Cheap Apartments for Rent in Chicago, IL from $400 (2,860 Rentals)

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Search the lowest-cost Apartments available for rent right now in Chicago.

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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The Art of the Rental Viewing: What to look for during a property tour

Touring a rental? This guide helps you know exactly what to look for, from safety features to hidden flaws, so you can confidently sign your lease or keep searching.

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

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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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Chicago, IL Local Guide

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Written By:
Justin Habersaat
Editing Staff

Cheapest Neighborhoods for Apartments in Chicago, IL

Pricing Updated: 06/22/2025

Current apartment rentals in the Chicago, IL area range in price from $575 to $77,776 with an overall median price of $3,486. The three Chicago neighborhoods with the lowest median rent pricing are Blue Island Historic District at $929, West Calumet at $1,125, and Indiana Harbor at $895. Here is today’s list of the top 10 neighborhoods with the lowest median pricing for Chicago Apartments for rent:

NeighborhoodMedian PriceMin PriceAvailable Units
Blue Island Historic District$1,061$9291
West Calumet$1,162$1,1253
Indiana Harbor$1,274$8955
Brinkmans$1,300$82131
Edgewood$1,300$82131
Village Green$1,300$82131
Pullman$1,375$8956
Downtown Michigan City$1,440$82140
Trail Creek$1,440$82140
Liverpool$1,497$85045

Cheapest Available Chicago Apartments for Rent

 

The cheapest available apartment rental in Chicago, IL is a 2 Beds unit found at 1524 W Garfield Blvd in the Englewood neighborhood priced from $500. 5445 Ingleside By 3L Living in the Hyde Park neighborhood has the second lowest priced unit, which is a Studio apartment currently listed from $600. Here is today’s list of the most affordable Chicago apartments for rent:

Apartment ListingModel NameBed/BathPriced From
1524 W Garfield Blvd2 Beds, 1 bath2BR,1BA$500
5445 Ingleside By 3L LivingLarge Co-Living Single RoomStudio,1BA$600
1155 W 83rd StStudioStudio,1BA$650
5748 Blackstone By 3L LivingNo Kitchenette with Shared BathroomStudio,1BA$699
Highlands Tudor Manor - 55+ CommunityStudioStudio,1BA$700
2207 E 75th StStudio ApartmentStudio,1BA$710
808 W 76th StStudio ApartmentStudio,1BA$750
6246 S. King Dr.Two rm StudioStudio,1BA$750
South Shore Beach ApartmentsStudioStudio,1BA$825

Best Value Apartments for Rent in Chicago, IL

As of June 22, 2025 the best value apartment in the Chicago area is the $0.17 price per square foot 1914 W 21st Plz Model at 1914 W 21st Plz, Unit G in the in the University Village neighborhood starting from $1,700. The second greatest value Chicago apartment is the 1244 W Huron St Model at 1244 W Huron St, Unit # 01 starting at $3,995 with a $0.40 price per square foot in the West Town 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.
1914 W 21st Plz, Unit G1914 W 21st Plz2BR,1BA$0.17
1244 W Huron St, Unit # 011244 W Huron St3BR,2BA$0.40
5639 N Artesian Ave, Unit 5639 N Artesian5639 N Artesian Ave2BR,1BA$0.18
2833 W Medill Ave, Unit # 012833 W Medill Ave4BR,2BA$0.39
1229 W Barry Ave, Unit George1229 W Barry Ave2BR,2BA$0.43
1058 W Columbia Ave, Unit 3rd Floor1058 W Columbia Ave3BR,2BA$0.63
8518 S Bennett Ave, Unit 38518 S Bennett Ave3BR,1BA$0.43
7845 S Kingston Ave, Unit 37845 S Kingston Ave3BR,2BA$0.53
5100 W Fulton St, Unit 15100 W Fulton St4BR,2BA$0.87
1700 La Porte Ave, Unit 21700 La Porte Ave2BR,1BA$0.84

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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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Getting Around Chicago, IL

Walk Score®

83 / 100

Very Walkable

Most errands can be accomplished on foot

Bike Score®

77 / 100

Very Bikeable

Biking is convenient for most trips

Transit Score®

66 / 100

Good Transit

Many nearby public transportation options

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 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 $825.

What is the price of a cheap apartment in Chicago?

The cheapest apartment in Chicago is 1155 W 83rd St which is listed at $750, while the average apartment in Chicago costs $3,486.

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 2,223 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 $397 which is $3,089 cheaper than the average rent for all rentals in Chicago.

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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Roommate Matching: Finding the Right Fit and Avoiding Pitfalls

Written by: Cheryl Bowman

A fantastic way to save money and enjoy a built-in community is to share an apartment. However, a bad roommate situation can turn your dream rental into a nightmare.

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The Art of the Rental Viewing: What to look for during a property tour

Written by: Marie Brown

You’ve scrolled through countless listings, walked through a blur of rentals, and finally found what feels like the one. The pictures? Fantastic. The neighborhood seems just right.

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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.