Cheap Apartments for Rent in the Central Chicago Neighborhood of Chicago, IL from $900 (40 Rentals)

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Cheap Apartments in the Central Chicago area of Chicago.

Navigating the Rental Market: Tips for First-Time Renters

Entering the rental market? Learn these simple tips and strategies to avoid common pitfalls and make confident choices. Rent with peace of mind.

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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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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
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900 S Clark St
Studio to 3 Bedroom Apartments

900 S Clark St

900 S Clark StChicago, IL 60605
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215 W Washington
1 to 3 Bedroom Apartments

215 W Washington

212-220 W Washington StChicago, IL 60606
Showing Results 1-40, 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 Park Michigan - 1212 S Michigan Ave priced from $1,623. 820 Michigan by 3L Living has the second lowest priced unit, which is a Studio apartment currently listed from $1,694. Here are the most affordable Central Chicago apartments for rent in Chicago, IL:

Apartment ListingModel NameBed/BathPriced From
Park Michigan - 1212 S Michigan AveStudio 1ba 05Studio,1BA$1,623
820 Michigan by 3L LivingStudio NorthStudio,1BA$1,694
777 South StateConvertible StudioStudio,1BA$1,705
30 East RooseveltER_1x11BR,1BA$1,850
Astoria TowerStudio 07BStudio,1BA$1,899
ELEVEN THIRTYTier 6/12 (Studio)Studio,1BA$1,908
330 S. Wells St03 Tier StudioStudio,1BA$1,920
Fisher Building ApartmentsA41BR,1BA$1,960
AMLI 900RetroStudio,1BA$1,962

Best Value Apartments for Rent in Central Chicago, IL

As of May 05, 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 800 S Clark St Model at 800 S Clark St, Unit 2 starting at $3,867 with a $3.12 price per square foot in the South 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
800 S Clark St, Unit 2800 S Clark St2BR,2BA$3.12
Carriage House Lofts2 BED 2 BATH LOFT STYLE2BR,2BA$2.31
1150 S Michigan Ave, Unit 21150 S Michigan Ave2BR,2BA$3.10
1400 WabashT62BR,2BA$3.18
680 S Federal St, Unit Apt 808680 S Federal St1BR,1BA$2.25
Wells Place Apartments1 Bed 1 Bath A11BR,1BA$3.10
777 South StateOne Bedroom1BR,1BA$2.67
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 #24

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 $1,962.

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 $6,906.

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 45 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 $498 which is $6,408 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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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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Navigating the Rental Market: Tips for First-Time Renters

Written by: Sandy Baker

Making the decision to rent is exciting and terrifying at the same time. For many people, there are a lot of unknowns.

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Rise of Digital Nomads: Remote Work Tips for Apartment Renters

Written by: Brandie Parton

As a digital nomad, you no longer call a set address or office building your home for eight hours of the day or more.

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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.