Cheap Apartments for Rent in the Downtown Chicago Neighborhood of Chicago, IL from $600 (182 Rentals)

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

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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Downtown Chicago, Chicago, IL Local Guide

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 $1,046. McCormick has the second lowest priced unit, which is a 4 Beds apartment currently listed from $1,108. Here are the most affordable Downtown Chicago apartments for rent in Chicago, IL:

Apartment ListingModel NameBed/BathPriced From
Prairie ShoresClassic StudioStudio,1BA$1,046
McCormickPrivate Bedroom in Shared 4 Bed 3 Bath (D)4BR,3BA$1,108
11 W. DivisionStudioStudio,1BA$1,245
768 W. JacksonStudioStudio,1BA$1,295
1036 N. DearbornStudioStudio,1BA$1,295
1912 S Throop St2 Bed/1.5 Bath2BR,1BA$1,300
Elm 551 at ParksideStudioStudio,1BA$1,313
211 E. DelawareStudioStudio,1BA$1,375

Best Value Apartments for Rent in Downtown Chicago, IL

As of April 12, 2025 the best value apartment in the Downtown Chicago area is the $1.47 price per square foot 1039 W Grand Ave Model at 1039 W Grand Ave, Unit 3 in the in the Parc Chesnut neighborhood starting from $3,295. The second greatest value Downtown Chicago apartment is the 1025 W 20th Plz Model at 1025 W 20th Plz, Unit 1 starting at $2,600 with a $1.44 price per square foot in the University Village neighborhood. Here is today’s list of the best values for Downtown Chicago apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
1039 W Grand Ave, Unit 31039 W Grand Ave3BR,2BA$1.47
1025 W 20th Plz, Unit 11025 W 20th Plz4BR,2BA$1.44
903 W 19th St, Unit 3903 W 19th St4BR,1BA$1.39
2141 W Superior St, Unit G06C2141 W Superior St3BR,1BA$1.79
44 N Paulina St, Unit 382S44 N Paulina St2BR,2BA$1.80
750 N Rush St, Unit FL22-ID160750 N Rush St2BR,2BA$1.83
1112 N Marshfield Ave, Unit M02B1112 N Marshfield Ave2BR,1BA$1.80
2943 S Canal St, Unit 22943 S Canal St1BR,1BA$1.50
616 S Loomis St, Unit 3F616 S Loomis St2BR,1BA$1.74
618 S Racine Ave, Unit 104618 S Racine Ave1BR,1BA$1.40

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Pet Friendly Lifestyle
Downtown Chicago, Chicago, IL

Ranked #2

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

Pet Friendliness Lifestyle Score

4.0
Pet Friendly

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Best Local Schools in
Downtown Chicago, Chicago, IL

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 a cheap apartment in Downtown Chicago?

A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in Downtown Chicago is under $1,375.

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

The cheapest apartment in Downtown Chicago is Prairie Shores which is listed at $1,329, while the average apartment in Downtown Chicago costs $5,033.

What types of apartments are the cheapest in Downtown 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 155 regular apartments in Downtown 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 Downtown Chicago?

Cheap apartments in Downtown Chicago have an average cost of $349 which is $4,684 cheaper than the average rent for all rentals in Downtown 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.