Cheap Homes for Rent in Magnificent Mile Neighborhood of Chicago, IL from $1,300 (163 Rentals)

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Cheap Homes in the Magnificent Mile area of Chicago.

Navigating the Rental Market: Tips for First-Time Renters

Entering the rental market? Learn these simple tips and strategies to avoid common pitfalls and make confident choices. Rent with peace of mind.

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property at 300 N State St

300 N State St

ChicagoIL60654

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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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 8 W Monroe St

8 W Monroe St

ChicagoIL60603
property at 211 E Ohio St

211 E Ohio St

ChicagoIL60611
property at 512 N McClurg Ct

512 N McClurg Ct

ChicagoIL60611
Showing Results 1-50, Page 1 of 4

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. Maple has the second lowest priced unit, which is a 1 Bed apartment currently listed from $1,230. Here are the most affordable Magnificent Mile apartments for rent in Chicago, IL:

Apartment ListingModel NameBed/BathPriced From
11 W. DivisionStudioStudio,1BA$1,225
Maple1 Bedroom 1 Bathroom1BR,1BA$1,230
1036 N. DearbornStudioStudio,1BA$1,295
25 E. DelawareStudioStudio,1BA$1,325
211 E. DelawareStudioStudio,1BA$1,345
18 E. ElmStudioStudio,1BA$1,365
Gramercy Row ApartmentsStudio Floor Plan S8Studio,1BA$1,367

Best Value Apartments for Rent in Magnificent Mile, IL

As of May 04, 2025 the best value apartment in the Magnificent Mile area is the $2.57 price per square foot 1005 N La Salle Dr Model at 1005 N La Salle Dr, Unit 1 in the in the Magnificent Mile neighborhood starting from $3,850. The second greatest value Magnificent Mile apartment is the 1x1 Model at 1221 N. LaSalle Lofts starting at $2,445 with a $2.45 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.
1005 N La Salle Dr, Unit 11005 N La Salle Dr3BR,2BA$2.57
1221 N. LaSalle Lofts1x11BR,1BA$2.45
10 E. Ontario St.1 Bedroom1BR,1BA$2.11
1435 N Dearborn St, Unit A21435 N Dearborn St1BR,1BA$2.23
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 B21435 N Dearborn St1BR,1BA$2.34
Atrium at Old Town ParkConvertible 1 Bedroom1BR,1BA$2.62
1162 - 1168 N La Salle Blvd1 Bed 1 Bath1BR,1BA$2.39
Maple1 Bedroom 1 Bathroom1BR,1BA$2.28

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Frequently Asked Questions about Magnificent Mile

What type of rentals are currently available in Magnificent Mile?

There are currently 639 Apartments for Rent in Magnificent Mile, IL with pricing that ranges from $1,105 to $77,776. There are also 567 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 $5,656.

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 $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.

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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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Navigating the Rental Market: Tips for First-Time Renters

Written by: Sandy Baker

Making the decision to rent is exciting and terrifying at the same time. For many people, there are a lot of unknowns.

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Rise of Digital Nomads: Remote Work Tips for Apartment Renters

Written by: Brandie Parton

As a digital nomad, you no longer call a set address or office building your home for eight hours of the day or more.

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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.