Cheap Homes for Rent in Central Chicago Neighborhood of Chicago, IL from $1,400 (89 Rentals)

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Cheap Homes 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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property at 8 W Monroe St

8 W Monroe St

ChicagoIL60603

Know Your Rights - How Discrimination Laws Impact Landlords and Tenants

Read our practical guide to landlord and tenant rights. Understand protected classes, reasonable accommodations, and legal exceptions to prevent housing discrimination.

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property at 1 E 8th St

1 E 8th 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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property at 124 W Polk St

124 W Polk St

ChicagoIL60605
Showing Results 1-50, Page 1 of 2

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 03, 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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Frequently Asked Questions about Central Chicago

What type of rentals are currently available in Central Chicago?

There are currently 206 Apartments for Rent in Central Chicago, IL with pricing that ranges from $1,050 to $16,520. There are also 249 Single Family Homes for rent, Condos, and Townhome rentals currently available in Central Chicago ranging from $1,425 to $8,500.

What is the current price range for Rental Homes in Central Chicago?

Today's rental pricing for Homes for Rent, Condos and Townhomes in Central Chicago ranges from $1,425 to $8,500 with an average monthly rent of $4,098.

How much are larger Three and Four Bedroom Rentals in Central Chicago?

For those who are looking for larger living arrangements, Three Bedroom Apartments in Central Chicago range from $1,899 to $12,930, while Three Bedroom Homes, Condos, and Townhomes for rent range from $3,100 to $7,253. Four Bedroom Single-Family rentals are also available starting from $8,500 and Four Bedroom Apartments start at $1,050.

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.