a closed-door office within their living space. A one-bedroom apartment gives you that separation.

The common thread: if your priority is space, control, and permanence, a traditional apartment wins. If your priority is flexibility, savings, and convenience, co-living wins.

The Bottom Line: Annual Savings

Let's run the annual numbers for the most common scenario: a young professional or student signing a 12-month lease.

Cost Category	Traditional 1BR	Co-Living Private (12mo)
Annual Rent	$25,200	$17,172
Utilities (12 months)	$2,280	$0 (included)
WiFi (12 months)	$840	$0 (included)
Cleaning (biweekly)	$3,600	$0 (included)
Renter's Insurance	$240	$240
Furniture Amortization	$1,500	$0
Move-In Costs (one-time)	$4,800	$0
TOTAL Year 1	$38,460	$17,412
Monthly Effective Cost	$3,205	$1,451

The first-year difference is stark: $21,048 in total savings when you account for every real cost. Even in year two — when move-in costs no longer apply to the traditional apartment — the gap remains significant at roughly $10,000–$12,000 annually.

According to the Bureau of Labor Statistics, the median annual wage for workers in the Chicago metropolitan area is approximately $47,800. That $10,000+ in annual savings represents more than 20% of the median pre-tax income — enough to fund a solid emergency fund, max out a Roth IRA, or eliminate student loan debt years ahead of schedule.

What About Shorter Leases?

Even on a 6-month co-living lease — the most popular term for interns and short-term relocators — the math still works. At $1,971/mo for a private room (6-month rate), your all-in monthly cost is approximately $1,991 including renter's insurance. That is still $700/mo less than the fully loaded cost of a traditional one-bedroom, and you have zero move-in costs, zero furniture costs, and zero lease-break penalties if your plans change.

For a 3-month summer internship, the savings are even more dramatic. Furnishing a traditional apartment for a 3-month stay makes no financial sense at all. You would spend $3,000–$5,000 on furniture you would need to sell or discard 90 days later. Co-living eliminates that absurdity entirely.

Making the Decision

The data points in one direction for most young professionals and students in Chicago: co-living saves real money, eliminates real hassles, and provides real flexibility. The savings are not theoretical. They are the difference between scrambling to cover an unexpected expense and having a cushion that lets you breathe.

But numbers only tell part of the story. The other part is what you do with the time and energy you reclaim when you are not hunting for roommates, setting up utility accounts, assembling IKEA furniture, or coordinating cleaning schedules. That is the less quantifiable — but arguably more valuable — benefit of co-living.

Read the complete co-living guide

See exactly what's included in co-living rent