Cheap Apartments for Rent in the Magnificent Mile Neighborhood of Chicago, IL from $800 (109 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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20 E Scott St
$1,840Studio, 1 Bath RentalsAvailable Now

20 E Scott St

Chicago, IL 60610
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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 1011 Clark priced from $995. 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
1011 ClarkClark - StudioStudio,1BA$995
11 W. DivisionStudioStudio,1BA$1,225
Gramercy Row ApartmentsStudio Floor Plan S16Studio,1BA$1,231
25 E. DelawareStudioStudio,1BA$1,375
18 E. ElmStudioStudio,1BA$1,395
1036 N. DearbornStudioStudio,1BA$1,395

Best Value Apartments for Rent in Magnificent Mile, IL

As of February 21, 2025 the best value apartment in the Magnificent Mile area is the $2.20 price per square foot 1216 N Dearborn St Model at 1216 N Dearborn St, Unit 1B in the in the Magnificent Mile neighborhood starting from $2,195. The second greatest value Magnificent Mile apartment is the 1212 N Dearborn St Model at 1212 N Dearborn St, Unit 1216-A1 starting at $2,595 with a $2.60 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.
1216 N Dearborn St, Unit 1B1216 N Dearborn St2BR,1BA$2.20
1212 N Dearborn St, Unit 1216-A11212 N Dearborn St2BR,1BA$2.60
10 E. Ontario St.1 Bedroom1BR,1BA$2.11
1218 N Dearborn St, Unit b11218 N Dearborn St2BR,1BA$2.44
52 W Elm St, Unit 20352 W Elm St1BR,1BA$2.59
440 N. Wabash Ave.1 Bedroom - 1 Bathroom1BR,1BA$2.53
50 W Randolph St, Unit 90550 W Randolph St1BR,1BA$2.47
1435 N Dearborn St, Unit 4B1435 N Dearborn St1BR,1BA$2.34
1435 N Dearborn St, Unit b41435 N Dearborn St1BR,1BA$2.34
1435 N Dearborn St, Unit b41435 N Dearborn St1BR,1BA$2.59

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Pet Friendly Lifestyle
Magnificent Mile, Chicago, IL

Ranked #4

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 the Cheapest Studio apartment in Magnificent Mile?

Currently the most affordable Cheap Studio Apartment in Magnificent Mile is at 1011 Clark listed at $995.

How much is rent for a Cheap One Bedroom Magnificent Mile Apartment?

The lowest price for a Cheap One Bedroom Magnificent Mile Apartment is $1,643 at Atrium at Old Town Park.

What is the lowest price for a Cheap Two Bedroom Magnificent Mile Apartment for rent?

Today's best deal for a Cheap Two Bedroom Apartment in Magnificent Mile is starting from $1,455 at Atrium at Old Town Park.

What is the most affordable Magnificent Mile Three Bedroom Apartment?

The best deal on a cheap Magnificent Mile Three Bedroom Apartment rental is at 1111 N. Dearborn St. and starts from $4,385.

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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