Cheap Apartments for Rent in the Old Town Neighborhood of Chicago, IL from $700 (22 Rentals)

How Many Bedrooms?Done
Select your price rangeDone
Lifestyle Matching SearchDone
Learn more about Lifestyle Search
By AmenitiesDone
By Community TypeDone
Features and AvailabilityDone
Done

Search the lowest-cost Apartments available for rent right now in the Old Town 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

Read Article
close
View Me
1555 N Mohawk St
1 Bedroom Apartments

1555 N Mohawk St

1555 N Mohawk StChicago, IL 60610
  • Utilities Included
close
View Me
Montauk
Studio to 1 Bedroom Apartments

Montauk

1550 N Wieland StChicago, IL 60610
  • Utilities Included
close
View Me
1250 Lasalle
Studio to 2 Bedroom Apartments

1250 Lasalle

1250 N LaSalle StChicago, IL 60610
Showing Results 1-22, Page 1 of 1

Old Town, Chicago, IL Local Guide

Cheapest Available Old Town Apartments for Rent

 

The cheapest available apartment rental in the Old Town area of Chicago, IL is a Studio unit found at 1522 N La Salle Dr priced from $1,600. Larrabee Place at Parkside of Old Town has the second lowest priced unit, which is a 1 Bed apartment currently listed from $1,629. Here are the most affordable Old Town apartments for rent in Chicago, IL:

Apartment ListingModel NameBed/BathPriced From
1522 N La Salle DrStudioStudio,1BA$1,600
Larrabee Place at Parkside of Old Town1 Bedroom1BR,1BA$1,629
Than TowerStudioStudio,1BA$1,875
Cobbler Square LoftsDS5Studio,1BA$2,013
Sentral Michigan AvenueDeluxe LoftStudio,1BA$2,100

Best Value Apartments for Rent in Old Town, IL

As of March 25, 2025 the best value apartment in the Old Town area is the $2.40 price per square foot 407 W North Ave Model at 407 W North Ave, Unit 5E in the in the Lincoln Park neighborhood starting from $4,500. The second greatest value Old Town apartment is the 1332 N Cleveland Ave Model at 1332 N Cleveland Ave, Unit 1 starting at $4,400 with a $2.59 price per square foot in the Near North Side neighborhood. Here is today’s list of the best values for Old Town apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
407 W North Ave, Unit 5E407 W North Ave3BR,2BA$2.40
1332 N Cleveland Ave, Unit 11332 N Cleveland Ave3BR,3BA$2.59
1539 N Wells St, Unit 31539 N Wells St3BR,2BA$3.20
1349 N Wells St, Unit 2021349 N Wells St2BR,2BA$2.58
1214 N La Salle Dr, Unit F51214 N La Salle Dr2BR,2BA$3.04
218 W Division St, Unit M08B218 W Division St2BR,2BA$2.95
1502 N Hudson Ave, Unit 31502 N Hudson Ave2BR,1BA$3.01
1223 N La Salle St1223 N La Salle St2BR,2BA$2.94
Larrabee Place at Parkside of Old Town1 Bedroom1BR,1BA$2.28
Cobbler Square LoftsDS5Studio ,1BA$3.12

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.

decorative image of people with a giant lease agreement

Pet Friendly Lifestyle
Old Town, Chicago, IL

Ranked #43

Among neighborhoods in Chicago, IL for Apartment listings with Pet Friendly Amenities

Pet Friendliness Lifestyle Score

3.5
Pet Friendly

decorative image of woman handing cat to small boy

Getting Around the Old Town Neighborhood in Chicago, IL

Walk Score®

97 / 100

Walker’s Paradise

Daily errands do not require a car

Bike Score®

91 / 100

Biker's Paradise

Daily errands can be accomplished on a bike

Transit Score®

81 / 100

Excellent Transit

Transit is convenient for most trips

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 Old Town Apartments

What is a cheap apartment in Old Town?

A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in Old Town is under $2,226.

What is the price of a cheap apartment in Old Town?

The cheapest apartment in Old Town is Larrabee Place at Parkside of Old Town which is listed at $1,629, while the average apartment in Old Town costs $4,700.

What types of apartments are the cheapest in Old Town?

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 943 regular apartments in Old Town 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 Old Town?

Cheap apartments in Old Town have an average cost of $776 which is $3,924 cheaper than the average rent for all rentals in Old Town.

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.

decorative image for Renting Smart: Lease Basics Every Renter Needs article

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.

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.