Cheap Studio Apartments for Rent in the Magnificent Mile Neighborhood of Chicago, IL from $1,105 (82 Rentals)

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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

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property at 188 N Wells St

188 N Wells St

ChicagoIL60606
property at 420 E Ohio St

420 E Ohio St

ChicagoIL60611
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Magnificent Mile, Chicago, IL Local Guide

Quick Rent Budget Calculator

How much rent can you afford?

The common "Rule of Thumb" is that rent should be no more than 30% of your income. How much is that? Enter your monthly income and click "Calculate My Budget" to find out.

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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 Gramercy Row Apartments which is listed at $1,238, 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 $187 which is $14,063 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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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.

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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.