Cheap Apartments for Rent in the Downtown Chicago Neighborhood of Chicago, IL from $700 (206 Rentals)
Search the lowest-cost Apartments available for rent right now in the Downtown Chicago area of Chicago.

Prairie Shores

Dearborn Plaza

1000M

The Rosie

Gramercy Row Apartments

Eden Commons

2906 S Wells St

1160 N Dearborn St, Unit S07C

1154 N Dearborn St, Unit M07B
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

1150 N Dearborn St, Unit M01B

1036 N. Dearborn

14 West Elm Apartments

Elm 551 at Parkside

Dearborn North

25 E. Delaware

1160 N Dearborn St, Unit 406

21st Street Lofts by 3L Living

Presidential Towers

1019 N Paulina St

1816 S Bishop St

1100 North Lasalle

1838 S May St, Unit Apt 2F

1821 S Allport St, Unit 3RR

Pittsfield Apartments

1523 W 18th St

1615 S Morgan St, Unit 1F

The Seneca Apartments

1540 W Chestnut St, Unit 1R

1639 W Haddon Ave

203 N Wabash Ave, Unit 1905

244 E. Pearson

1200 S Michigan Ave

1212 S Michigan Ave, Unit FL9-ID1115

210 N Wells St, Unit FL17-ID268

2023 W Thomas St, Unit J07P

1323 W 18th St

2023 W Thomas St, Unit G

1100 N Dearborn

Fisher Building Apartments

Larrabee Place at Parkside of Old Town

2101 Michigan
Downtown Chicago, Chicago, IL Local Guide

How much does it cost to rent an apartment in Downtown Chicago?
Bedroom | Average Rent | Cheapest Rent | Highest Rent |
---|---|---|---|
Downtown Chicago Studio Apartments | $2,599 | $1,007 | $8,347 |
Downtown Chicago 1 Bedroom Apartments | $3,256 | $1,350 | $10,000+ |
Downtown Chicago 2 Bedroom Apartments | $4,704 | $1,250 | $10,000+ |
Downtown Chicago 3 Bedroom Apartments | $7,255 | $1,650 | $10,000+ |
Downtown Chicago 4 Bedroom Apartments | $3,554 | $996 | $10,000+ |
Browse Apartments in this Neighborhood
There are currently 206 rentals with your search options within a 2 mile radius of the Downtown Chicago Neighborhood of Chicago, IL.
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Downtown Chicago, Chicago, IL Local Guide
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Cheapest Available Downtown Chicago Apartments for Rent
 The cheapest available apartment rental in the Downtown Chicago area of Chicago, IL is a Studio unit found at Prairie Shores priced from $985. 1011 Clark has the second lowest priced unit, which is a Studio apartment currently listed from $995. Here are the most affordable Downtown Chicago apartments for rent in Chicago, IL:
Apartment Listing | Model Name | Bed/Bath | Priced From |
---|---|---|---|
Prairie Shores | Classic Studio | Studio,1BA | $985 |
1011 Clark | Clark - Studio | Studio,1BA | $995 |
McCormick | Private Bedroom in Shared 4 Bed 3 Bath (D) | 4BR,3BA | $996 |
2423 State Street | Private Bedroom in Shared 4 Bed 3 Bath - A | 4BR,3BA | $1,019 |
The Rosie | A2 - 60% AMI ARO | Studio,1BA | $1,147 |
Gramercy Row Apartments | Studio Floor Plan S16 | Studio,1BA | $1,256 |
11 W. Division | Studio | Studio,1BA | $1,275 |
Best Value Apartments for Rent in Downtown Chicago, IL
As of March 12, 2025 the best value apartment in the Downtown Chicago area is the $1.41 price per square foot 730 N Willard Ct Model at 730 N Willard Ct, Unit M04B in the in the West Town neighborhood starting from $3,100. The second greatest value Downtown Chicago apartment is the 1753 W Chicago Ave Model at 1753 W Chicago Ave, Unit M04B starting at $3,450 with a $1.73 price per square foot in the West Town neighborhood. Here is today’s list of the best values for Downtown Chicago apartments based on price per square foot:
Apartment Listing | Model Name | Bed/Bath | Price Per Sq.Ft. |
---|---|---|---|
730 N Willard Ct, Unit M04B | 730 N Willard Ct | 3BR,2.5BA | $1.41 |
1753 W Chicago Ave, Unit M04B | 1753 W Chicago Ave | 3BR,2BA | $1.73 |
1821 W Cullerton St, Unit 1 | 1821 W Cullerton St | 4BR,1.5BA | $1.47 |
903 W 19th St, Unit 3 | 903 W 19th St | 4BR,1BA | $1.39 |
511 N Hartland Ct, Unit 1N | 511 N Hartland Ct | 2BR,2BA | $1.56 |
Addams Coliving | Unit 410 | 4BR,4BA | $1.08 |
1643 W 19th St, Unit 2 | 1643 W 19th St | 2BR,1BA | $1.42 |
3154 S Prairie Ave, Unit G | 3154 S Prairie Ave | 3BR,2BA | $1.58 |
240 W 24th St, Unit Coach House | 240 W 24th St | 2BR,1.5BA | $1.72 |
1044 W 18th St, Unit 3M | 1044 W 18th St | 2BR,1BA | $1.73 |
Quick Rent Budget Calculator
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Pet Friendly LifestyleDowntown Chicago, Chicago, IL
Ranked #2
Among neighborhoods in Chicago, IL for Apartment listings with Pet Friendly Amenities
Pet Friendliness Lifestyle Score
4.0Pet Friendly
Best Local Schools in Downtown Chicago, Chicago, IL
South Loop Elementary School
Jones College Prep High School
Chicago World Language Academy
School data provided by Great Schools
Best Local Schools in Downtown Chicago, Chicago, IL
South Loop Elementary School
Jones College Prep High School
Chicago World Language Academy
School data provided by Great Schools
Lifestyle Ratings
ApartmentHomeLiving brings you our detailed rental analysis called 'Lifestyle Ratings' - a comparison of rentals and neighborhoods across the USA, and customized analysis for Central Chicago. LifeStyle Ratings are the best way to sort through finding a place to live - beyond price and floorplan. This takes in many factors including rankings of the best places for the best proximity to parks and outdoor amenities, luxury amenities, family-friendly amenities, raising pets, transit options, in addition to floorplans, availablity, and pricing. Use Lifestyle Search in the site filter options on this page - and find your Perfect place!
Frequently Asked Questions about Cheap Downtown Chicago Apartments
What is the Cheapest Studio apartment in Downtown Chicago?
Currently the most affordable Cheap Studio Apartment in Downtown Chicago is at 1011 Clark listed at $995.
How much is rent for a Cheap One Bedroom Downtown Chicago Apartment?
The lowest price for a Cheap One Bedroom Downtown Chicago Apartment is $1,243 at Prairie Shores.
What is the lowest price for a Cheap Two Bedroom Downtown Chicago Apartment for rent?
Today's best deal for a Cheap Two Bedroom Apartment in Downtown Chicago is starting from $1,300 at 1912 S Throop St.
What is the most affordable Downtown Chicago Three Bedroom Apartment?
The best deal on a cheap Downtown Chicago Three Bedroom Apartment rental is at Eden Commons and starts from $1,797.
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.

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.

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.

What to Know About Fees and Fines When Renting
Written by: Trey Huguley
When it comes to renting a new apartment or home there can be a number of fees that you will want to keep in mind going into the process.

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.