Cheap Apartments for Rent in the Central Chicago Neighborhood of Chicago, IL from $1,000 (38 Rentals)

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

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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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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525 S. Dearborn St.
Studio to 2 Bedroom Apartments

525 S. Dearborn St.

525-537 S Dearborn StChicago, IL 60605
  • Utilities Included

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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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
1 Bedroom Apartments

180 W. Adams

180 W Adams StChicago, IL 60603
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ELEVEN THIRTY
Studio to 2 Bedroom Apartments

ELEVEN THIRTY

1130 S Michigan AveChicago, IL 60605
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215 W Washington
1 to 3 Bedroom Apartments

215 W Washington

212-220 W Washington StChicago, IL 60606
Showing Results 1-38, 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 4 Beds unit found at Buckingham priced from $1,149. 30 East Roosevelt has the second lowest priced unit, which is a Studio apartment currently listed from $1,550. Here are the most affordable Central Chicago apartments for rent in Chicago, IL:

Apartment ListingModel NameBed/BathPriced From
Buckingham4x2. Floors 3-134BR,2BA$1,149
30 East RooseveltER_Sx1Studio,1BA$1,550
Pittsfield ApartmentsStudio - Style CStudio,1BA$1,595
820 Michigan by 3L LivingStudio EastStudio,1BA$1,689
ImprintLoft Studio JStudio,1BA$1,837
Park Michigan - 1212 S Michigan AveStudio 1ba 09Studio,1BA$1,855
731 Plymouth by 3L Living1 Bedroom West1BR,1BA$1,926
777 South StateOne Bedroom1BR,1BA$1,980
ELEVEN THIRTYTier 6/12 (Studio)Studio,1BA$2,011
The Grand CentralGraW.S3Studio,1BA$2,085

Best Value Apartments for Rent in Central Chicago, IL

As of June 26, 2025 the best value apartment in the Central Chicago area is the $2.45 price per square foot B3PH Model at Fisher Building Apartments in the in the Chicago Loop neighborhood starting from $3,670. The second greatest value Central Chicago apartment is the 208 W Washington St Model at 208 W Washington St, Unit 1911 starting at $4,500 with a $3.00 price per square foot in the Magnificent Mile 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.
Fisher Building ApartmentsB3PH2BR,1.5BA$2.45
208 W Washington St, Unit 1911208 W Washington St3BR,3BA$3.00
Carriage House Lofts3 BED 2 BATH3BR,2BA$2.37
Astoria TowerTwo Bedroom 05C2BR,2BA$2.74
Wells Place Apartments2 Bed 2 Bath B62BR,2BA$2.84
731 Plymouth by 3L Living3 Bedroom East3BR,1.5BA$2.84
Buckingham4x2. Floors 19-214BR,2BA$1.63
680 S Federal St, Unit Apt 808680 S Federal St1BR,1BA$2.25
777 South StateTwo Bedroom One Bathroom2BR,1BA$2.72
1150 S Michigan Ave, Unit 11150 S Michigan Ave1BR,1BA$2.93

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Pet Friendly Lifestyle
Central Chicago, Chicago, IL

Ranked #24

Among neighborhoods in Chicago, IL 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 $2,085.

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 $6,733.

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 77 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 $608 which is $6,125 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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Roommate Matching: Finding the Right Fit and Avoiding Pitfalls

Written by: Cheryl Bowman

A fantastic way to save money and enjoy a built-in community is to share an apartment. However, a bad roommate situation can turn your dream rental into a nightmare.

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The Art of the Rental Viewing: What to look for during a property tour

Written by: Marie Brown

You’ve scrolled through countless listings, walked through a blur of rentals, and finally found what feels like the one. The pictures? Fantastic. The neighborhood seems just right.

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Know Your Budget: Calculating What You Can Realistically Afford When Renting

Written by: Lauren Harrington

Renting an apartment or house isn’t just about looking through online ads, choosing a few apartments or homes you want to tour, filling out an application, and putting down a deposit. Those things are all necessary and important.