Cheap Apartments for Rent by Owner in Chicago, IL from $400 (53 Rentals)

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

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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
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2843 S Kildare Ave
$970 - $1,340
Total Monthly Price

Total Monthly Price

Base Rent
$970 - $1,340
Total Monthly Price
$970 - $1,340
1 to 2 Bedroom Apartment Available Now

2843 S Kildare Ave

2843 S Kildare AveChicago, IL 60623
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4355 S Sawyer Ave
$995
Total Monthly Price

Total Monthly Price

Base Rent
$995
Total Monthly Price
$995
1 Bedroom Apartment Available Now

4355 S Sawyer Ave

4355 S Sawyer AveChicago, IL 60632
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4865 W Concord Pl
$1,100 - $1,600
Total Monthly Price

Total Monthly Price

Base Rent
$1,100 - $1,600
Total Monthly Price
$1,100 - $1,600
1 to 2 Bedroom Apartment Available Now

4865 W Concord Pl

4865 W Concord PlChicago, IL 60639
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4511 S Washtenaw Ave
$1,250 - $1,650
Total Monthly Price

Total Monthly Price

Base Rent
$1,250 - $1,650
Total Monthly Price
$1,250 - $1,650
1 to 2 Bedroom Apartment Available Now

4511 S Washtenaw Ave

4511 S Washtenaw AveChicago, IL 60632
Affordability

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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738 E Marquette Rd
$1,300 - $1,800
Total Monthly Price

Total Monthly Price

Base Rent
$1,300 - $1,800
Total Monthly Price
$1,300 - $1,800
1 to 2 Bedroom Apartment Available Jun 19

738 E Marquette Rd

738 E Marquette RdChicago, IL 60637
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5347 S Fairfield Ave, Unit 2
$1,300
Total Monthly Price

Total Monthly Price

Base Rent
$1,300
Total Monthly Price
$1,300
1 Bedroom Apartment Available Now

5347 S Fairfield Ave, Unit 2

5347 S Fairfield AveChicago, IL 60632
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3718 N Hoyne Ave, Unit 2
$1,400
Total Monthly Price

Total Monthly Price

Base Rent
$1,400
Total Monthly Price
$1,400
1 Bedroom Apartment Available Now

3718 N Hoyne Ave, Unit 2

3718 N Hoyne AveChicago, IL 60618
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220 W 33rd St, Unit 2
$1,400
Total Monthly Price

Total Monthly Price

Base Rent
$1,400
Total Monthly Price
$1,400
2 Bedroom Apartment Available Jul 1

220 W 33rd St, Unit 2

220 W 33rd StChicago, IL 60616
Affordability

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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4653 N Major Ave, Unit 2S
$1,400
Total Monthly Price

Total Monthly Price

Base Rent
$1,400
Total Monthly Price
$1,400
1 Bedroom Apartment Available Now

4653 N Major Ave, Unit 2S

4653 N Major AveChicago, IL 60630
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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5608 N Marmora Ave, Unit 1
$1,500
Total Monthly Price

Total Monthly Price

Base Rent
$1,500
Total Monthly Price
$1,500
1 Bedroom Apartment Available Now

5608 N Marmora Ave, Unit 1

5608 N Marmora AveChicago, IL 60646
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510 W 45th St, Unit 1
$1,500
Total Monthly Price

Total Monthly Price

Base Rent
$1,500
Total Monthly Price
$1,500
1 Bedroom Apartment Available Now

510 W 45th St, Unit 1

510 W 45th StChicago, IL 60609
Affordability

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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1315 E 31st St, Unit 1
$1,450
Total Monthly Price

Total Monthly Price

Base Rent
$1,450
Total Monthly Price
$1,450
2 Bedroom Apartment Available Now

1315 E 31st St, Unit 1

1315 E 31st StLa Grange Park, IL 60526
Cost Per Sq.Ft.
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How I Find the Perfect Rental for My Clients: A Real Estate Pro's Guide

Finding the right apartment starts with three things: location, cost, and amenities. Get the insider perspective from a real estate professional on how to nail all three.

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Chicago, IL Local Guide

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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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 the Cheapest Studio apartment in Chicago?

Currently the most affordable Cheap Studio Apartment in Chicago is at 5445 Ingleside By 3L Living listed at $684.

How much is rent for a Cheap One Bedroom Chicago Apartment?

The lowest price for a Cheap One Bedroom Chicago Apartment is $660 at West Haven Park II - B.

What is the lowest price for a Cheap Two Bedroom Chicago Apartment for rent?

Today's best deal for a Cheap Two Bedroom Apartment in Chicago is starting from $192 at West Haven Park II - B.

What is the most affordable Chicago Three Bedroom Apartment?

The best deal on a cheap Chicago Three Bedroom Apartment rental is at Coleman Place At Legends South and starts from $170.

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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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.

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Creative Ways Developers Reimagine Retail Spaces as Residential Units

Written by: Robin Stewart

Adaptive reuse is when a commercial property is converted and repurposed. The real estate industry has embraced a growing number of these projects.

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Neighborhood and Market Insights: How to Choose the Right Area to Rent

Written by: Robin Stewart

Apartment-hunting can be a gargantuan task. Renters have a wish list of items—some luxuries, some necessities—but finding what you seek in the right place is perhaps the most important part of the journey.