Cheap Apartments for Rent in the Central Chicago Neighborhood of Chicago, IL from $900 (37 Rentals)

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

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

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525 S. Dearborn St.
Studio to 2 Bedroom Apartments

525 S. Dearborn St.

525-537 S Dearborn StChicago, IL 60605
  • Utilities Included
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2001 S State St
2 to 3 Bedroom Apartments

2001 S State St

2001 S State StChicago, IL 60616
  • Utilities Included
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ELEVEN THIRTY
Studio to 2 Bedroom Apartments

ELEVEN THIRTY

1130 S Michigan AveChicago, IL 60605

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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180 W. Adams
Studio to 1 Bedroom Apartments

180 W. Adams

180 W Adams StChicago, IL 60603
Corporate Housing
Showing Results 1-37, Page 1 of 1

Central Chicago, Chicago, IL Local Guide

Cheapest Available Central Chicago Apartments for Rent

 

The cheapest available apartment rental in the Central Chicago area of Chicago, IL is a Studio unit found at Pittsfield Apartments priced from $1,450. 30 East Roosevelt has the second lowest priced unit, which is a 1 Bed apartment currently listed from $1,750. Here are the most affordable Central Chicago apartments for rent in Chicago, IL:

Apartment ListingModel NameBed/BathPriced From
Pittsfield ApartmentsStudio - Style HStudio,1BA$1,450
30 East RooseveltER_1x11BR,1BA$1,750
The AlfredB5Studio,1BA$1,825
Park Michigan - 1212 S Michigan AveStudio 1ba 07Studio,1BA$1,847
The Regal Apartments1 Bedroom Loft Floor Plan A11BR,1BA$1,864
Eleven40S3Studio,1BA$1,869
ELEVEN THIRTYTier 5/11 (1BR/1BA)1BR,1BA$1,945
AMLI 900ClassicStudio,1BA$1,948
1407 on MichiganS1Studio,1BA$1,958
The Grand CentralGraW.S3Studio,1BA$1,970

Best Value Apartments for Rent in Central Chicago, IL

As of November 12, 2025 the best value apartment in the Central Chicago area is the $2.41 price per square foot 2 BED 2 BATH LOFT STYLE Model at Carriage House Lofts in the in the Near South Side neighborhood starting from $2,822. The second greatest value Central Chicago apartment is the 2 Bedroom West Model at 731 Plymouth by 3L Living starting at $2,209 with a $2.19 price per square foot in the South Loop neighborhood. Here is today’s list of the best values for Central Chicago apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Carriage House Lofts2 BED 2 BATH LOFT STYLE2BR,2BA$2.41
731 Plymouth by 3L Living2 Bedroom West2BR,1BA$2.19
320 E 21st St, Unit 503320 E 21st St2BR,1BA$2.70
680 S Federal St, Unit Apt 808680 S Federal St1BR,1BA$2.25
777 South StateTwo Bedroom Two Bathrooms2BR,2BA$2.93
Fisher Building ApartmentsB22BR,1BA$2.82
1401 S. StateA14-R1BR,1BA$2.90
River City Apartments1 BR Deluxe1BR,1BA$3.24
The Regal Apartments1 Bedroom Loft Floor Plan A11BR,1BA$2.80
30 East RooseveltER_1x11BR,1BA$3.03

Apartment Common Area Rules: What Renters Need to Know

From the lounge to the laundry room, understand your rights and responsibilities in shared apartment spaces. Get tips on pet rules, noise, and security.

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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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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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Pet Friendly Lifestyle
Central Chicago, Chicago, IL

Ranked #27

Among cities in Illinois for Apartment listings with Pet Friendly Amenities.

Pet Friendliness Lifestyle Score

4.0
Pet Friendly

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Frequently Asked Questions about Cheap Central Chicago Apartments

What is a cheap apartment in Central Chicago?

A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in Central Chicago is under $1,970.

What is the price of a cheap apartment in Central Chicago?

The cheapest apartment in Central Chicago is 30 East Roosevelt which is listed at $1,750, while the average apartment in Central Chicago costs $33,072.

What types of apartments are the cheapest in Central 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 56 regular apartments in Central 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 Central Chicago?

Cheap apartments in Central Chicago have an average cost of $304 which is $32,768 cheaper than the average rent for all rentals in Central 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.

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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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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.

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How to Negotiate Your Apartment Lease and Save Money

Written by: Christine Leonard, Esq.

Everything is a negotiation in real estate! 

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The Rental Move-In Inspection Checklist: A Guide for Renters

Written by: Trey Huguley

The move-in inspection checklist is a crucial tool for both tenants and landlords. This checklist, provided by the team at ApartmentHomeLiving.com, helps document the condition of an apartment at the time of move-in.