Cheap Homes for Rent in Downtown Chicago Neighborhood of Chicago, IL from $900 (225 Rentals)

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Search the lowest-cost Homes 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 915 W 32nd St

915 W 32nd St

ChicagoIL60608
property at 460 W 28th Pl

460 W 28th Pl

ChicagoIL60616
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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
Gramercy Row ApartmentsStudio Floor Plan S16Studio,1BA$1,281
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

Best Value Apartments for Rent in Downtown Chicago, IL

As of April 08, 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 903 W 19th St Model at 903 W 19th St, Unit 3 starting at $2,500 with a $1.39 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
903 W 19th St, Unit 3903 W 19th St4BR,1BA$1.39
858 N Paulina St, Unit 1858 N Paulina St2BR,2BA$1.83
2141 W Superior St, Unit G06C2141 W Superior St3BR,1BA$1.79
44 N Paulina St, Unit 382S44 N Paulina St2BR,2BA$1.80
240 W 24th St, Unit Coach House240 W 24th St2BR,1.5BA$1.67
1044 W 18th St, Unit 3M1044 W 18th St2BR,1BA$1.73
1112 N Marshfield Ave, Unit M02B1112 N Marshfield Ave2BR,1BA$1.80
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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Frequently Asked Questions about Downtown Chicago

What type of rentals are currently available in Downtown Chicago?

There are currently 2354 Apartments for Rent in Downtown Chicago, IL with pricing that ranges from $685 to $77,776. There are also 1516 Single Family Homes for rent, Condos, and Townhome rentals currently available in Downtown Chicago ranging from $900 to $30,000.

What is the current price range for Rental Homes in Downtown Chicago?

Today's rental pricing for Homes for Rent, Condos and Townhomes in Downtown Chicago ranges from $900 to $30,000 with an average monthly rent of $6,191.

How much are larger Three and Four Bedroom Rentals in Downtown Chicago?

For those who are looking for larger living arrangements, Three Bedroom Apartments in Downtown Chicago range from $800 to $38,481, while Three Bedroom Homes, Condos, and Townhomes for rent range from $1,400 to $30,000. Four Bedroom Single-Family rentals are also available starting from $2,500 and Four Bedroom Apartments start at $750.

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.