Cheap Homes for Rent in Chicago, IL from $700 (2,050 Rentals)

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Cheap Homes in Chicago.

Navigating the Rental Market: Tips for First-Time Renters

Entering the rental market? Learn these simple tips and strategies to avoid common pitfalls and make confident choices. Rent with peace of mind.

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Know Your Rights - How Discrimination Laws Impact Landlords and Tenants

Read our practical guide to landlord and tenant rights. Understand protected classes, reasonable accommodations, and legal exceptions to prevent housing discrimination.

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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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Chicago, IL Local Guide

Cheapest Neighborhoods for Apartments in Chicago, IL

Pricing Updated: 05/05/2025

Current apartment rentals in the Chicago, IL area range in price from $532 to $77,776 with an overall median price of $3,285. The three Chicago neighborhoods with the lowest median rent pricing are Maple Hill at $1,150, Roxana at $1,100, and West Calumet at $1,100. Here is today’s list of the top 10 neighborhoods with the lowest median pricing for Chicago Apartments for rent:

NeighborhoodMedian PriceMin PriceAvailable Units
Maple Hill$1,150$1,1501
Roxana$1,200$1,1004
West Calumet$1,200$1,1002
Indiana Harbor$1,250$9502
West Englewood$1,325$9508
Brinkmans$1,356$81837
Downtown Michigan City$1,356$81837
Edgewood$1,356$81837
Trail Creek$1,356$81837
Village Green$1,356$81837

Cheapest Available Chicago Apartments for Rent

 

The cheapest available apartment rental in Chicago, IL is a Studio unit found at 1155 W 83rd St in the Englewood neighborhood priced from $650. 5445 Ingleside By 3L Living in the Hyde Park neighborhood has the second lowest priced unit, which is a Studio apartment currently listed from $669. Here is today’s list of the most affordable Chicago apartments for rent:

Apartment ListingModel NameBed/BathPriced From
1155 W 83rd StStudioStudio,1BA$650
5445 Ingleside By 3L LivingLarge Co-Living Single RoomStudio,1BA$669
5748 Blackstone By 3L LivingNo Kitchenette with Shared BathroomStudio,1BA$684
Highlands Tudor Manor - 55+ CommunityStudioStudio,1BA$700
5540 Hyde Park by 3L Living_5540 - Single - NorthStudio,1BA$715
6246 S. King Dr.Two rm StudioStudio,1BA$750
808 W 76th StStudio ApartmentStudio,1BA$765
6306 S ArtesianStudioStudio,1BA$770
4114 W Washington BlvdStudio ApartmentStudio,1BA$770

Best Value Apartments for Rent in Chicago, IL

As of May 05, 2025 the best value apartment in the Chicago area is the $0.48 price per square foot 3134 W Carroll Ave Model at 3134 W Carroll Ave, Unit 2 in the in the East Garfield Park neighborhood starting from $4,795. The second greatest value Chicago apartment is the 908 Lyman Ave Model at 908 Lyman Ave, Unit 2a starting at $1,225 with a $0.12 price per square foot in the Oak Park Historic District neighborhood. Here is today’s list of the best values for Chicago apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
3134 W Carroll Ave, Unit 23134 W Carroll Ave6BR,2BA$0.48
908 Lyman Ave, Unit 2a908 Lyman Ave1BR,1BA$0.12
3818 N Sheffield Ave, Unit # 033818 N Sheffield Ave3BR,1BA$0.36
1229 W Barry Ave, Unit George1229 W Barry Ave2BR,2BA$0.43
4820 S Keeler Ave, Unit 24820 S Keeler Ave3BR,1BA$0.37
2919 N Racine Ave, Unit 1stfl2919 N Racine Ave2BR,1BA$0.40
7220 S Ridgeland Ave, Unit 17220 S Ridgeland Ave3BR,1BA$0.44
4820 S Champlain Ave, Unit Apt 34820 S Champlain Ave3BR,2BA$0.77
8046 S Maryland Ave, Unit Private Room8046 S Maryland Ave1BR,1BA$0.60
2346 122nd St, Unit Two West2346 122nd St1BR,1BA$0.75

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Frequently Asked Questions about Chicago

What type of rentals are currently available in Chicago?

There are currently 24329 Apartments for Rent in Chicago, IL with pricing that ranges from $532 to $77,776. There are also 6122 Single Family Homes for rent, Condos, and Townhome rentals currently available in Chicago ranging from $600 to $58,000.

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

Today's rental pricing for Homes for Rent, Condos and Townhomes in Chicago ranges from $600 to $58,000 with an average monthly rent of $3,695.

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

For those who are looking for larger living arrangements, Three Bedroom Apartments in Chicago range from $725 to $40,000, while Three Bedroom Homes, Condos, and Townhomes for rent range from $1,000 to $30,000. Four Bedroom Single-Family rentals are also available starting from $1,400 and Four Bedroom Apartments start at $775.

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.

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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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Navigating the Rental Market: Tips for First-Time Renters

Written by: Sandy Baker

Making the decision to rent is exciting and terrifying at the same time. For many people, there are a lot of unknowns.

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Rise of Digital Nomads: Remote Work Tips for Apartment Renters

Written by: Brandie Parton

As a digital nomad, you no longer call a set address or office building your home for eight hours of the day or more.

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Know Your Rights - How Discrimination Laws Impact Landlords and Tenants

Written by: Christine Leonard, Esq.

Everyone needs a place to live and to call home. For decades, the federal government has established protections to ensure that individuals and families can find housing free from discriminatory barriers.