Cheap Apartments for Rent in the Lakeview Neighborhood of Chicago, IL from $500 (462 Rentals)

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

Smart Renter's Guide: Calculating Affordable Rent & Housing Costs

Wondering how to determine your rental budget? This comprehensive guide covers everything from the 30% rule to hidden fees and effective budgeting strategies.

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Navigating the Rental Market: Tips for First-Time Renters

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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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Lakeview - One of the Best Affordable Neighborhoods in Chicago

Named as one of the Best Affordable Neighborhoods to rent in Chicago by our Chicago, IL Local Expert Nicole Harms. See how it ranks!

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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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Lakeview, Chicago, IL Local Guide

Cheapest Available Lakeview Apartments for Rent

 

The cheapest available apartment rental in the Lakeview area of Chicago, IL is a Studio unit found at Ashland Avenue Apartments priced from $975. 424 W. Diversey has the second lowest priced unit, which is a Studio apartment currently listed from $1,025. Here are the most affordable Lakeview apartments for rent in Chicago, IL:

Apartment ListingModel NameBed/BathPriced From
Ashland Avenue ApartmentsStudio AStudio,1BA$975
424 W. DiverseyStudioStudio,1BA$1,025
422-24 MelroseS2Studio,1BA$1,071
721 W. BelmontStudioStudio,1BA$1,075
3834 N SheffieldStudioStudio,1BA$1,165
420 W. Melrose St.StudioStudio,1BA$1,195
4241 Kenmore ApartmentsStudio UnitsStudio,1BA$1,200

Best Value Apartments for Rent in Lakeview, IL

As of May 15, 2025 the best value apartment in the Lakeview area is the $0.36 price per square foot 3818 N Sheffield Ave Model at 3818 N Sheffield Ave, Unit # 03 in the in the Lakeview neighborhood starting from $3,595. The second greatest value Lakeview apartment is the 1707 W Melrose St Model at 1707 W Melrose St, Unit TWO starting at $4,700 with a $1.79 price per square foot in the Lakeview neighborhood. Here is today’s list of the best values for Lakeview apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
3818 N Sheffield Ave, Unit # 033818 N Sheffield Ave3BR,1BA$0.36
1707 W Melrose St, Unit TWO1707 W Melrose St3BR,3BA$1.79
3300 N Kenmore Ave, Unit 1F3300 N Kenmore Ave4BR,2BA$1.60
1057 W Cornelia Ave, Unit 21057 W Cornelia Ave4BR,2BA$2.05
1057 W Cornelia Ave, Unit 21057 W Cornelia Ave4BR,2BA$2.05
656 W Gordon Terrace, Unit 3E656 W Gordon Terrace2BR,1BA$2.00
3721 N Pine Grove Ave, Unit E23721 N Pine Grove Ave1BR,1BA$1.54
4326 N Kenmore Ave4/14BR,1BA$1.82
3723 N Pine Grove Ave, Unit E13723 N Pine Grove Ave1BR,1BA$1.88
Ashland Avenue ApartmentsStudio AStudio ,1BA$1.95

Quick Rent Budget Calculator

How much rent can you afford?

The common "Rule of Thumb" is that rent should be no more than 30% of your income. How much is that? Enter your monthly income and click "Calculate My Budget" to find out.

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Pet Friendly Lifestyle
Lakeview, Chicago, IL

Ranked #4

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
Lakeview, Chicago, IL

School data provided by Great Schools

Lifestyle Ratings

ApartmentHomeLiving brings you comprehensive Lifestyle Ratings of neighborhoods, cities, and rental properties across Illinois, including 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 filtering automatically for outdoor amenities like tennis courts, luxury housing options, family-friendly amenities, raising pets, transit options, and how walkable or bikeable each community and area is. Use Lifestyle Search in the site filter options on this page - and find your Perfect place!

Getting Around the Lakeview Neighborhood in Chicago, IL

Walk Score®

94 / 100

Walker’s Paradise

Daily errands do not require a car

Bike Score®

89 / 100

Very Bikeable

Biking is convenient for most trips

Transit Score®

75 / 100

Excellent Transit

Transit is convenient for most trips

What Are Walk Score®, Transit Score®, and Bike Score® Ratings?

  • Walk Score® measures the walkability of any address.
  • Transit Score® measures access to public transit.
  • Bike Score® measures the bikeability of any address.

Frequently Asked Questions about Cheap Lakeview Apartments

What is the Cheapest Studio apartment in Lakeview?

Currently the most affordable Cheap Studio Apartment in Lakeview is at Ashland Avenue Apartments listed at $975.

How much is rent for a Cheap One Bedroom Lakeview Apartment?

The lowest price for a Cheap One Bedroom Lakeview Apartment is $1,450 at 534 W. Wellington Ave.

What is the lowest price for a Cheap Two Bedroom Lakeview Apartment for rent?

Today's best deal for a Cheap Two Bedroom Apartment in Lakeview is starting from $2,295 at 4100 N. Marine Dr..

What is the most affordable Lakeview Three Bedroom Apartment?

The best deal on a cheap Lakeview Three Bedroom Apartment rental is at 4326 N Kenmore Ave and starts from $1,800.

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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Know Your Budget: Calculating What You Can Realistically Afford When Renting

Written by: Lauren Harrington

Renting an apartment or house isn’t just about looking through online ads, choosing a few apartments or homes you want to tour, filling out an application, and putting down a deposit. Those things are all necessary and important.

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The Freedom of Short-Term Leases: Exploring the Advantages for Renters

Written by: Bobbi Jackson

If you’re looking to relocate right now, a popular solution that may best fit your current rental needs is a short-term lease.

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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.