Cheap Apartments for Rent in Chicago, IL from $400 (2,687 Rentals)

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Search the lowest-cost Apartments available for rent right now in Chicago.

Don't Settle: How to Negotiate Your Apartment Lease and Save Money

Discover the insider tips from an attorney and real estate agent on how to negotiate your next apartment lease. Find out what's on the table and what's not, so you can save money and get the best terms possible.

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Your Guide to Co-Signers: The Risks, Rewards, and Everything in Between

Thinking about getting a co-signer for your rental application? We break down what a co-signer is, the potential benefits, and the serious risks for both parties. Find out if it's the right choice for you.

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Roommate Matching: Finding the Right Fit and Avoiding Pitfalls

When searching for a roommate, follow this list of essential steps and set clear expectations to create a solid foundation for a harmonious living situation.

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The Ultimate Long-Distance Moving Checklist: Tips from a Real Estate Pro

Moving is tough, especially long-distance. Learn how to minimize stress & expenses with proven strategies from a real estate pro, covering everything from logistics to finances.

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Cash or credit? Understanding the Importance of Credit Score in Real Estate and Renting

Discover how your credit score impacts your ability to lease or buy a home. Learn how credit scores are determined, how to check yours, and strategies to improve it for real estate success.

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Showing Results 1-50, Page 1 of 54

Chicago, IL Local Guide

Photo of Justin Habersaat - Editing Staff
Written By:
Justin Habersaat
Editing Staff

Cheapest Neighborhoods for Apartments in Chicago, IL

Pricing Updated: 09/29/2025

Current apartment rentals in the Chicago, IL area range in price from $575 to $77,776 with an overall median price of $5,786. The three Chicago neighborhoods with the lowest median rent pricing are Indiana Harbor at $950, Brinkmans at $833, and Edgewood at $833. Here is today’s list of the top 10 neighborhoods with the lowest median pricing for Chicago Apartments for rent:

NeighborhoodMedian PriceMin PriceAvailable Units
Indiana Harbor$1,125$9502
Brinkmans$1,191$83330
Edgewood$1,191$83330
Village Green$1,191$83330
Downtown Michigan City$1,224$83336
Trail Creek$1,224$83336
West Calumet$1,275$1,0502
Forestview Hills$1,305$1,3051
Pullman$1,325$9005
Brainerd$1,350$99511

Cheapest Available Chicago Apartments for Rent

 

The cheapest available apartment rental in Chicago, IL is a Studio unit found at 1155 W 83rd St in the Auburn Gresham neighborhood priced from $650. 6246 S. King Dr. in the Washington Park neighborhood has the second lowest priced unit, which is a Studio apartment currently listed from $675. Here is today’s list of the most affordable Chicago apartments for rent:

Apartment ListingModel NameBed/BathPriced From
1155 W 83rd StStudioStudio,1BA$650
6246 S. King Dr.EfficienciesStudio,1BA$675
5445 Ingleside By 3L LivingLarge Co-Living Single RoomStudio,1BA$698
5540 Hyde Park by 3L LivingEfficiency Studio - NorthStudio,1BA$699
Highlands Tudor Manor - 55+ CommunityStudioStudio,1BA$700
2235 E 71st StStudio ApartmentStudio,1BA$755
915 E 83rd St1BR/1BA1BR,1BA$775
7706 South ColesStudio ApartmentStudio,1BA$780
10k sqft LiveWork Space w Green/White ScreenManhattan Style Loft3BR,2BA$788
8000-12 S Maryland AveStudio ApartmentStudio,1BA$790

Best Value Apartments for Rent in Chicago, IL

As of September 29, 2025 the best value apartment in the Chicago area is the $0.08 price per square foot Manhattan Style Loft Model at 10k sqft LiveWork Space w Green/White Screen in the in the East Garfield Park neighborhood starting from $788. The second greatest value Chicago apartment is the 2516 N Lincoln Ave Model at 2516 N Lincoln Ave, Unit # 03 starting at $1,800 with a $0.18 price per square foot in the Depaul neighborhood. Here is today’s list of the best values for Chicago apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
10k sqft LiveWork Space w Green/White ScreenManhattan Style Loft3BR,2BA$0.08
2516 N Lincoln Ave, Unit # 032516 N Lincoln Ave1BR,1BA$0.18
3407 W Fullerton Ave, Unit # 03D3407 W Fullerton Ave1BR,1BA$0.20
2519 W North Ave, Unit # 03F2519 W North Ave1BR,1BA$0.21
5937 N Paulina St, Unit # 03W5937 N Paulina St2BR,1BA$0.21
3905 W Schubert Ave, Unit # 013905 W Schubert Ave3BR,1BA$0.22
624 S Oakley Blvd, Unit # 02624 S Oakley Blvd3BR,2BA$0.25
1450 W Byron St, Unit # 011450 W Byron St2BR,1BA$0.27
4849 N Seeley Ave, Unit # 024849 N Seeley Ave3BR,1BA$0.33
11250 S Fairfield Ave, Unit 211250 S Fairfield Ave2BR,1BA$0.23

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The common "Rule of Thumb" is that rent should be no more than 30% of your income. How much is that? Enter your monthly income and click "Calculate My Budget" to find out.

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Chicago Overview

Chicago is one of the largest and liveliest cities in the United States with a thriving economy, an active nightlife and some of the world's most historic buildings and landmarks making it a very popular place to call home. The school system and metropolitan offerings make Chicago one of the best places to live in the Midwest in addition to being a premiere tourist destination. The options for cheap apartments in Chicago as well as rental homes, condos, and townhomes in the area make it a renters dream come true.

Why live in Chicago, IL?

With its numerous shops and local cuisine, a bustling nightlife, a strong economy and an efficient if busy transportation system, Chicago is truly the gem of the Midwest. While school districts vary from one area to the next, Chicago is a hub for some of the world's best schools, universities and hospitals, making it an ideal place to settle down. As home to some of the leading universities in the world, Chicago offers plenty of opportunities for its residents to grow up, get an education and find work in its diverse and thriving economy.

Remember the 3 Rules of Real Estate:
Location, Location, Location!

Explore Chicago, IL Rentals by Map

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See the most popular apartments and homes in Chicago, IL

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Getting Around Chicago, IL

Walk Score®

83 / 100

Very Walkable

Most errands can be accomplished on foot

Bike Score®

77 / 100

Very Bikeable

Biking is convenient for most trips

Transit Score®

66 / 100

Good Transit

Many nearby public transportation options

What Are Walk Score®, Transit Score®, and Bike Score® Ratings?

  • Walk Score® measures the walkability of any address.
  • Transit Score® measures access to public transit.
  • Bike Score® measures the bikeability of any address.

Frequently Asked Questions about Cheap Chicago Apartments

What is a cheap apartment in Chicago?

A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in Chicago is under $790.

What is the price of a cheap apartment in Chicago?

The cheapest apartment in Chicago is 1155 W 83rd St which is listed at $750, while the average apartment in Chicago costs $5,786.

What types of apartments are the cheapest in Chicago?

Student, low-income, and by-the-bed apartments are typically the cheapest rentals in most cities, though they require qualifying criteria to rent. There are 2,656 regular apartments in Chicago that we think qualify as ‘cheap apartments’ that do not have special requirements to apply to rent.

How do the prices of cheap apartments compare to the average apartment in Chicago?

Cheap apartments in Chicago have an average cost of $482 which is $5,304 cheaper than the average rent for all rentals in Chicago.

Expert Rental Resources

Helpful Apartment Articles, How-To's and Tips

The rental experts at ApartmentHomeLiving.com provide you with top advice, tools, and tips for understanding the leasing process and finding the perfect rental. Here are a few helpful rental and leasing articles from our experts to guide you on your search.

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A Local Expert’s Guide To 10 Budget-Friendly Neighborhoods to Rent in Chicago

Written by: Nicole Harms

I’m Nicole, your ApartmentHomeLiving.com Local Expert for Chicago, IL. As a resident of the Chicago area for over 20 years, I’ve learned which neighborhoods are great and which are best avoided.

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Kansas Citys Major Employers & the Best Places to Rent Near Them | A Local Expert Guide

Written by: Amber Kanuckel

Hey, there! I’m Amber, your ApartmentHomeLiving.com local expert for Kansas City, and I’m back with my recommendations for top employers in the area.

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How to Negotiate Your Apartment Lease and Save Money

Written by: Christine Leonard, Esq.

Everything is a negotiation in real estate! 

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The Rental Move-In Inspection Checklist: A Guide for Renters

Written by: Trey Huguley

The move-in inspection checklist is a crucial tool for both tenants and landlords. This checklist, provided by the team at ApartmentHomeLiving.com, helps document the condition of an apartment at the time of move-in.