Cheap Apartments for Rent in the Chicago Loop Neighborhood of Chicago, IL from $1,000 (60 Rentals)

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

property at 188 N Wells St

188 N Wells St

ChicagoIL60606

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 215 W Lake St

215 W Lake St

ChicagoIL60606
property at 420 E Ohio St

420 E Ohio St

ChicagoIL60611
property at 77 W Huron St

77 W Huron St

ChicagoIL60654
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25 W Hubbard St
1 Bedroom Apartments

25 W Hubbard St

25 W Hubbard StChicago, IL 60654
  • Utilities Included
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Chicago Loop, Chicago, IL Local Guide

Cheapest Available Chicago Loop Apartments for Rent

 

The cheapest available apartment rental in the Chicago Loop area of Chicago, IL is a Studio unit found at Gramercy Row Apartments priced from $1,238. MDA Apartments has the second lowest priced unit, which is a Studio apartment currently listed from $1,640. Here are the most affordable Chicago Loop apartments for rent in Chicago, IL:

Apartment ListingModel NameBed/BathPriced From
Gramercy Row ApartmentsStudio Floor Plan S21 666 2FStudio,1BA$1,238
MDA ApartmentsS6NMStudio,1BA$1,640
Columbus PlazaStudioStudio,1BA$1,676
Fisher Building ApartmentsA11BR,1BA$1,715
The AlfredA3Studio,1BA$1,750
Arrive Streeterville09 StudioStudio,1BA$1,760

Best Value Apartments for Rent in Chicago Loop, IL

As of March 29, 2025 the best value apartment in the Chicago Loop 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 Chicago Loop apartment is the 2 Bed 2 Bath B4 Model at Wells Place Apartments starting at $2,945 with a $2.60 price per square foot in the Near South Side neighborhood. Here is today’s list of the best values for Chicago Loop 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
Wells Place Apartments2 Bed 2 Bath B42BR,2BA$2.60
1135 S Delano Ct E, Unit W7151135 S Delano Ct E2BR,2BA$2.75
10 E. Ontario St.1 Bedroom1BR,1BA$2.11
440 N. Wabash Ave.1 Bedroom - 1 Bathroom1BR,1BA$2.53
50 W Randolph St, Unit 90550 W Randolph St1BR,1BA$2.62
30 E Huron St, Unit Apt 460130 E Huron St1BR,1BA$2.86
777 South StateOne Bedroom1BR,1BA$2.52
Lake Shore PlazaOne Bedroom1BR,1BA$2.74
1140 S Wabash Ave, Unit 13111140 S Wabash AveStudio ,1BA$2.59

Quick Rent Budget Calculator

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Pet Friendly Lifestyle
Chicago Loop, Chicago, IL

Ranked #6

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

Pet Friendliness Lifestyle Score

4.0
Pet Friendly

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Lifestyle Ratings

ApartmentHomeLiving.com works hard to bring you our detailed rental search system called 'Lifestyle ratings', composed of neighborhoods, cities and towns, and rental properties across Illinois, including Chicago. LifeStyle Ratings are a useful tool for comparing and sorting apartments and neighborhoods when choosing your rental home. This takes in many factors including filtering automatically for outdoor amenities like tennis courts, luxury housing options, kid and pet-friendly communities, availability of transit options, walking, and biking. Use Lifestyle Search in the site filter options on this page - and find your Perfect place!

Getting Around the Chicago Loop Neighborhood in Chicago, IL

Walk Score®

100 / 100

Walker’s Paradise

Daily errands do not require a car

Bike Score®

81 / 100

Very Bikeable

Biking is convenient for most trips

Transit Score®

100 / 100

Rider’s Paradise

World-class public transportation

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 Loop Apartments

What is a cheap apartment in Chicago Loop?

A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in Chicago Loop is under $1,760.

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

The cheapest apartment in Chicago Loop is Fisher Building Apartments which is listed at $1,715, while the average apartment in Chicago Loop costs $6,385.

What types of apartments are the cheapest in Chicago Loop?

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 56 regular apartments in Chicago Loop 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 Chicago Loop?

Cheap apartments in Chicago Loop have an average cost of $881 which is $5,504 cheaper than the average rent for all rentals in Chicago Loop.

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.