Cheap Apartments for Rent in the South Loop Neighborhood of Chicago, IL from $800 (28 Rentals)
Search the lowest-cost Apartments available for rent right now in the South Loop area of Chicago.

1000M

21st Street Lofts by 3L Living

1720 S Clinton St, Unit Coach House

2101 Michigan

1200 S Michigan Ave

820 Michigan by 3L Living

30 East Roosevelt
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

Park Michigan - 1212 S Michigan Ave

1140 S Wabash Ave, Unit 1311

The Elle Apartments

Eleven40

240 W 24th St, Unit Coach House

The Regal Apartments

River City Apartments

Arrive LEX
South Loop, Chicago, IL Local Guide

How much does it cost to rent an apartment in South Loop?
Bedroom | Average Rent | Cheapest Rent | Highest Rent |
---|---|---|---|
South Loop Studio Apartments | $2,462 | $1,147 | $4,566 |
South Loop 1 Bedroom Apartments | $2,927 | $1,500 | $7,162 |
South Loop 2 Bedroom Apartments | $4,301 | $1,840 | $10,000+ |
South Loop 3 Bedroom Apartments | $6,829 | $1,858 | $10,000+ |
South Loop 4 Bedroom Apartments | $3,081 | $1,255 | $10,000+ |
Browse Apartments in this Neighborhood
There are currently 28 rentals with your search options within a 2 mile radius of the South Loop Neighborhood of Chicago, IL.
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South Loop, Chicago, IL Local Guide
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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 Listing | Model Name | Bed/Bath | Priced From |
---|---|---|---|
McCormick | Private Bedroom in Shared 4 Bed 3 Bath (D) | 4BR,3BA | $1,108 |
2101 Michigan | Studio | Studio,1BA | $1,634 |
Park Michigan - 1212 S Michigan Ave | Studio 1ba 05 | Studio,1BA | $1,749 |
Imprint | Loft Studio E | Studio,1BA | $1,802 |
The Elle Apartments | 466 | Studio,1BA | $1,825 |
Eleven40 | S1 | Studio,1BA | $1,836 |
30 East Roosevelt | ER_1x1 | 1BR,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 Listing | Model Name | Bed/Bath | Price Per Sq.Ft. |
---|---|---|---|
2550 S Wabash Ave | 2550 S Wabash Ave | 3BR,2BA | $1.86 |
2550 S Wabash Ave | 2550 S Wabash Ave | 3BR,2BA | $1.87 |
Carriage House Lofts | 2 BED 2 BATH LOFT STYLE | 2BR,2BA | $2.35 |
1234 S Michigan Ave, Unit 1310 | 1234 S Michigan Ave | 1BR,1BA | $1.85 |
240 W 24th St, Unit Coach House | 240 W 24th St | 2BR,1.5BA | $1.67 |
2310 S Canal St, Unit 203 | 2310 S Canal St | 2BR,1BA | $2.15 |
731 Plymouth by 3L Living | 2 Bedroom West | 2BR,1BA | $2.08 |
1464 S Michigan Ave | 1464 S Michigan Ave | 2BR,2BA | $2.45 |
1720 S Clinton St, Unit Coach House | 1720 S Clinton St | 1BR,1BA | $2.00 |
777 South State | One Bedroom | 1BR,1BA | $2.52 |
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.
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.

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.

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.

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.

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.