Cheap Apartments for Rent in the Central Chicago Neighborhood of Chicago, IL from $949 (112 Rentals)

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

The Windy City Price Tag: Your Complete Guide to the Cost of Living in Chicago

Chicago may cost more than the national average, but with the right neighborhood, a smart transit strategy, and a few local insider tips, living well in the Windy City is more achievable than you might think. Our local expert breaks down everything from rent and groceries to transportation and healthcare so you can plan your move with confidence.

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Imprint
$1,973 - $9,456
Total Monthly Price

Total Monthly Price

Base Rent
$1,973 - $9,456
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

Rent According to Income: A Look at Income-Restricted Rentals

Find income-restricted rentals and housing subsidies. Explore government programs designed to help low-income families secure stable, affordable housing.

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property at 130 N Garland Ct

$2,000 - $2,100

Total Monthly Price

Total Monthly Price

Base Rent
$2,000 - $2,100
Total Monthly Price
$2,000 - $2,100

Studio, 1 Bath Condo for Rent

Available Now

130 N Garland Ct

ChicagoIL60602
property at 871 S Clark St

$2,000

Studio, 1 Bath Rentals

Available Now

871 S Clark St

ChicagoIL60605
property at 1400 S Michigan Ave

$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

1400 S Michigan Ave, Unit 27G

1400 S Michigan Ave
ChicagoIL60605
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

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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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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Coeval
$2,054 - $5,635
Total Monthly Price

Total Monthly Price

Base Rent
$2,054 - $5,635
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

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 4 Beds unit found at Straits Row priced from $1,299. 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
Straits RowPrivate Bedspace in a D6 with Roommates4BR,4BA$1,299
30 East RooseveltER_1x11BR,1BA$1,750
Bellwether ResidencesS04Studio,1BA$1,819
Astoria TowerStudio 08AStudio,1BA$1,979
820 Michigan by 3L Living1 Bedroom North1BR,1BA$2,079
777 South StateOne Bedroom1BR,1BA$2,110
The Elle Apartments540Studio,1BA$2,136
Park Michigan - 1212 S Michigan Ave1bd 1ba 101BR,1BA$2,220
ImprintLoft Studio GStudio,1BA$2,230

Best Value Apartments for Rent in Central Chicago, IL

As of August 24, 2026 the best value apartment in the Central Chicago area is the $2.74 price per square foot C5PH Model at Fisher Building Apartments in the in the Chicago Loop neighborhood starting from $3,635. The second greatest value Central Chicago apartment is the 5 Person Private Model at Dwight Lofts starting at $1,354 with a $1.22 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.
Fisher Building ApartmentsC5PH2BR,2.5BA$2.74
Dwight Lofts5 Person Private4BR,2BA$1.22
The Regal Apartments2 Bedrooms Floor Plan B22BR,2BA$2.50
731 Plymouth by 3L Living2 Bedroom East2BR,1BA$2.57
Arrive South LoopBrighton Loft2BR,2BA$3.02
Wells Place Apartments1 Bed 1 Bath A41BR,1BA$3.15
Carriage House Lofts1 BED 1 BATH1BR,1BA$2.48
30 East2 BEDROOM/2 BATHROOM - B32BR,2BA$2.32
777 South StateOne Bedroom1BR,1BA$2.82
30 East RooseveltER_1x11BR,1BA$3.03

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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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 #29

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 $2,230.

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 $2,750.

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 46 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 $376 which is $2,374 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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The Windy City Price Tag: Your Complete Guide to the Cost of Living in Chicago

Written by: Nicole Harms

When choosing a place to live, there are many things you must consider. Your employer, your shopping preferences, and even schools are all important to think about. Yet cost of living is also important to know and plan for.

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Best Places to Live Near Chicago: 5 Cities That Keep the Windy City Accessible

Written by: Nicole Harms

I’m Nicole, you’re ApartmentHomeLiving.com Local Expert for Chicago. There’s no denying I love the Windy City. Yet there’s also no denying that rental homes in Chicago can be pricy, small, and hard to find.

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

Written by: Nicole Harms

Moving to a new city is always an exciting time, especially one as vibrant and diverse as Chicago. With world-class museums, a breathtaking lakefront, and numerous employment opportunities, there’s much to love about this city.

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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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Rent According to Income: A Look at Income-Restricted Rentals

Written by: Robin Stewart

The idea of affordable housing can be subjective. Every individual is in a different place financially and vocationally. What one may easily afford could be a struggle for someone else.

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Practical Tips for Renters: How to Identify a Great Rental and Avoid Red Flags

Written by: Robin Stewart

Renters want to find a great apartment, the right place for them, one that checks all the boxes of location, rental cost, amenities, safety, and more.

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First Apartment Regrets: Real Renters Share What They'd Do Differently

Written by: Robin Stewart

Hindsight is 20/20. Live and Learn. With age comes wisdom. We’re familiar with all those expressions, and all of them apply to lessons first-time renters learn.

decorative image for Renters Insurance 101: What It Is, What It Covers, and Why You Need It article

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.