Cheap Apartments for Rent in Chicago, IL from $400 (2,589 Rentals)

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1415 E 52nd St
$700 - $2,880
Total Monthly Price

Total Monthly Price

Base Rent
$700 - $2,880
Total Monthly Price
$700 - $2,880
1 to 4 Bedroom Apartment Available Now

1415 E 52nd St

1415 E 52nd StChicago, IL 60615
Furnished
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What Does “Rent Burdened” Mean? How Much Rent Is Too Much

Learn the official definition (spending 30% or more of your gross income on housing) and how to calculate your exact rent-to-income ratio. This guide offers expert tips on factoring in total housing costs (including utilities and fees) and budgeting accurately to avoid unnecessary financial strain.

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property at 1550 W 95th St

$825 - $950

Studio To 1 Bedroom Rentals

Available Now

1550 W 95th St

ChicagoIL60643

Your Guide to Co-Signers: The Risks, Rewards, and Everything in Between

Thinking about getting a co-signer for your rental application? We break down what a co-signer is, the potential benefits, and the serious risks for both parties. Find out if it's the right choice for you.

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2014 S Ashland Ave
$900 - $1,200
Total Monthly Price

Total Monthly Price

Base Rent
$900 - $1,200
Total Monthly Price
$900 - $1,200
1 Bedroom Apartment Available Now

2014 S Ashland Ave

2014 S Ashland AveChicago, IL 60608
Affordability
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Cash or credit? Understanding the Importance of Credit Score in Real Estate and Renting

Discover how your credit score impacts your ability to lease or buy a home. Learn how credit scores are determined, how to check yours, and strategies to improve it for real estate success.

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Roommate Matching: Finding the Right Fit and Avoiding Pitfalls

When searching for a roommate, follow this list of essential steps and set clear expectations to create a solid foundation for a harmonious living situation.

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Renters Insurance 101: What It Is, What It Covers, and Why You Need It

From theft to fire to water damage, the unexpected can happen to any renter. Discover why renters insurance is one of the smartest and most affordable investments you can make as a tenant.

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Chicago, IL Local Guide

Photo of Justin Habersaat - Editing Staff
Written By:
Justin Habersaat
Editing Staff

Cheapest Neighborhoods for Apartments in Chicago, IL

Pricing Updated: 06/30/2026

Current apartment rentals in the Chicago, IL area range in price from $200 to $48,409 with an overall median price of $5,106. The three Chicago neighborhoods with the lowest median rent pricing are Brinkmans at $837, Edgewood at $837, and Village Green at $837. Here is today’s list of the top 10 neighborhoods with the lowest median pricing for Chicago Apartments for rent:

NeighborhoodMedian PriceMin PriceAvailable Units
Brinkmans$1,228$83712
Edgewood$1,228$83712
Village Green$1,228$83712
Indiana Harbor$1,250$8283
Marktown$1,250$8283
West Calumet$1,265$8285
Morgan Park$1,295$1,2952
Forestview Hills$1,325$1,1258
Oakglen$1,370$1,1502
West Chatham$1,450$8457

Cheapest Available Chicago Apartments for Rent

 

The cheapest available apartment rental in Chicago, IL is a 4 Beds unit found at Coleman Place At Legends South in the Armour Square neighborhood priced from $170. West Haven Park II - B in the Little Italy neighborhood has the second lowest priced unit, which is a 3 Beds apartment currently listed from $192. Here is today’s list of the most affordable Chicago apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Coleman Place At Legends SouthThe Wells4BR,2BA$170
West Haven Park II - B3 Bedroom3BR,1BA$192
Westhaven Park II - A4 Bedroom4BR,2BA$239
Westhaven Park II - C3 Bedroom3BR,1BA$268
5445 Ingleside By 3L LivingCo-Living Single RoomStudio,1BA$684
Highlands Tudor Manor - 55+ CommunityStudioStudio,1BA$700
1155 W 83rd StStudioStudio,1BA$700
6246 S. King Dr.EfficienciesStudio,1BA$710
5540 Hyde Park by 3L LivingEfficiency Studio - NorthStudio,1BA$724

Best Value Apartments for Rent in Chicago, IL

As of June 30, 2026 the best value apartment in the Chicago area is the $0.30 price per square foot 650 W 61st St Model at 650 W 61st St, Unit 1st floor in the in the Englewood neighborhood starting from $1,500. The second greatest value Chicago apartment is the 6329 S Loomis Blvd Model at 6329 S Loomis Blvd, Unit 2 starting at $1,550 with a $0.70 price per square foot in the Englewood neighborhood. Here is today’s list of the best values for Chicago apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
650 W 61st St, Unit 1st floor650 W 61st St3BR,1BA$0.30
6329 S Loomis Blvd, Unit 26329 S Loomis Blvd3BR,1BA$0.70
9037 S Bishop St9037 S Bishop St2BR,1BA$0.94
Prairie Park ApartmentsThree Bedroom 60% AMI3BR,2BA$0.87
Westhaven Park II - A3 Bedroom3BR,1BA$0.15
8010 S Marshfield Ave, Unit Unit 1 - First Floor8010 S Marshfield Ave2BR,1BA$0.87
Tailor Lofts Student LivingLincoln4BR,4BA$0.87
IronwoodTwo Bedroom 120%2BR,1BA$0.91
7251-7259 LawrenceNo Vacancy1BR,1BA$0.82
Westhaven Park II - C1 Bedroom1BR,1BA$0.94

Don't Settle: How to Negotiate Your Apartment Lease and Save Money

Discover the insider tips from an attorney and real estate agent on how to negotiate your next apartment lease. Find out what's on the table and what's not, so you can save money and get the best terms possible.

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Best Neighborhoods to Rent in Near Chicago's Top Employers: A Guide for Renters

A Local Expert's Guide to The 10 Best Chicago Neighborhoods near Major Local Employers. Find your perfect Chicago, IL apartment, condo, or rental home today at ApartmentHomeLiving.com

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A Local Expert's Top Student Friendly Neighborhoods to Rent Near Colleges in Chicago

A Local Expert's guide to the Best Student Friendly Neighborhoods Near Colleges in the Chicago, IL metro area for affordable living. Find your perfect Chicago Student apartment, condo, or rental home today at ApartmentHomeliving.com

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Real Estate and Rental Term Glossary | ApartmentHomeLiving.com Renter University

From the letter A all the way to the letter Z, the Real Estate and Rental Term Glossary from the content team at ApartmentHomeLiving.com provides our visitors and shoppers with a little clarity and helpful guidance in navigating the real estate world through definitions and explainers for the top subjects and terms that someone may come across during the leasing, buying, or selling process.

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Chicago Overview

Chicago is one of the largest and liveliest cities in the United States with a thriving economy, an active nightlife and some of the world's most historic buildings and landmarks making it a very popular place to call home. The school system and metropolitan offerings make Chicago one of the best places to live in the Midwest in addition to being a premiere tourist destination. The options for cheap apartments in Chicago as well as rental homes, condos, and townhomes in the area make it a renters dream come true.

Why live in Chicago, IL?

With its numerous shops and local cuisine, a bustling nightlife, a strong economy and an efficient if busy transportation system, Chicago is truly the gem of the Midwest. While school districts vary from one area to the next, Chicago is a hub for some of the world's best schools, universities and hospitals, making it an ideal place to settle down. As home to some of the leading universities in the world, Chicago offers plenty of opportunities for its residents to grow up, get an education and find work in its diverse and thriving economy.

Remember the 3 Rules of Real Estate:
Location, Location, Location!

Explore Chicago, IL Rentals by Map

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See the most popular apartments and homes in Chicago, IL

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Chicago, IL Area Reviews

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Nicole • 4+ years in Chicago

April 10, 2026

Big city challenges with traffic but also provides the amenities of the city you can't find elsewhere

Frequently Asked Questions about Cheap Chicago Apartments

What is a cheap apartment in Chicago?

A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in Chicago is under $724.

What is the price of a cheap apartment in Chicago?

The cheapest apartment in Chicago is West Haven Park II - B which is listed at $660, while the average apartment in Chicago costs $5,106.

What types of apartments are the cheapest in Chicago?

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 2,986 regular apartments in Chicago 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 Chicago?

Cheap apartments in Chicago have an average cost of $515 which is $4,591 cheaper than the average rent for all rentals in Chicago.

Expert Rental Resources

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.

Helpful Local Expert Guides

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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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Top Student Friendly Neighborhoods to Rent Near Colleges in Chicago

Written by: Nicole Harms

With world-class museums lining its streets, Chicago is a place people go to learn. It’s not surprising, therefore, that it’s also home to multiple colleges and universities with national and global reputations.

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Best Neighborhoods to Rent in Near Chicago's Top Employers

Written by: Nicole Harms

Whenever life takes me into the city, I’m always impressed with the sheer amount of industry and commerce that it holds. With all of that commerce comes a wide range of employment options.

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Explore the Windy City (But Watch for Falling Ice) - An Insider's Guide to Renting in Chicago

Written by: Nicole Harms

From Lake Shore Drive to the O’Hare Airport, the city of Chicago is a study in diversity, resilience, and culture.

Articles, How-To's, and Tips

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Renters Insurance 101: What It Is, What It Covers, and Why You Need It

Written by: Robin Stewart

Insurance seems to be a part of life. In some states, having insurance is the law, as is the case for automobile insurance. Renters are no exception.

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Apartment Occupancy Rates: Renter Attraction vs Renter Retention

Written by: Robin Stewart

There’s a tenet in marketing about client or customer attraction and retention. Studies and data have consistently shown it costs less to keep a current customer than to attract a new one.

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How I Find the Perfect Rental for My Clients: A Real Estate Pro's Guide

Written by: Robin Stewart

Evaluating rental properties for clients draws many parallels to house-hunting. Whether an apartment, loft, townhouse, or other rental, finding the right place means finding “home” for your client.

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Pet-Friendly Renting: Everything You Need to Know Before You Move

Written by: Christine Leonard, Esq.

For so many of us, pets are the best companions and a big part of our lives. For this reason, a pet-friendly house or apartment is often a very important - and nonnegotiable - part of a move.