Cheap Apartments for Rent in the Magnificent Mile Neighborhood of Chicago, IL from $800 (113 Rentals)

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

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

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property at 215 W Lake St

215 W Lake St

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property at 420 E Ohio St

420 E Ohio St

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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 Gramercy Row Apartments priced from $1,238. 11 W. Division has the second lowest priced unit, which is a Studio apartment currently listed from $1,245. Here are the most affordable Magnificent Mile apartments for rent in Chicago, IL:

Apartment ListingModel NameBed/BathPriced From
Gramercy Row ApartmentsStudio Floor Plan S21 666 2FStudio,1BA$1,238
11 W. DivisionStudioStudio,1BA$1,245
1036 N. DearbornStudioStudio,1BA$1,345
25 E. DelawareStudioStudio,1BA$1,365
18 E. ElmStudioStudio,1BA$1,365
211 E. DelawareStudioStudio,1BA$1,375
1100 North LasalleStudioStudio,1BA$1,440

Best Value Apartments for Rent in Magnificent Mile, IL

As of March 29, 2025 the best value apartment in the Magnificent Mile area is the $2.58 price per square foot 1349 N Wells St Model at 1349 N Wells St, Unit 202 in the in the Magnificent Mile neighborhood starting from $3,100. The second greatest value Magnificent Mile apartment is the 1 Bedroom Model at 10 E. Ontario St. starting at $2,100 with a $2.11 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.
1349 N Wells St, Unit 2021349 N Wells St2BR,2BA$2.58
10 E. Ontario St.1 Bedroom1BR,1BA$2.11
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 B41435 N Dearborn St1BR,1BA$2.34
1435 N Dearborn St, Unit b41435 N Dearborn St1BR,1BA$2.59
311 W Illinois St, Unit FL15-ID825311 W Illinois St1BR,1BA$2.54
1320.5 W Oak St1320.5 W Oak St1BR,1BA$2.42
1320.5 W Oak St1320.5 W Oak St1BR,1BA$2.46
1162 - 1168 N La Salle Blvd1 Bed 1 Bath1BR,1BA$2.57

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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 $1,440.

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

The cheapest apartment in Magnificent Mile is 1162 - 1168 N La Salle Blvd which is listed at $1,478, while the average apartment in Magnificent Mile costs $14,250.

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 4 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 $182 which is $14,068 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.

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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Renting Smart: Lease Basics Every Renter Needs

Written by: Christine Leonard, Esq.

Often, in the excitement of finding a new place to live, there’s a rush to make it happen, and - too often - a new tenant signs a lease without reading it carefully.

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Battling the Butts: Your Guide to the Reality of Smoke-Free Renting

Written by: Andrea Lee Negroni, JD

While many apartment buildings are “no smoking” properties, it’s hard to know exactly how many. In 2017, the National Apartment Association reported more than half of rental properties had smoke free policies.