Top Rated Cheap Apartments for Rent in Chicago, IL from $400 (305 Rentals)

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Apartments in Chicago with the best features, newest construction, and richest amenities.

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

Quick Rent Budget Calculator

How much rent can you afford?

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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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 the Cheapest Studio apartment in Chicago?

Currently the most affordable Cheap Studio Apartment in Chicago is at 5445 Ingleside By 3L Living listed at $600.

How much is rent for a Cheap One Bedroom Chicago Apartment?

The lowest price for a Cheap One Bedroom Chicago Apartment is $750 at Chatham Park Village-Cooperative (Membership).

What is the lowest price for a Cheap Two Bedroom Chicago Apartment for rent?

Today's best deal for a Cheap Two Bedroom Apartment in Chicago is starting from $835 at 1860 S Komensky Ave.

What is the most affordable Chicago Three Bedroom Apartment?

The best deal on a cheap Chicago Three Bedroom Apartment rental is at 8000-04 S Drexel Ave and starts from $995.

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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Signing Your Apartment Lease: The Basics

Written by: Trey Huguley

When you're about to sign a lease for the first time, it can feel a bit overwhelming. You don’t want to miss any important details hidden in the fine print.

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What to Know About Fees and Fines When Renting

Written by: Trey Huguley

When it comes to renting a new apartment or home there can be a number of fees that you will want to keep in mind going into the process.

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Real Estate Term Glossary: Your Guide to The A to Zs of Renting

Written by: Kevin Ready

Navigating the world of real estate can reveal an abundance of terminology and phrasing around the topics of renting and buying that for some may seem like a brand-new language.