Cheap Apartments for Rent in the Downtown Chicago Neighborhood of Chicago, IL from $700 (206 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 $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 ListingModel NameBed/BathPriced From
Prairie ShoresClassic StudioStudio,1BA$985
1011 ClarkClark - StudioStudio,1BA$995
McCormickPrivate Bedroom in Shared 4 Bed 3 Bath (D)4BR,3BA$996
2423 State StreetPrivate Bedroom in Shared 4 Bed 3 Bath - A4BR,3BA$1,019
The RosieA2 - 60% AMI AROStudio,1BA$1,147
Gramercy Row ApartmentsStudio Floor Plan S16Studio,1BA$1,256
11 W. DivisionStudioStudio,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 ListingModel NameBed/BathPrice Per Sq.Ft.
730 N Willard Ct, Unit M04B730 N Willard Ct3BR,2.5BA$1.41
1753 W Chicago Ave, Unit M04B1753 W Chicago Ave3BR,2BA$1.73
1821 W Cullerton St, Unit 11821 W Cullerton St4BR,1.5BA$1.47
903 W 19th St, Unit 3903 W 19th St4BR,1BA$1.39
511 N Hartland Ct, Unit 1N511 N Hartland Ct2BR,2BA$1.56
Addams ColivingUnit 4104BR,4BA$1.08
1643 W 19th St, Unit 21643 W 19th St2BR,1BA$1.42
3154 S Prairie Ave, Unit G3154 S Prairie Ave3BR,2BA$1.58
240 W 24th St, Unit Coach House240 W 24th St2BR,1.5BA$1.72
1044 W 18th St, Unit 3M1044 W 18th St2BR,1BA$1.73

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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

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 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.

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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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.

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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.