Cheap Apartments for Rent in the South Loop Neighborhood of Chicago, IL from $800 (28 Rentals)

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Search the lowest-cost Apartments available for rent right now in the South Loop 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

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525 S. Dearborn St.
Studio to 2 Bedroom Apartments

525 S. Dearborn St.

525-537 S Dearborn StChicago, IL 60605
  • Utilities Included
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2001 S State St
2 to 3 Bedroom Apartments

2001 S State St

2001 S State StChicago, IL 60616
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Showing Results 1-28, Page 1 of 1

South Loop, Chicago, IL Local Guide

Cheapest Available South Loop Apartments for Rent

 

The cheapest available apartment rental in the South Loop area of Chicago, IL is a 4 Beds unit found at McCormick priced from $1,108. 2101 Michigan has the second lowest priced unit, which is a Studio apartment currently listed from $1,634. Here are the most affordable South Loop apartments for rent in Chicago, IL:

Apartment ListingModel NameBed/BathPriced From
McCormickPrivate Bedroom in Shared 4 Bed 3 Bath (D)4BR,3BA$1,108
2101 MichiganStudioStudio,1BA$1,634
Park Michigan - 1212 S Michigan AveStudio 1ba 05Studio,1BA$1,749
ImprintLoft Studio EStudio,1BA$1,802
The Elle Apartments466Studio,1BA$1,825
Eleven40S1Studio,1BA$1,836
30 East RooseveltER_1x11BR,1BA$1,850

Best Value Apartments for Rent in South Loop, IL

As of March 28, 2025 the best value apartment in the South Loop area is the $1.86 price per square foot 2550 S Wabash Ave Model at 2550 S Wabash Ave in the in the Near South Side neighborhood starting from $3,350. The second greatest value South Loop apartment is the 2550 S Wabash Ave Model at 2550 S Wabash Ave starting at $3,350 with a $1.87 price per square foot in the Near South Side neighborhood. Here is today’s list of the best values for South Loop apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
2550 S Wabash Ave2550 S Wabash Ave3BR,2BA$1.86
2550 S Wabash Ave2550 S Wabash Ave3BR,2BA$1.87
Carriage House Lofts2 BED 2 BATH LOFT STYLE2BR,2BA$2.35
1234 S Michigan Ave, Unit 13101234 S Michigan Ave1BR,1BA$1.85
240 W 24th St, Unit Coach House240 W 24th St2BR,1.5BA$1.67
2310 S Canal St, Unit 2032310 S Canal St2BR,1BA$2.15
731 Plymouth by 3L Living2 Bedroom West2BR,1BA$2.08
1464 S Michigan Ave1464 S Michigan Ave2BR,2BA$2.45
1720 S Clinton St, Unit Coach House1720 S Clinton St1BR,1BA$2.00
777 South StateOne Bedroom1BR,1BA$2.52

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Lifestyle Ratings

ApartmentHomeLiving.com compiles millions of data points to bring you comprehensive Lifestyle Ratings of rentals in metropolitan areas across the United States including South Loop, Chicago, and the greater Chicago area. Our Lifestyle Ratings help you zero-in on the perfect place to call home. This takes in many factors including our Star Ratings to compare for proximity to parks, luxury amenities, transit availability, pet-friendly communities, multifamily communities for the kids, in addition to floorplans, availablity, and pricing. Find Lifestyle Search in the filter options (above). Happy Searching!

Getting Around the South Loop Neighborhood in Chicago, IL

Walk Score®

93 / 100

Walker’s Paradise

Daily errands do not require a car

Bike Score®

88 / 100

Very Bikeable

Biking is convenient for most trips

Transit Score®

86 / 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 South Loop Apartments

What is a cheap apartment in South Loop?

A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in South Loop is under $1,850.

What is the price of a cheap apartment in South Loop?

The cheapest apartment in South Loop is 30 East Roosevelt which is listed at $1,850, while the average apartment in South Loop costs $7,072.

What types of apartments are the cheapest in South Loop?

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 49 regular apartments in South Loop 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 South Loop?

Cheap apartments in South Loop have an average cost of $406 which is $6,666 cheaper than the average rent for all rentals in South Loop.

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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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.

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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.