Cheap Apartments for Rent in the Magnificent Mile Neighborhood of Chicago, IL from $800 (88 Rentals)

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Cheap Apartments in the Magnificent Mile area of 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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property at 20 E Scott St

20 E Scott St

ChicagoIL60610

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 188 N Wells St

188 N Wells St

ChicagoIL60606
Showing Results 1-50, Page 1 of 2

Magnificent Mile, Chicago, IL Local Guide

Cheapest Available Magnificent Mile Apartments for Rent

 

The cheapest available apartment rental in the Magnificent Mile area of Chicago, IL is a Studio unit found at Atrium at Old Town Park priced from $1,141. 11 W. Division has the second lowest priced unit, which is a Studio apartment currently listed from $1,225. Here are the most affordable Magnificent Mile apartments for rent in Chicago, IL:

Apartment ListingModel NameBed/BathPriced From
Atrium at Old Town ParkStudio AStudio,1BA$1,141
11 W. DivisionStudioStudio,1BA$1,225
Maple1 Bedroom 1 Bathroom1BR,1BA$1,230
1036 N. DearbornStudioStudio,1BA$1,295
25 E. DelawareStudioStudio,1BA$1,325
211 E. DelawareStudioStudio,1BA$1,345
18 E. ElmStudioStudio,1BA$1,365
Gramercy Row ApartmentsStudio Floor Plan S8Studio,1BA$1,373

Best Value Apartments for Rent in Magnificent Mile, IL

As of May 02, 2025 the best value apartment in the Magnificent Mile area is the $2.57 price per square foot 1005 N La Salle Dr Model at 1005 N La Salle Dr, Unit 1 in the in the Magnificent Mile neighborhood starting from $3,850. The second greatest value Magnificent Mile apartment is the 1x1 Model at 1221 N. LaSalle Lofts starting at $2,445 with a $2.45 price per square foot in the Magnificent Mile neighborhood. Here is today’s list of the best values for Magnificent Mile apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
1005 N La Salle Dr, Unit 11005 N La Salle Dr3BR,2BA$2.57
1221 N. LaSalle Lofts1x11BR,1BA$2.45
10 E. Ontario St.1 Bedroom1BR,1BA$2.11
1435 N Dearborn St, Unit A21435 N Dearborn St1BR,1BA$2.23
440 N. Wabash Ave.1 Bedroom - 1 Bathroom1BR,1BA$2.53
1435 N Dearborn St, Unit b41435 N Dearborn St1BR,1BA$2.28
1435 N Dearborn St, Unit B21435 N Dearborn St1BR,1BA$2.34
Atrium at Old Town ParkConvertible 1 Bedroom1BR,1BA$2.62
1162 - 1168 N La Salle Blvd1 Bed 1 Bath1BR,1BA$2.39
Maple1 Bedroom 1 Bathroom1BR,1BA$2.28

Quick Rent Budget Calculator

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Pet Friendly Lifestyle
Magnificent Mile, Chicago, IL

Ranked #5

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

Pet Friendliness Lifestyle Score

4.0
Pet Friendly

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Lifestyle Ratings

This website compares millions of points of data to bring you our detailed rental analysis called 'Lifestyle Ratings' - a comparison of rentals in cities across the United States and customized analysis for Central Chicago. Our Lifestyle Ratings help you zero-in on the perfect place to call home. This takes in many factors including our Star Ratings to compare for proximity to parks, luxury amenities, pet-friendly features, features that make it easier to raise kids, proximity to transit, in addition to floorplans, availablity, and pricing. Use Lifestyle Search in the site filter options on this page - and find your Perfect place!

Getting Around the Magnificent Mile Neighborhood in Chicago, IL

Walk Score®

100 / 100

Walker’s Paradise

Daily errands do not require a car

Bike Score®

82 / 100

Very Bikeable

Biking is convenient for most trips

Transit Score®

98 / 100

Rider’s Paradise

World-class public transportation

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 Magnificent Mile Apartments

What is a cheap apartment in Magnificent Mile?

A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in Magnificent Mile is under $1,373.

What is the price of a cheap apartment in Magnificent Mile?

The cheapest apartment in Magnificent Mile is Maple which is listed at $1,230, while the average apartment in Magnificent Mile costs $13,500.

What types of apartments are the cheapest in Magnificent Mile?

Student, low-income, and by-the-bed apartments are typically the cheapest rentals in most cities, though they require qualifying criteria to rent. There are 18 regular apartments in Magnificent Mile that we think qualify as ‘cheap apartments’ that do not have special requirements to apply to rent.

How do the prices of cheap apartments compare to the average apartment in Magnificent Mile?

Cheap apartments in Magnificent Mile have an average cost of $205 which is $13,295 cheaper than the average rent for all rentals in Magnificent Mile.

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.