Cheap Apartments for Rent in the Central Chicago Neighborhood of Chicago, IL from $1,000 (33 Rentals)

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

property at 1000 S Clark St

1000 S Clark St

ChicagoIL60605

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
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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
Showing Results 1-33, 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 1 Bed unit found at Fisher Building Apartments priced from $1,715. Park Michigan - 1212 S Michigan Ave has the second lowest priced unit, which is a Studio apartment currently listed from $1,762. Here are the most affordable Central Chicago apartments for rent in Chicago, IL:

Apartment ListingModel NameBed/BathPriced From
Fisher Building ApartmentsA11BR,1BA$1,715
Park Michigan - 1212 S Michigan AveStudio 1ba 03Studio,1BA$1,762
ImprintLoft Studio EStudio,1BA$1,772
The AlfredA3Studio,1BA$1,795
CoevalS2Studio,1BA$1,817
Eleven40S1Studio,1BA$1,836
30 East RooseveltER_1x11BR,1BA$1,850
777 South StateOne Bedroom1BR,1BA$1,880

Best Value Apartments for Rent in Central Chicago, IL

As of March 26, 2025 the best value apartment in the Central Chicago area is the $2.85 price per square foot 800 S Clark St Model at 800 S Clark St, Unit 2 in the in the South Loop neighborhood starting from $3,533. The second greatest value Central Chicago apartment is the 2 BED 2 BATH LOFT STYLE Model at Carriage House Lofts starting at $2,747 with a $2.35 price per square foot in the Near South Side 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.
800 S Clark St, Unit 2800 S Clark St2BR,2BA$2.85
Carriage House Lofts2 BED 2 BATH LOFT STYLE2BR,2BA$2.35
Wells Place Apartments2 Bed 2 Bath B42BR,2BA$2.60
1234 S Michigan Ave, Unit 13101234 S Michigan Ave1BR,1BA$1.85
1135 S Delano Ct E, Unit W7151135 S Delano Ct E2BR,2BA$2.75
731 Plymouth by 3L Living2 Bedroom East2BR,1BA$2.28
1464 S Michigan Ave1464 S Michigan Ave2BR,2BA$2.45
1464 S Michigan Ave1464 S Michigan Ave2BR,2BA$2.85
777 South StateOne Bedroom1BR,1BA$2.52
1140 S Wabash Ave, Unit 13111140 S Wabash AveStudio ,1BA$2.59

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Pet Friendly Lifestyle
Central Chicago, Chicago, IL

Ranked #19

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 $1,880.

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

The cheapest apartment in Central Chicago is Fisher Building Apartments which is listed at $1,715, while the average apartment in Central Chicago costs $6,515.

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 504 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 $632 which is $5,883 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.

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

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.