Cheap Apartments for Rent in Chicago, IL from $400 (2,642 Rentals)

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

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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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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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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Best Places to Live Near Chicago: 5 Cities That Keep the Windy City Accessible

Looking for a rental near Chicago? These five cities offer excellent options! From small-town charm to excellent business options, you can't go wrong!

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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: 05/15/2026

Current apartment rentals in the Chicago, IL area range in price from $200 to $770,810 with an overall median price of $7,639. The three Chicago neighborhoods with the lowest median rent pricing are West Calumet at $800, Indiana Harbor at $1,150, and North Maywood at $1,200. Here is today’s list of the top 10 neighborhoods with the lowest median pricing for Chicago Apartments for rent:

NeighborhoodMedian PriceMin PriceAvailable Units
West Calumet$1,100$8002
Indiana Harbor$1,150$1,1503
North Maywood$1,250$1,2001
Downtown Maywood$1,300$1,3001
Forestview Hills$1,325$1,1254
Oakglen$1,370$1,3701
Brainerd$1,400$1,0509
Marktown$1,400$8007
West Chatham$1,425$1,2009
College District$1,437$1,18511

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
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
5748 Blackstone By 3L LivingNo Kitchenette with Shared BathroomStudio,1BA$726

Best Value Apartments for Rent in Chicago, IL

As of May 15, 2026 the best value apartment in the Chicago area is the $0.18 price per square foot 3600 W Sunnyside Ave Model at 3600 W Sunnyside Ave, Unit 2 in the in the Albany Park neighborhood starting from $1,775. The second greatest value Chicago apartment is the 650 W 61st St Model at 650 W 61st St, Unit 1st floor starting at $1,500 with a $0.30 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.
3600 W Sunnyside Ave, Unit 23600 W Sunnyside Ave2BR,1BA$0.18
650 W 61st St, Unit 1st floor650 W 61st St3BR,1BA$0.30
365 E 70th St, Unit 1st Floor365 E 70th St2BR,1BA$0.57
5567 W Van Buren St2Bd/1B - w/ an office2BR,1BA$0.66
4913 W Erie St, Unit #14913 W Erie St2BR,1BA$0.66
6329 S Loomis Blvd, Unit 26329 S Loomis Blvd3BR,1BA$0.70
1915 N Karlov Ave, Unit Unit21915 N Karlov Ave2BR,1BA$0.74
1016 W 70th St, Unit #1W1016 W 70th St3BR,1BA$0.68
8855 S Dorchester Ave, Unit 2ndfloorr8855 S Dorchester Ave2BR,1BA$0.71
Westhaven Park II - A3 Bedroom3BR,1BA$0.15

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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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.

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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

  • Parks
  • Entertainment
  • Local Vibes
  • Restaurants
  • Location
  • Traffic
  • Public Transportation
  • Outdoor Access
  • Cost of Living
  • Safety

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 $726.

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 $7,639.

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 4,856 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 $502 which is $7,137 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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A Seasoned Property Manager's Step-by-Step Guide to Getting Your Deposit Back

Written by: Lauren Harrington

I’m going to talk with you as a seasoned property manager and friend. So, let’s start with your security deposit. I want you to think about this guide as insider information. You deserve your deposit back.

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Expert Solutions for Creating the Perfect Work-From-Home Apartment Layouts

Written by: Lauren Harrington

This article is based on first-hand experience managing apartment communities and helping renters adapt to their spaces after moving in.

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What Does “Rent Burdened” Mean? How Much Rent Is Too Much

Written by: Lauren Harrington

This article draws from first-hand renter experiences and recurring financial challenges reported after moving in.

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Maximizing Your Refund: Essential Tax Tips for Renters

Written by: Christine Leonard, Esq.

Other than tax professionals, I can’t think of anyone who looks forward to tax season. For everybody else, April is a stressful month to collect information and meet deadlines.