Cheap Apartments for Rent in the Downtown Mount Prospect Neighborhood of Mount Prospect, IL from $900 (15 Rentals)

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

Search the lowest-cost Apartments available for rent right now in the Downtown Mount Prospect area of Mount Prospect.

Smart Renter's Guide: Calculating Affordable Rent & Housing Costs

Wondering how to determine your rental budget? This comprehensive guide covers everything from the 30% rule to hidden fees and effective budgeting strategies.

close
View Me
Windsor Courts
2 Bedroom Apartments

Windsor Courts

519 Dempster StMount Prospect, IL 60056
  • Utilities Included
close
View Me
Brownstone Court
2 Bedroom Apartments

Brownstone Court

1474-1484 S Brownstone CtMount Prospect, IL 60056
  • Utilities Included

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.

close
View Me
637 W Pickwick Ct
2 Bedroom Apartments

637 W Pickwick Ct

637 W Pickwick CtMount Prospect, IL 60056
  • Utilities Included

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.

close
View Me
Des Plaines Apartments
1 Bedroom Apartments

Des Plaines Apartments

510-570 E Seegers RdDes Plaines, IL 60016
  • Utilities Included
close
View Me
Shady Way
1 Bedroom Apartments

Shady Way

920 E Shady WayArlington Heights, IL 60005
  • Utilities Included

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

close
View Me
919 S McKinley Ave
2 Bedroom Apartments

919 S McKinley Ave

919 S McKinley AveArlington Heights, IL 60005
close
View Me
Dryden Apartments
1 Bedroom Apartments

Dryden Apartments

1 N Dryden PlArlington Heights, IL 60004
  • Utilities Included

Downtown Mount Prospect, Mount Prospect, IL Local Guide

Cheapest Available Downtown Mount Prospect Apartments for Rent

 

The cheapest available apartment rental in the Downtown Mount Prospect area of Chicago, IL is a 1 Bed unit found at Orion ParkView priced from $1,464. ReNew Des Plaines North has the second lowest priced unit, which is a 1 Bed apartment currently listed from $1,510. Here are the most affordable Downtown Mount Prospect apartments for rent in Chicago, IL:

Apartment ListingModel NameBed/BathPriced From
Orion ParkViewMonroe1BR,1BA$1,464
ReNew Des Plaines NorthDes Plaines North - 1x11BR,1BA$1,510
The ElementCedar1BR,1BA$1,513
Residences at Arlington HeightsThe Meadow1BR,1BA$1,534
Mount Prospect Greens1x1BP - Partial Renovated Arlington1BR,1BA$1,589

Best Value Apartments for Rent in Downtown Mount Prospect, IL

As of May 17, 2025 the best value apartment in the Downtown Mount Prospect area is the $1.87 price per square foot 651 Beau Ct Model at 651 Beau Ct, Unit # 3 in the in the Downtown Mount Prospect neighborhood starting from $2,800. The second greatest value Downtown Mount Prospect apartment is the Lincoln - Renovated Model at Orion Arlington Lakes starting at $1,978 with a $1.87 price per square foot in the Downtown Mount Prospect neighborhood. Here is today’s list of the best values for Downtown Mount Prospect apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
651 Beau Ct, Unit # 3651 Beau Ct3BR,2BA$1.87
Orion Arlington LakesLincoln - Renovated1BR,1BA$1.87
Buckinghama3-buck1BR,1BA$2.22
Mount Prospect Greens2x1AR - Renovated Evanston2BR,1BA$2.14
488 E 5th Ct, Unit B488 E 5th Ct1BR,1BA$1.63
Central Park EastA11BR,1BA$2.68
Orion ParkViewMonroe - Renovated1BR,1BA$2.43
ReNew Des Plaines NorthDes Plaines North - 1x11BR,1BA$2.13
The ElementCedar1BR,1BA$2.16
Residences at Arlington HeightsThe Woodfield1BR,1BA$2.60

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
Downtown Mount Prospect, Mount Prospect, IL

Ranked #2

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

Pet Friendliness Lifestyle Score

4.0
Pet Friendly

decorative image of woman handing cat to small boy

Getting Around the Downtown Mount Prospect Neighborhood in Mount Prospect, IL

Walk Score®

79 / 100

Very Walkable

Most errands can be accomplished on foot

Bike Score®

60 / 100

Bikeable

Some bike infrastructure

Transit Score®

34 / 100

Some Transit

A few nearby public transportation options

Frequently Asked Questions about Cheap Downtown Mount Prospect Apartments

What is a cheap apartment in Downtown Mount Prospect?

A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in Downtown Mount Prospect is under $1,978.

What is the price of a cheap apartment in Downtown Mount Prospect?

The cheapest apartment in Downtown Mount Prospect is Orion ParkView which is listed at $1,464, while the average apartment in Downtown Mount Prospect costs $2,518.

What types of apartments are the cheapest in Downtown Mount Prospect?

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 17 regular apartments in Downtown Mount Prospect 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 Downtown Mount Prospect?

Cheap apartments in Downtown Mount Prospect have an average cost of $405 which is $2,113 cheaper than the average rent for all rentals in Downtown Mount Prospect.

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 Know Your Budget: Calculating What You Can Realistically Afford When Renting article

Know Your Budget: Calculating What You Can Realistically Afford When Renting

Written by: Lauren Harrington

Renting an apartment or house isn’t just about looking through online ads, choosing a few apartments or homes you want to tour, filling out an application, and putting down a deposit. Those things are all necessary and important.

decorative image for The Freedom of Short-Term Leases: Exploring the Advantages for Renters article

The Freedom of Short-Term Leases: Exploring the Advantages for Renters

Written by: Bobbi Jackson

If you’re looking to relocate right now, a popular solution that may best fit your current rental needs is a short-term lease.

decorative image for Navigating the Rental Market: Tips for First-Time Renters article

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.