Cheap Apartments for Rent in the Central Chicago Neighborhood of Chicago, IL from $900 (28 Rentals)

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

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Roommate Matching: Finding the Right Fit and Avoiding Pitfalls

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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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180 W. Adams
Studio to 1 Bedroom Apartments

180 W. Adams

180 W Adams StChicago, IL 60603
Corporate Housing

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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Showing Results 1-28, 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 $1,695. 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 AStudio,1BA$1,695
30 East RooseveltER_1x11BR,1BA$1,750
The Grand CentralGraW.S7Studio,1BA$1,791
CoevalS1.LStudio,1BA$1,825
Eleven40S3Studio,1BA$1,834
1407 on MichiganS5Studio,1BA$1,895
The AlfredB5Studio,1BA$1,915
AMLI 900ClassicStudio,1BA$1,917
The Elle Apartments540Studio,1BA$1,965
The CooperStudio-1A-5Studio,1BA$1,997

Best Value Apartments for Rent in Central Chicago, IL

As of January 08, 2026 the best value apartment in the Central Chicago area is the $2.06 price per square foot 100 E 14th St Model at 100 E 14th St, Unit 304 in the in the Near South Side neighborhood starting from $3,289. The second greatest value Central Chicago apartment is the 1464 S MICHIGAN Model at 1464 S MICHIGAN, Unit 1507 starting at $2,750 with a $1.96 price per square foot in the Near South Side 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.
100 E 14th St, Unit 304100 E 14th St3BR,2BA$2.06
1464 S MICHIGAN, Unit 15071464 S MICHIGAN2BR,2BA$1.96
Carriage House Lofts2 BED 2 BATH LOFT STYLE2BR,2BA$2.31
Wells Place Apartments2 Bed 2 Bath B12BR,2BA$2.57
731 Plymouth by 3L Living2 Bedroom East2BR,1BA$2.17
680 S Federal St, Unit Apt 808680 S Federal St1BR,1BA$2.25
1401 S. StateA18-R1BR,1BA$2.91
Student | The Flats East West3x23BR,2BA$1.23
Fisher Building ApartmentsA71BR,1BA$2.93
777 South StateOne Bedroom1BR,1BA$2.75

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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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 #25

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 $1,997.

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 $27,486.

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 33 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 $272 which is $27,214 cheaper than the average rent for all rentals in Central 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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How to Make Your Apartment Holiday-Ready: Renter-Friendly Tips

Written by: Justin Habersaat

Getting your apartment ready for the holidays can be exciting but sometimes challenging in a smaller space. Here are some modern tips to keep things festive, safe, and inviting this season.

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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.

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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!