Cheap Homes for Rent in Magnificent Mile Neighborhood of Chicago, IL from $1,300 (237 Rentals)

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

Know Your Rights - How Discrimination Laws Impact Landlords and Tenants

Read our practical guide to landlord and tenant rights. Understand protected classes, reasonable accommodations, and legal exceptions to prevent housing discrimination.

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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 300 N State St

300 N State St

ChicagoIL60654
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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. 1036 N. Dearborn has the second lowest priced unit, which is a Studio apartment currently listed from $1,295. Here are the most affordable Magnificent Mile apartments for rent in Chicago, IL:

Apartment ListingModel NameBed/BathPriced From
11 W. DivisionStudioStudio,1BA$1,225
1036 N. DearbornStudioStudio,1BA$1,295
25 E. DelawareStudioStudio,1BA$1,325
1100 North LasalleStudioStudio,1BA$1,390
211 E. DelawareStudioStudio,1BA$1,395

Best Value Apartments for Rent in Magnificent Mile, IL

As of April 18, 2025 the best value apartment in the Magnificent Mile area is the $2.39 price per square foot 2 Bedroom Model at Lofts At River East in the in the Magnificent Mile neighborhood starting from $3,570. The second greatest value Magnificent Mile apartment is the 750 N Rush St Model at 750 N Rush St, Unit FL22-ID160 starting at $2,190 with a $1.83 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.
Lofts At River East2 Bedroom2BR,2BA$2.39
750 N Rush St, Unit FL22-ID160750 N Rush St2BR,2BA$1.83
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 C21435 N Dearborn St1BR,1BA$2.60
1435 N Dearborn St, Unit 21435 N Dearborn St1BR,1BA$2.64
Atrium at Old Town ParkConvertible 1 Bedroom1BR,1BA$2.62
1162 - 1168 N La Salle Blvd1 Bed 1 Bath1BR,1BA$2.57

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Frequently Asked Questions about Magnificent Mile

What type of rentals are currently available in Magnificent Mile?

There are currently 644 Apartments for Rent in Magnificent Mile, IL with pricing that ranges from $1,105 to $77,776. There are also 605 Single Family Homes for rent, Condos, and Townhome rentals currently available in Magnificent Mile ranging from $1,350 to $30,000.

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 $1,350 to $30,000 with an average monthly rent of $6,495.

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 $3,995 to $30,000. Four Bedroom Single-Family rentals are also available starting from $4,800 and Four Bedroom Apartments start at $2,400.

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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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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Know Your Rights - How Discrimination Laws Impact Landlords and Tenants

Written by: Christine Leonard, Esq.

Everyone needs a place to live and to call home. For decades, the federal government has established protections to ensure that individuals and families can find housing free from discriminatory barriers.

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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.