Cheap Homes for Rent in Old Town Neighborhood of Chicago, IL from $1,600 (19 Rentals)

How Many Bedrooms?Done
Select your price rangeDone
By AmenitiesDone
By Community TypeDone
Features and AvailabilityDone
Done

Search the lowest-cost Homes 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
Showing Results 1-19, 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 Affinity of North Avenue priced from $1,193. 1162 - 1168 N La Salle Blvd has the second lowest priced unit, which is a 1 Bed apartment currently listed from $1,478. Here are the most affordable Old Town apartments for rent in Chicago, IL:

Apartment ListingModel NameBed/BathPriced From
Affinity of North Avenue0x1TCrnStudio,1BA$1,193
1162 - 1168 N La Salle Blvd1 Bed 1 Bath1BR,1BA$1,478
1522 N La Salle DrStudioStudio,1BA$1,600
Larrabee Place at Parkside of Old Town1 Bedroom1BR,1BA$1,629
Than TowerStudioStudio,1BA$1,875

Best Value Apartments for Rent in Old Town, IL

As of April 13, 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
1214 N La Salle Dr, Unit F51214 N La Salle Dr2BR,2BA$3.00
218 W Division St, Unit M08B218 W Division St2BR,2BA$2.95
1502 N Hudson Ave, Unit 31502 N Hudson Ave2BR,1BA$3.01
Larrabee Place at Parkside of Old Town1 Bedroom1BR,1BA$2.28
Cobbler Square LoftsDS5Studio ,1BA$3.11
1162 - 1168 N La Salle Blvd1 Bed 1 Bath1BR,1BA$2.57
Affinity of North Avenue0x1TCrnStudio ,1BA$2.64
245 W North Ave, Unit 108245 W North AveStudio ,0.5BA$2.67

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

Frequently Asked Questions about Old Town

What type of rentals are currently available in Old Town?

There are currently 167 Apartments for Rent in Old Town, IL with pricing that ranges from $1,193 to $23,973. There are also 87 Single Family Homes for rent, Condos, and Townhome rentals currently available in Old Town ranging from $1,695 to $10,500.

What is the current price range for Rental Homes in Old Town?

Today's rental pricing for Homes for Rent, Condos and Townhomes in Old Town ranges from $1,695 to $10,500 with an average monthly rent of $3,664.

How much are larger Three and Four Bedroom Rentals in Old Town?

For those who are looking for larger living arrangements, Three Bedroom Apartments in Old Town range from $1,285 to $23,973, while Three Bedroom Homes, Condos, and Townhomes for rent range from $3,300 to $10,500. Four Bedroom Single-Family rentals are also available starting from $5,000 and Four Bedroom Apartments start at $1,200.

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.