Cheap Apartments for Rent in the Central Chicago Neighborhood of Chicago, IL from $900 (65 Rentals)

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

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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Coeval
Rent Specials
$1,949 - $5,611
Total Monthly Price

Total Monthly Price

Base Rent
$1,949 - $5,611
Total Monthly Price
Varies
Studio to 2 Bedroom Apartments Available Now

Coeval

51 E 14th StChicago, IL 60605
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property at 130 N Garland Ct

$2,000 - $2,200

Total Monthly Price

Total Monthly Price

Base Rent
$2,000 - $2,200
Total Monthly Price
$2,000 - $2,200

Studio, 1 Bath Condo for Rent

Available Now

130 N Garland Ct

ChicagoIL60602
property at 871 S Clark St

$2,003

Studio, 1 Bath Rentals

Available Now

871 S Clark St

ChicagoIL60605

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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Imprint
$2,061 - $13,755
Total Monthly Price

Total Monthly Price

Base Rent
$2,061 - $13,755
Total Monthly Price
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Studio to 4 Bedroom Apartments Available Now

Imprint

717 S Clark StChicago, IL 60605
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property at 1529 S State St

$2,100

Total Monthly Price

Total Monthly Price

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

1 Bedroom, 1 Bath Condo for Rent

Available Jul 1

1529 S State St, Unit 13F, Unit 13F

1529 S State St
ChicagoIL60605
property at 630 S Clark St

$2,150

Total Monthly Price

Total Monthly Price

Base Rent
$2,150
Total Monthly Price
$2,150

Studio, 1 Bath Condo for Rent

Available Now

630 S Clark St, Unit 3711, Unit 3711

630 S Clark St
ChicagoIL60605
property at 1400 S Michigan Ave

$2,150

Total Monthly Price

Total Monthly Price

Base Rent
$2,150
Total Monthly Price
$2,150

Studio, 1 Bath Condo for Rent

Available Now

1400 S Michigan Ave, Unit 27G, 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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1400 Wabash
$2,188 - $7,568
Total Monthly Price

Total Monthly Price

Base Rent
$2,188 - $7,568
Total Monthly Price
Varies
Studio to 3 Bedroom Apartments Available Now

1400 Wabash

1400 S Wabash AveChicago, IL 60605
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property at 235 W Van Buren St

$2,200 - $3,100

Total Monthly Price

Total Monthly Price

Base Rent
$2,200 - $3,100
Total Monthly Price
$2,200 - $3,100

1 To 2 Bedroom Condos for Rent

Available Now

235 W Van Buren St

ChicagoIL60607
property at 910 S Michigan Ave

$2,200 - $5,400

1 To 3 Bedroom Condos for Rent

Available Now

910 S Michigan Ave

ChicagoIL60605

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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property at 5 N Wabash Ave

$2,225 - $2,575

1 To 2 Bedroom Rentals

Available Jun 1

5 N Wabash Ave

ChicagoIL60602
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Neveseno
$2,275 - $8,740
Total Monthly Price

Total Monthly Price

Base Rent
$2,275 - $8,740
Total Monthly Price
Varies
1 to 4 Bedroom Apartments Available Now

Neveseno

1717 S Michigan AveChicago, IL 60616
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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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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 1 Bed unit found at 30 East Roosevelt priced from $1,850. Coeval has the second lowest priced unit, which is a Studio apartment currently listed from $1,954. Here are the most affordable Central Chicago apartments for rent in Chicago, IL:

Apartment ListingModel NameBed/BathPriced From
30 East RooseveltER_1x11BR,1BA$1,850
CoevalS2.LStudio,1BA$1,954
The AlfredB7Studio,1BA$1,965
Astoria TowerStudio 08AStudio,1BA$2,039
820 Michigan by 3L Living1 Bedroom East1BR,1BA$2,058
Park Michigan - 1212 S Michigan Ave1bd 1ba 111BR,1BA$2,145
1400 WabashS1Studio,1BA$2,188
731 Plymouth by 3L Living2 Bedroom West2BR,1BA$2,199
1000 South Clark18Studio,1BA$2,227
Sentral Michigan AvenueDeluxe LoftStudio,1BA$2,237

Best Value Apartments for Rent in Central Chicago, IL

As of May 25, 2026 the best value apartment in the Central Chicago area is the $2.28 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 $2,673. The second greatest value Central Chicago apartment is the 2 Bedroom East Model at 731 Plymouth by 3L Living starting at $2,199 with a $2.18 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$2.28
731 Plymouth by 3L Living2 Bedroom East2BR,1BA$2.18
River City Apartments2 BR Standard2BR,2BA$3.17
777 South StateTwo Bedroom One Bathroom2BR,1BA$2.77
Millennium on LaSallea121BR,1BA$3.08
Fisher Building ApartmentsA61BR,1BA$2.98
1401 S. StateA3-R1BR,1BA$3.23
Park Michigan - 1212 S Michigan Ave1bd 1ba 111BR,1BA$3.17
330 S. Wells St09 Tier Studio DeluxeStudio ,1BA$3.42
30 East RooseveltER_1x11BR,1BA$3.21

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 #23

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 $2,237.

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 $1,850, while the average apartment in Central Chicago costs $4,415.

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 49 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 $949 which is $3,466 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

decorative image for A Seasoned Property Manager's Step-by-Step Guide to Getting Your Deposit Back article

A Seasoned Property Manager's Step-by-Step Guide to Getting Your Deposit Back

Written by: Lauren Harrington

I’m going to talk with you as a seasoned property manager and friend. So, let’s start with your security deposit. I want you to think about this guide as insider information. You deserve your deposit back.

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Expert Solutions for Creating the Perfect Work-From-Home Apartment Layouts

Written by: Lauren Harrington

This article is based on first-hand experience managing apartment communities and helping renters adapt to their spaces after moving in.

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What Does “Rent Burdened” Mean? How Much Rent Is Too Much

Written by: Lauren Harrington

This article draws from first-hand renter experiences and recurring financial challenges reported after moving in.

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Maximizing Your Refund: Essential Tax Tips for Renters

Written by: Christine Leonard, Esq.

Other than tax professionals, I can’t think of anyone who looks forward to tax season. For everybody else, April is a stressful month to collect information and meet deadlines.