Cheap Homes for Rent in Magnificent Mile Neighborhood of Chicago, IL from $1,300 (235 Rentals)

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

property at 21 W Goethe St

21 W Goethe 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 47 E Lake St

47 E Lake St

ChicagoIL60601
property at 41 E Banks St

41 E Banks St

ChicagoIL60610
property at 186 W Lake St

186 W Lake St

ChicagoIL60601
property at 233 E Erie St

233 E Erie St

ChicagoIL60611
Showing Results 1-50, Page 1 of 5

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. Gramercy Row Apartments has the second lowest priced unit, which is a Studio apartment currently listed from $1,211. Here are the most affordable Magnificent Mile apartments for rent in Chicago, IL:

Apartment ListingModel NameBed/BathPriced From
1011 ClarkClark - StudioStudio,1BA$995
Gramercy Row ApartmentsStudio Floor Plan S21 666 2FStudio,1BA$1,211
11 W. DivisionStudioStudio,1BA$1,245
1036 N. DearbornStudioStudio,1BA$1,295
211 E. DelawareStudioStudio,1BA$1,345
25 E. DelawareStudioStudio,1BA$1,365
18 E. ElmStudioStudio,1BA$1,365
Pittsfield ApartmentsStudio - Style GStudio,1BA$1,395

Best Value Apartments for Rent in Magnificent Mile, IL

As of March 23, 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
210 N Wells St, Unit FL17-ID268210 N Wells St1BR,1BA$1.91
1435 N Dearborn St, Unit B41435 N Dearborn St1BR,1BA$2.34
1435 N Dearborn St, Unit b41435 N Dearborn St1BR,1BA$2.28
1435 N Dearborn St, Unit C21435 N Dearborn St1BR,1BA$2.60
1435 N Dearborn St, Unit b41435 N Dearborn St1BR,1BA$2.59
1320.5 W Oak St1320.5 W Oak St1BR,1BA$2.46
1320.5 W Oak St1320.5 W Oak St1BR,1BA$2.42

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Frequently Asked Questions about Magnificent Mile

What type of rentals are currently available in Magnificent Mile?

There are currently 655 Apartments for Rent in Magnificent Mile, IL with pricing that ranges from $1,105 to $77,776. There are also 699 Single Family Homes for rent, Condos, and Townhome rentals currently available in Magnificent Mile ranging from $1,325 to $35,000.

What is the current price range for Rental Homes in Magnificent Mile?

Today's rental pricing for Homes for Rent, Condos and Townhomes in Magnificent Mile ranges from $1,325 to $35,000 with an average monthly rent of $6,842.

How much are larger Three and Four Bedroom Rentals in Magnificent Mile?

For those who are looking for larger living arrangements, Three Bedroom Apartments in Magnificent Mile range from $1,626 to $38,481, while Three Bedroom Homes, Condos, and Townhomes for rent range from $3,799 to $30,000. Four Bedroom Single-Family rentals are also available starting from $4,800 and Four Bedroom Apartments start at $7,000.

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.

decorative image for Understanding Amenity Fees: Know Where You Might Be Able to Save Money article

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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What to Know About Fees and Fines When Renting

Written by: Trey Huguley

When it comes to renting a new apartment or home there can be a number of fees that you will want to keep in mind going into the process.

decorative image for Battling the Butts: Your Guide to the Reality of Smoke-Free Renting article

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.