Cheap Homes for Rent in Downtown Mount Prospect Neighborhood of Mount Prospect, IL from $1,300 (6 Rentals)

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

property at 613 W Central Rd

613 W Central Rd

Mount ProspectIL60056

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

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 The Element priced from $1,489. 16 W Busse Ave has the second lowest priced unit, which is a 1 Bed apartment currently listed from $1,495. Here are the most affordable Downtown Mount Prospect apartments for rent in Chicago, IL:

Apartment ListingModel NameBed/BathPriced From
The ElementCedar1BR,1BA$1,489
16 W Busse Aveunit 41BR,1BA$1,495
Orion ParkViewMonroe1BR,1BA$1,507

Best Value Apartments for Rent in Downtown Mount Prospect, IL

As of March 28, 2025 the best value apartment in the Downtown Mount Prospect area is the $1.88 price per square foot Sheridan Model at Orion Arlington Lakes in the in the Downtown Mount Prospect neighborhood starting from $2,237. The second greatest value Downtown Mount Prospect apartment is the unit 4 Model at 16 W Busse Ave starting at $1,495 with a $1.36 price per square foot in the Westgate 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.
Orion Arlington LakesSheridan2BR,2BA$1.88
16 W Busse Aveunit 41BR,1BA$1.36
Buckinghama3-buck1BR,1BA$2.40
Central Park EastA31BR,1BA$2.69
Mount Prospect Greens2x1AR - Renovated Evanston2BR,1BA$2.19
Orion ParkViewMonroe - Renovated1BR,1BA$2.22
ReNew Des Plaines NorthDes Plaines North - 1x11BR,1BA$2.13
The ElementCedar1BR,1BA$2.14
Huntington Square1A1BR,1BA$2.38
Residences at Arlington HeightsThe Arlington1BR,1BA$2.44

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Frequently Asked Questions about Downtown Mount Prospect

What type of rentals are currently available in Downtown Mount Prospect?

There are currently 186 Apartments for Rent in Downtown Mount Prospect, IL with pricing that ranges from $1,245 to $6,115. There are also 27 Single Family Homes for rent, Condos, and Townhome rentals currently available in Downtown Mount Prospect ranging from $1,300 to $5,700.

What is the current price range for Rental Homes in Downtown Mount Prospect?

Today's rental pricing for Homes for Rent, Condos and Townhomes in Downtown Mount Prospect ranges from $1,300 to $5,700 with an average monthly rent of $2,823.

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.