Cheap Apartments for Rent in the Downtown Chicago Neighborhood of Chicago, IL from $700 (208 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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property at 20 E Scott St

20 E Scott St

ChicagoIL60610
property at 188 N Wells St

188 N Wells St

ChicagoIL60606
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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 1011 Clark priced from $995. McCormick has the second lowest priced unit, which is a 4 Beds apartment currently listed from $996. Here are the most affordable Downtown Chicago apartments for rent in Chicago, IL:

Apartment ListingModel NameBed/BathPriced From
1011 ClarkClark - StudioStudio,1BA$995
McCormickPrivate Bedroom in Shared 4 Bed 3 Bath (D)4BR,3BA$996
Prairie ShoresClassic StudioStudio,1BA$1,075
The RosieA2 - 60% AMI AROStudio,1BA$1,147
11 W. DivisionStudioStudio,1BA$1,175
Gramercy Row ApartmentsStudio Floor Plan S21 666 2FStudio,1BA$1,238
1036 N. DearbornStudioStudio,1BA$1,295
768 W. JacksonStudioStudio,1BA$1,295
1912 S Throop St2 Bed/1.5 Bath2BR,1BA$1,300
Elm 551 at ParksideStudioStudio,1BA$1,313

Best Value Apartments for Rent in Downtown Chicago, IL

As of March 25, 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
858 N Paulina St, Unit 1858 N Paulina St2BR,2BA$1.83
903 W 19th St, Unit 3903 W 19th St4BR,1BA$1.39
2550 S Wabash Ave2550 S Wabash Ave3BR,2BA$1.86
1016 W Cullerton St1016 W Cullerton St2BR,1BA$1.33
240 W 24th St, Unit Coach House240 W 24th St2BR,1.5BA$1.67
1234 S Michigan Ave, Unit 13101234 S Michigan Ave1BR,1BA$1.85
1112 N Marshfield Ave, Unit M02B1112 N Marshfield Ave2BR,1BA$1.80
1044 W 18th St, Unit 3M1044 W 18th St2BR,1BA$1.73

Quick Rent Budget Calculator

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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 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 $1,313.

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

The cheapest apartment in Downtown Chicago is Prairie Shores which is listed at $1,406, while the average apartment in Downtown Chicago costs $6,175.

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 1,215 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 $652 which is $5,523 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.