Cheap Apartments for Rent in the Madison Square Neighborhood of Chicago, IL from $700 (10 Rentals)

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

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Garfield Apartments
Studio Apartments

Garfield Apartments

4342 W Washington BlvdChicago, IL 60624
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123 N Central Ave
Studio to 1 Bedroom Apartments

123 N Central Ave

123 N Central AveChicago, IL 60644
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701 S Karlov Ave
Studio Apartments

701 S Karlov Ave

701 S Karlov AveChicago, IL 60624
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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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La Rose Apartments
1 to 2 Bedroom Apartments

La Rose Apartments

5501 W Monroe StChicago, IL 60644
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500-14 S Laramie Ave
1 Bedroom Apartments

500-14 S Laramie Ave

500-514 S Laramie AveChicago, IL 60644
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5314 W Washington Blvd
1 Bedroom Apartments

5314 W Washington Blvd

5314 W Washington BlvdChicago, IL 60644
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330 N Pine
1 Bedroom Apartments

330 N Pine

330 N Pine AveChicago, IL 60644
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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

Madison Square, Chicago, IL Local Guide

Cheapest Available Madison Square Apartments for Rent

 

The cheapest available apartment rental in the Madison Square area of Chicago, IL is a Studio unit found at 701 S Karlov Ave priced from $815. 4114 W Washington Blvd has the second lowest priced unit, which is a Studio apartment currently listed from $820. Here are the most affordable Madison Square apartments for rent in Chicago, IL:

Apartment ListingModel NameBed/BathPriced From
701 S Karlov AveStudio ApartmentStudio,1BA$815
4114 W Washington BlvdStudio ApartmentStudio,1BA$820
Washington PlazaStudio ApartmentStudio,1BA$845

Best Value Apartments for Rent in Madison Square, IL

As of April 27, 2025 the best value apartment in the Madison Square area is the $0.87 price per square foot 5100 W Fulton St Model at 5100 W Fulton St, Unit 1 in the in the Austin neighborhood starting from $2,250. The second greatest value Madison Square apartment is the 415 S. Taylor A Model at 415-425 S. Taylor Ave. starting at $2,549 with a $1.70 price per square foot in the Oak Park Historic District neighborhood. Here is today’s list of the best values for Madison Square apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
5100 W Fulton St, Unit 15100 W Fulton St4BR,2BA$0.87
415-425 S. Taylor Ave.415 S. Taylor A3BR,2BA$1.70
5100-04 W Madison St3 Bedroom 2 Bathroom Apartment3BR,2BA$1.12
4815 W Monroe St3 Bedrooms3BR,2BA$1.50
200 N Kenneth2BR/1.0BA2BR,1BA$1.45
418-24 S Laramie Ave3 Bedroom 2 Bathroom Apartment3BR,2BA$1.51
5024 W Quincy St3 Bedroom 1 Bath Apartment3BR,1BA$1.60
4641-43 W Jackson Blvd2 Bedroom 1 Bath Apartment2BR,1BA$1.81
5011 W Maypole Ave1 Bedroom 1 Bath Apartment1BR,1BA$1.81
500-14 S Laramie Ave1 Bedroom 1 Bathroom Apartment1BR,1BA$1.80

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Pet Friendly Lifestyle
Madison Square, Chicago, IL

Ranked #88

Among neighborhoods in Chicago, IL for Apartment listings with Pet Friendly Amenities

Pet Friendliness Lifestyle Score

2.5
Pet Friendly

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Frequently Asked Questions about Cheap Madison Square Apartments

What is the Cheapest Studio apartment in Madison Square?

Currently the most affordable Cheap Studio Apartment in Madison Square is at 701 S Karlov Ave listed at $815.

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

Today's best deal for a Cheap Two Bedroom Apartment in Madison Square is starting from $1,180 at 4641-43 W Jackson Blvd.

What is the most affordable Madison Square Three Bedroom Apartment?

The best deal on a cheap Madison Square Three Bedroom Apartment rental is at 5100-04 W Madison St and starts from $1,290.

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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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.