Cheap Apartments for Rent in the Central Chicago Neighborhood of Chicago, IL from $900 (78 Rentals)

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

property at 1160 S Michigan Ave

$1,800

Total Monthly Price

Total Monthly Price

Base Rent
$1,800
Total Monthly Price
$1,800

2 Bedroom, 2 Bath Condo for Rent

Available Now

1160 S Michigan Ave, Unit 1103

1160 S Michigan Ave
ChicagoIL60605

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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Imprint
$1,981 - $13,184
Total Monthly Price

Total Monthly Price

Base Rent
$1,981 - $13,184
Total Monthly Price
Varies
Studio to 4 Bedroom Apartments Available Now

Imprint

717 S Clark StChicago, IL 60605
Corporate Housing
  • Verified
  • Customer Reviewed
  • 3D Tour

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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property at 630 S Clark St

$2,000

Total Monthly Price

Total Monthly Price

Base Rent
$2,000
Total Monthly Price
$2,000

Studio, 1 Bath Condo for Rent

Available Now

630 S Clark St, Unit 3711

630 S Clark St
ChicagoIL60605
property at 1 E 8th St

$2,000 - $2,850

1 To 2 Bedroom Rentals

Available Now

1 E 8th St

ChicagoIL60605
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Coeval
$2,020 - $5,628
Total Monthly Price

Total Monthly Price

Base Rent
$2,020 - $5,628
Total Monthly Price
Varies
Studio to 2 Bedroom Apartments Available Now

Coeval

51 E 14th StChicago, IL 60605
Corporate Housing
  • Verified
  • Customer Reviewed
  • 3D Tour
property at 1400 S Michigan Ave

$2,050

Total Monthly Price

Total Monthly Price

Base Rent
$2,050
Total Monthly Price
$2,050

Studio, 1 Bath Condo for Rent

Available Now

1400 S Michigan Ave, Unit 27G

1400 S Michigan Ave
ChicagoIL60605

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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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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1400 Wabash
$2,158 - $7,568
Total Monthly Price

Total Monthly Price

Base Rent
$2,158 - $7,568
Total Monthly Price
Varies
Studio to 3 Bedroom Apartments Available Now

1400 Wabash

1400 S Wabash AveChicago, IL 60605
Corporate Housing
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  • Customer Reviewed
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Neveseno
$2,165 - $8,740
Total Monthly Price

Total Monthly Price

Base Rent
$2,165 - $8,740
Total Monthly Price
Varies
1 to 4 Bedroom Apartments Available Now

Neveseno

1717 S Michigan AveChicago, IL 60616
Corporate Housing
  • Verified
  • Customer Reviewed
  • 3D Tour

Renters Insurance 101: What It Is, What It Covers, and Why You Need It

From theft to fire to water damage, the unexpected can happen to any renter. Discover why renters insurance is one of the smartest and most affordable investments you can make as a tenant.

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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 820 Michigan by 3L Living priced from $1,719. Park Michigan - 1212 S Michigan Ave has the second lowest priced unit, which is a 1 Bed apartment currently listed from $1,929. Here are the most affordable Central Chicago apartments for rent in Chicago, IL:

Apartment ListingModel NameBed/BathPriced From
820 Michigan by 3L LivingStudio EastStudio,1BA$1,719
Park Michigan - 1212 S Michigan Ave1bd 1ba 111BR,1BA$1,929
The Grand CentralS1Studio,1BA$2,042
30 East RooseveltER_2x12BR,1BA$2,050
Astoria TowerStudio 08AStudio,1BA$2,079
777 South StateOne Bedroom1BR,1BA$2,105
ELEVEN THIRTYTier 6/12 (Studio)Studio,1BA$2,110
ImprintLoft Studio DStudio,1BA$2,114
215 West Apartmentsstudio / 1 bath (T08)Studio,1BA$2,126
Arrive South LoopBelmont1BR,1BA$2,149

Best Value Apartments for Rent in Central Chicago, IL

As of July 09, 2026 the best value apartment in the Central Chicago area is the $2.26 price per square foot 2 BED 2 BATH Model at Carriage House Lofts in the in the Near South Side neighborhood starting from $2,917. The second greatest value Central Chicago apartment is the 3 Bedroom East Model at 731 Plymouth by 3L Living starting at $3,199 with a $2.88 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 BATH2BR,2BA$2.26
731 Plymouth by 3L Living3 Bedroom East3BR,1.5BA$2.88
Arrive South LoopAddison Loft2BR,2BA$3.06
Wells Place Apartments1 Bed 1 Bath A41BR,1BA$3.22
1 E 8th St, Unit 5051 E 8th St2BR,2BA$3.17
30 East RooseveltER_2x12BR,1BA$2.32
2001 S State St2 Bed /1 Bath2BR,1BA$2.74
The AlfredC11BR,1BA$3.07
Fisher Building ApartmentsA51BR,1BA$3.29
777 South StateOne Bedroom1BR,1BA$2.81

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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Pet Friendly Lifestyle
Central Chicago, Chicago, IL

Ranked #26

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 the Cheapest Studio apartment in Central Chicago?

Currently the most affordable Cheap Studio Apartment in Central Chicago is at 820 Michigan by 3L Living listed at $1,719.

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

The lowest price for a Cheap One Bedroom Central Chicago Apartment is $1,929 at Park Michigan - 1212 S Michigan Ave.

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

Today's best deal for a Cheap Two Bedroom Apartment in Central Chicago is starting from $2,050 at 30 East Roosevelt.

What is the most affordable Central Chicago Three Bedroom Apartment?

The best deal on a cheap Central Chicago Three Bedroom Apartment rental is at 2001 S State St and starts from $2,395.

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

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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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Renters Insurance 101: What It Is, What It Covers, and Why You Need It

Written by: Robin Stewart

Insurance seems to be a part of life. In some states, having insurance is the law, as is the case for automobile insurance. Renters are no exception.

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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.