New Apartments for Rent in Chicago, IL Under $5,500 (392 Rentals)

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1628 N Damen Ave, Unit 401
$4,900
Total Monthly Price

Total Monthly Price

Base Rent
$4,900
Total Monthly Price
$4,900
Built in 20252 Bedroom Apartment Available Jul 1

1628 N Damen Ave, Unit 401

1628 N Damen AveChicago, IL 60647
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326 E Ohio St
$4,500 - $6,109
Total Monthly Price

Total Monthly Price

Base Rent
$4,500 - $6,109
Total Monthly Price
$4,500 - $6,109
Built in 20192 to 3 Bedroom Apartment Available Jul 14

326 E Ohio St

326 E Ohio StChicago, IL 60611
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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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2806 W Henderson St, Unit 303
$3,500
Total Monthly Price

Total Monthly Price

Base Rent
$3,500
Total Monthly Price
$3,500
Built in 20212 Bedroom Apartment Available Aug 1

2806 W Henderson St, Unit 303

2806 W Henderson StChicago, IL 60618
Furnished
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619 W Randolph St
$3,255 - $6,630
Total Monthly Price

Total Monthly Price

Base Rent
$3,255 - $6,630
Total Monthly Price
$3,255 - $6,630
Built in 20181 to 3 Bedroom Apartment Available Now

619 W Randolph St

619 W Randolph StChicago, IL 60661
Affordability
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The Clark
$3,210 - $3,325
Total Monthly Price

Total Monthly Price

Base Rent
$3,210 - $3,325
Total Monthly Price
Varies
Built in 2020Studio to 1 Bedroom Apartments Available Aug 4

The Clark

1201 N Clark StChicago, IL 60610
Student Housing
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  • Customer Reviewed
  • 3D Tour

Navigating the Rental Market: Tips for First-Time Renters

Entering the rental market? Learn these simple tips and strategies to avoid common pitfalls and make confident choices. Rent with peace of mind.

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465 North Park
$3,190 - $14,818
Total Monthly Price

Total Monthly Price

Base Rent
$3,190 - $14,818
Total Monthly Price
Varies
Built in 2018Studio to 3 Bedroom Apartments Available Jul 5

465 North Park

465 N Park DrChicago, IL 60611
Pet Friendly
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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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The Sinclair
$2,788 - $14,473
Total Monthly Price

Total Monthly Price

Base Rent
$2,788 - $14,473
Total Monthly Price
Varies
Built in 2017Studio to 4 Bedroom Apartments Available Now

The Sinclair

1201 N La Salle DrChicago, IL 60610
Pet Friendly
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  • Utilities Included
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EMME
Rent Specials
$2,766 - $4,975Built in 2017Studio to 2 Bedroom Apartments Available Jul 15

EMME

165 N Desplaines StChicago, IL 60661
Corporate Housing
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Elevate Lincoln Park
$2,750 - $13,380
Total Monthly Price

Total Monthly Price

Base Rent
$2,750 - $13,380
Total Monthly Price
Varies
Built in 2018Studio to 3 Bedroom Apartments Available Jul 22

Elevate Lincoln Park

930 W Altgeld StChicago, IL 60614
Pet Friendly
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  • Customer Reviewed
  • 3D Tour

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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120 W Chestnut St
$2,686 - $4,310
Total Monthly Price

Total Monthly Price

Base Rent
$2,686 - $4,310
Total Monthly Price
$2,686 - $4,310
Built in 20191 to 2 Bedroom Apartment Available Now

120 W Chestnut St

120 W Chestnut StChicago, IL 60610
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5252
Rent Specials
$2,650 - $4,500Built in 2019Studio to 2 Bedroom Apartments Available Now

5252

5252 S Cornell AveChicago, IL 60615
Corporate Housing
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The Van Buren
Rent Specials
$2,609 - $5,752
Total Monthly Price

Total Monthly Price

Base Rent
$2,609 - $5,752
Total Monthly Price
Varies
Built in 20181 to 2 Bedroom Apartments Available Jul 1

The Van Buren

808 W Van Buren StChicago, IL 60607
Corporate Housing
  • Verified
  • Customer Reviewed
  • 3D Tour

Chicago Relocation 101: Mastering Utilities, Registration, and the CTA

Moving to Chicago? This essential relocation guide offers a complete checklist for new residents, covering finding the right neighborhood, setting up utilities (ComEd, People’s Gas), and mastering high-rise moving logistics and vehicle registration.

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Chicago, IL Local Guide

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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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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Remember the 3 Rules of Real Estate:
Location, Location, Location!

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Chicago, IL Area Reviews

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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 New Chicago Apartments

What is the Cheapest New apartment in Chicago?

Currently the most affordable New Apartment in Chicago is at Stephen's Commons- Senior Living-Age 62+ listed at $595.

How much is the average rent for a New Chicago Apartment?

The average rent for a New Apartment in Chicago is $4,153.

What is the largest New Chicago Apartment for rent?

Today's New apartment with the most square footage in Chicago is a 4,425 square feet unit starting from $2,258 at 369 Grand by Onni.

What is the average size for Chicago New Apartments for rent?

The average size for a New rental in Chicago is currently at 635 sq ft.

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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Apartment Occupancy Rates: Renter Attraction vs Renter Retention

Written by: Robin Stewart

There’s a tenet in marketing about client or customer attraction and retention. Studies and data have consistently shown it costs less to keep a current customer than to attract a new one.

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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.