Cheap Apartments for Rent in the Central Chicago Neighborhood of Chicago, IL from $900 (26 Rentals)

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

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525 S. Dearborn St.
Studio to 2 Bedroom Apartments

525 S. Dearborn St.

525-537 S Dearborn StChicago, IL 60605
  • Utilities Included
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2001 S State St
2 to 3 Bedroom Apartments

2001 S State St

2001 S State StChicago, IL 60616
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180 W. Adams
1 Bedroom Apartments

180 W. Adams

180 W Adams StChicago, IL 60603
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ELEVEN THIRTY
Studio to 2 Bedroom Apartments

ELEVEN THIRTY

1130 S Michigan AveChicago, IL 60605
Showing Results 1-26, Page 1 of 1

Central Chicago, Chicago, IL Local Guide

Cheapest Available Central Chicago Apartments for Rent

 

The cheapest available apartment rental in the Central Chicago area of Chicago, IL is a Studio unit found at 330 S. Wells St priced from $1,760. Park Michigan - 1212 S Michigan Ave has the second lowest priced unit, which is a Studio apartment currently listed from $1,824. Here are the most affordable Central Chicago apartments for rent in Chicago, IL:

Apartment ListingModel NameBed/BathPriced From
330 S. Wells St04 Tier StudioStudio,1BA$1,760
Park Michigan - 1212 S Michigan AveStudio 1ba 05Studio,1BA$1,824
30 East RooseveltER_1x11BR,1BA$1,850
The AlfredA2Studio,1BA$1,895
777 South StateOne Bedroom1BR,1BA$1,920
Fisher Building ApartmentsA41BR,1BA$1,960
River City ApartmentsStudioStudio,1BA$2,000
Millennium on LaSalles3Studio,1BA$2,018
The Grand CentralGraW.S24Studio,1BA$2,025
CoevalV2Studio,1BA$2,028

Best Value Apartments for Rent in Central Chicago, IL

As of April 24, 2025 the best value apartment in the Central Chicago area is the $3.00 price per square foot 208 W Washington St Model at 208 W Washington St, Unit 1911 in the in the Magnificent Mile neighborhood starting from $4,500. The second greatest value Central Chicago apartment is the 2141 W Superior St Model at 2141 W Superior St, Unit G06C starting at $2,500 with a $1.79 price per square foot in the Chicago Loop neighborhood. Here is today’s list of the best values for Central Chicago apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
208 W Washington St, Unit 1911208 W Washington St3BR,3BA$3.00
2141 W Superior St, Unit G06C2141 W Superior St3BR,1BA$1.79
Carriage House Lofts2 BED 2 BATH LOFT STYLE2BR,2BA$2.33
Astoria TowerTwo Bedroom 01D2BR,2BA$2.90
680 S Federal St, Unit Apt 808680 S Federal St1BR,1BA$2.25
Arrive South LoopOgden Loft2BR,2BA$3.16
Wells Place Apartments1 Bed 1 Bath A11BR,1BA$3.14
777 South StateOne Bedroom1BR,1BA$2.57
17 E Adams St, Unit 217 E Adams St1BR,1BA$3.16
Fisher Building ApartmentsA41BR,1BA$2.70

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Pet Friendly Lifestyle
Central Chicago, Chicago, IL

Ranked #27

Among neighborhoods in Chicago, IL for Apartment listings with Pet Friendly Amenities

Pet Friendliness Lifestyle Score

4.0
Pet Friendly

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Frequently Asked Questions about Cheap Central Chicago Apartments

What is a cheap apartment in Central Chicago?

A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in Central Chicago is under $2,028.

What is the price of a cheap apartment in Central Chicago?

The cheapest apartment in Central Chicago is 30 East Roosevelt which is listed at $1,850, while the average apartment in Central Chicago costs $6,919.

What types of apartments are the cheapest in Central 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 76 regular apartments in Central 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 Central Chicago?

Cheap apartments in Central Chicago have an average cost of $502 which is $6,417 cheaper than the average rent for all rentals in Central 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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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

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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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Know Your Rights - How Discrimination Laws Impact Landlords and Tenants

Written by: Christine Leonard, Esq.

Everyone needs a place to live and to call home. For decades, the federal government has established protections to ensure that individuals and families can find housing free from discriminatory barriers.

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Renting Smart: Lease Basics Every Renter Needs

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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.