Cheap Apartments for Rent in Chicago, IL from $400 (2,732 Rentals)

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

Learn about the best things about living in Chicago from a local in the Insiders Guide to Renting in Chicago. Find your perfect Chicago apartment today!

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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

Wondering how to determine your rental budget? This comprehensive guide covers everything from the 30% rule to hidden fees and effective budgeting strategies.

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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: 02/03/2026

Current apartment rentals in the Chicago, IL area range in price from $575 to $77,776 with an overall median price of $7,408. The three Chicago neighborhoods with the lowest median rent pricing are Blue Island Historic District at $874, Brinkmans at $750, and Downtown Michigan City at $750. 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$1,116$8742
Brinkmans$1,159$75028
Downtown Michigan City$1,159$75035
Edgewood$1,159$75028
Trail Creek$1,159$75035
Village Green$1,159$75028
Indiana Harbor$1,200$8953
West Calumet$1,300$8503
Forestview Hills$1,325$1,1055
Burnside$1,417$80020

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 - A3 Bedroom3BR,1BA$239
6246 S. King Dr.EfficienciesStudio,1BA$675
5748 Blackstone By 3L LivingNo Kitchenette with Shared BathroomStudio,1BA$688
5540 Hyde Park by 3L LivingEfficiency Studio - EastStudio,1BA$698
5445 Ingleside By 3L LivingLarge Co-Living Single RoomStudio,1BA$699
Highlands Tudor Manor - 55+ CommunityStudioStudio,1BA$700
7941 S MarquetteStudio ApartmentStudio,1BA$710

Best Value Apartments for Rent in Chicago, IL

As of February 03, 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 915 W Waveland Ave Model at 915 W Waveland Ave, Unit #923-3B starting at $2,245 with a $0.22 price per square foot in the Lakeview 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
915 W Waveland Ave, Unit #923-3B915 W Waveland Ave1BR,1BA$0.22
2253 W 19th St, Unit #32253 W 19th St3BR,2BA$0.24
628 W Roscoe St, Unit 628-1N628 W Roscoe St2BR,1BA$0.25
3229 N Kenmore Ave, Unit 3231-33229 N Kenmore Ave2BR,2BA$0.45
1915 Harvey Ave, Unit 1915 Berwyn1915 Harvey Ave3BR,1BA$0.62
1016 W 70th St, Unit #1W1016 W 70th St3BR,1BA$0.68
9351 S University Ave, Unit Basement9351 S University Ave1BR,1BA$0.70
3616 W Lexington St, Unit 23616 W Lexington St1BR,1BA$0.59
Westhaven Park II - A2 Bedroom2BR,1BA$0.24

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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The Ultimate Long-Distance Moving Checklist: Tips from a Real Estate Pro

Moving is tough, especially long-distance. Learn how to minimize stress & expenses with proven strategies from a real estate pro, covering everything from logistics to finances.

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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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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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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.

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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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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 $710.

What is the price of a cheap apartment in Chicago?

The cheapest apartment in Chicago is Coleman Place At Legends South which is listed at $170, while the average apartment in Chicago costs $7,408.

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 5,923 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 $496 which is $6,912 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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18 Must-Ask Rental Tour Questions That Reveal the Truth about a Property

Written by: Lauren Harrington

Renting your next home can feel thrilling and overwhelming at the same time.

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A Renters Guide for Tips on Writing Your Notice for Not Renewing Your Apartment

Written by: Bob Mallory

Packing up everything you own to move is so stressful for many that ending your apartment lease can feel like a small or unimportant task. Ending your lease involves more than simply turning over your keys on the last day.

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Renting with Roommates: Realistic Expectations for Shared Lease

Written by: Christine Leonard, Esq.

Given the high costs for housing, I have found that many people are looking for a roommate to share expenses. These arrangements can increase opportunities for more desirable and larger spaces.

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Apartment Common Area Rules: What Renters Need to Know

Written by: Christine Leonard, Esq.

Back in the day when I rented one of my first apartments, the property didn’t even have laundry in the building. Now, rental properties are often competing against each other to provide the best amenities.