
Top Rated Cheap Apartments for Rent in Chicago, IL from $400 (291 Rentals)
Top Rated Apartments in Chicago.
Cheap Apartments in Chicago.


The Sovereign

5401 Cornell by 3L Living

KLEO Art Residences

OC Living

656 W Belden Ave

Woodlawn House Apartments

Plaisance Apartments

The Vivian
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2Sisters Apartments

The Versailles Apartments

Oglesby Towers Apartments

Dearborn Plaza

Woodlawn Terrace

Museum Walk Apartments
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The Annabelle Apartments

The Flamingo Apartments

930 W. Winona

Campus Court Apartments

422-24 Melrose

Times Square Apartments

The Victorian Apartments

Drexel Grand

Reside on Clarendon

641 W. Aldine
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.

4241 Kenmore Apartments

Park View Apartments

Beachwalk Apartments

Reside at Belmont Harbor

14 West Elm Apartments

Eden Commons

Elm 551 at Parkside

The Pavilion
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2256 N. Cleveland

Algonquin Apartments

Dearborn North

Scholars Corner Apartments

828 W. Fullerton

Madison Park Apartments

Park Wellington Apartments
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Wondering how to determine your rental budget? This comprehensive guide covers everything from the 30% rule to hidden fees and effective budgeting strategies.
Chicago, IL Local Guide

How much does it cost to rent an apartment in Chicago?
Bedroom | Average Rent | Cheapest Rent | Highest Rent |
---|---|---|---|
Chicago Studio Apartments | $2,068 | $575 | $10,000+ |
Chicago 1 Bedroom Apartments | $2,671 | $575 | $10,000+ |
Chicago 2 Bedroom Apartments | $3,179 | $900 | $10,000+ |
Chicago 3 Bedroom Apartments | $3,681 | $1,050 | $10,000+ |
Chicago 4 Bedroom Apartments | $3,183 | $1,040 | $10,000+ |
Chicago 5 Bedroom Apartments | $5,279 | $2,150 | $10,000+ |
Chicago 6 Bedroom Apartments | $6,716 | $4,795 | $10,000+ |
Explore Chicago

Chicago, IL Local Guide
- Chicago Neighborhoods
- Nearby Cities
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Quick Rent Budget Calculator
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.
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 $775.
What is the price of a cheap apartment in Chicago?
The cheapest apartment in Chicago is 5445 Ingleside By 3L Living which is listed at $748, while the average apartment in Chicago costs $3,513.
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 2,005 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 $432 which is $3,081 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.

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.

The Ultimate Long-Distance Moving Checklist: Tips from a Real Estate Pro
Written by: Christine Leonard, Esq.
Hard truth. Moving is never easy. I’ve done it all – from local moves to cross-country relocations From packing to unpacking the last box, I have found moving to be an exhausting, expensive and stressful experience every time.

Cash or credit? Understanding the Importance of Credit Score in Real Estate and Renting
Written by: Christine Leonard, Esq.
Throughout the day, think about all the times that you have to pay for something. So many of us reach automatically for a credit card or even our phone for a quick payment.

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.