Cheap Homes for Rent in Lakeview Neighborhood of Chicago, IL from $900 (418 Rentals)

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Search the lowest-cost Homes 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

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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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 851 W Montrose Avenue priced from $912. Ashland Avenue Apartments has the second lowest priced unit, which is a Studio apartment currently listed from $975. Here are the most affordable Lakeview apartments for rent in Chicago, IL:

Apartment ListingModel NameBed/BathPriced From
851 W Montrose AvenueStudioStudio,1BA$912
Ashland Avenue ApartmentsStudio AStudio,1BA$975
424 W. DiverseyStudioStudio,1BA$1,025
721 W. BelmontStudioStudio,1BA$1,075
3834 N SheffieldStudioStudio,1BA$1,165
3838 N. BroadwayStudioStudio,1BA$1,195
420 W. Melrose St.StudioStudio,1BA$1,195

Best Value Apartments for Rent in Lakeview, IL

As of May 12, 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
3709 N Southport Ave, Unit M09B3709 N Southport Ave3BR,2BA$1.88
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
851 W Montrose AvenueStudioStudio ,1BA$1.75
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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Frequently Asked Questions about Lakeview

What type of rentals are currently available in Lakeview?

There are currently 2189 Apartments for Rent in Lakeview, IL with pricing that ranges from $912 to $40,000. There are also 1023 Single Family Homes for rent, Condos, and Townhome rentals currently available in Lakeview ranging from $1,195 to $13,000.

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

Today's rental pricing for Homes for Rent, Condos and Townhomes in Lakeview ranges from $1,195 to $13,000 with an average monthly rent of $4,834.

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

For those who are looking for larger living arrangements, Three Bedroom Apartments in Lakeview range from $1,100 to $40,000, while Three Bedroom Homes, Condos, and Townhomes for rent range from $2,000 to $7,200. Four Bedroom Single-Family rentals are also available starting from $2,950 and Four Bedroom Apartments start at $2,500.

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.