Cheap Apartments for Rent in the Magnificent Mile Neighborhood of Chicago, IL from $800 (98 Rentals)

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

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

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property at 20 E Scott St

20 E Scott St

ChicagoIL60610
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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 11 W. Division priced from $1,225. Maple has the second lowest priced unit, which is a 1 Bed apartment currently listed from $1,230. Here are the most affordable Magnificent Mile apartments for rent in Chicago, IL:

Apartment ListingModel NameBed/BathPriced From
11 W. DivisionStudioStudio,1BA$1,225
Maple1 Bedroom 1 Bathroom1BR,1BA$1,230
Gramercy Row ApartmentsStudio Floor Plan S22 666 2RStudio,1BA$1,275
1036 N. DearbornStudioStudio,1BA$1,295
211 E. DelawareStudioStudio,1BA$1,295
25 E. DelawareStudioStudio,1BA$1,295

Best Value Apartments for Rent in Magnificent Mile, IL

As of May 11, 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 2 Bedroom Model at Lofts At River East starting at $3,670 with a $2.55 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
Lofts At River East2 Bedroom2BR,2BA$2.55
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 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

How much rent can you afford?

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Pet Friendly Lifestyle
Magnificent Mile, Chicago, IL

Ranked #9

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 $1,295.

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 16 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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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.