Cheap Apartments for Rent in Chicago, IL from $400 (2,426 Rentals)

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

Chicago's Best Affordable Neighborhoods

Learn about Chicago and the best places to live with original content written by our Chicago, IL Local Expert Nicole Harms

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Chicago, IL Local Guide

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Written By:
Justin Habersaat
Editing Staff

Cheapest Neighborhoods for Apartments in Chicago, IL

Pricing Updated: 04/12/2025

Current apartment rentals in the Chicago, IL area range in price from $532 to $77,776 with an overall median price of $3,490. The three Chicago neighborhoods with the lowest median rent pricing are West Calumet at $825, Roxana at $825, and Maple Hill at $1,350. Here is today’s list of the top 10 neighborhoods with the lowest median pricing for Chicago Apartments for rent:

NeighborhoodMedian PriceMin PriceAvailable Units
West Calumet$1,049$8254
Roxana$1,100$8254
Maple Hill$1,350$1,3501
Liverpool$1,385$59551
Navajo Hills$1,423$98510
Brainerd$1,425$1,0754
Chicago Lawn$1,425$79518
Gage Park$1,450$79518
Oakglen$1,450$9902
Fieldcrest$1,450$1,1251

Cheapest Available Chicago Apartments for Rent

 

The cheapest available apartment rental in Chicago, IL is a Studio unit found at 5445 Ingleside By 3L Living in the Hyde Park neighborhood priced from $600. 1155 W 83rd St in the Englewood neighborhood has the second lowest priced unit, which is a Studio apartment currently listed from $650. Here is today’s list of the most affordable Chicago apartments for rent:

Apartment ListingModel NameBed/BathPriced From
5445 Ingleside By 3L LivingLarge Co-Living Single RoomStudio,1BA$600
1155 W 83rd StStudioStudio,1BA$650
5540 Hyde Park by 3L Living_5540 - Single - NorthStudio,1BA$699
5748 Blackstone By 3L LivingNo Kitchenette with Shared BathroomStudio,1BA$699
Highlands Tudor Manor - 55+ CommunityStudioStudio,1BA$750
6246 S. King Dr.Two rm StudioStudio,1BA$750
7850 S Constance AveStudio ApartmentStudio,1BA$765
1807-09 N. Lincoln Park WestStudioStudio,1BA$775
6306 S ArtesianStudioStudio,1BA$780

Best Value Apartments for Rent in Chicago, IL

As of April 13, 2025 the best value apartment in the Chicago area is the $0.12 price per square foot 908 Lyman Ave Model at 908 Lyman Ave in the in the Oak Park Historic District neighborhood starting from $1,200. The second greatest value Chicago apartment is the 3134 W Carroll Ave Model at 3134 W Carroll Ave, Unit 2 starting at $4,795 with a $0.48 price per square foot in the East Garfield Park 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.
908 Lyman Ave908 Lyman Ave1BR,1BA$0.12
3134 W Carroll Ave, Unit 23134 W Carroll Ave6BR,2BA$0.48
1229 W Barry Ave, Unit George1229 W Barry Ave2BR,2BA$0.43
2919 N Racine Ave, Unit 1stfl2919 N Racine Ave2BR,1BA$0.40
7837 S Peoria St, Unit 17837 S Peoria St4BR,3BA$0.66
7222 S Ridgeway Ave, Unit Apt 27222 S Ridgeway Ave3BR,1BA$0.41
7220 S Ridgeland Ave, Unit 17220 S Ridgeland Ave3BR,1BA$0.44
4820 S Champlain Ave, Unit Apt 34820 S Champlain Ave3BR,2BA$0.77
5536 W 63rd Plz, Unit 15536 W 63rd Plz1BR,1BA$0.63
7809 S Marshfield Ave, Unit 7809 South Marshfield #17809 S Marshfield Ave2BR,1BA$0.55

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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 $780.

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 $3,490.

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 2,960 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 $408 which is $3,082 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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Understanding Amenity Fees: Know Where You Might Be Able to Save Money

Written by: Amber Kanuckel

With the rising costs of housing, a lot of renters are asking this question: Is it possible to opt out of various amenities that your rental property offers so that you can avoid paying the fees.

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Renting Smart: Lease Basics Every Renter Needs

Written by: Christine Leonard, Esq.

Often, in the excitement of finding a new place to live, there’s a rush to make it happen, and - too often - a new tenant signs a lease without reading it carefully.

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Battling the Butts: Your Guide to the Reality of Smoke-Free Renting

Written by: Andrea Lee Negroni, JD

While many apartment buildings are “no smoking” properties, it’s hard to know exactly how many. In 2017, the National Apartment Association reported more than half of rental properties had smoke free policies.