Cheap Homes for Rent in Central Chicago Neighborhood of Chicago, IL from $1,200 (77 Rentals)

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

property at 40 E 9th St

$1,600

Studio Rentals

Available Now

40 E 9th 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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property at 899 S Plymouth Ct

$1,900 - $2,400

Total Monthly Price

Total Monthly Price

Base Rent
$1,900 - $2,400
Total Monthly Price
$1,900 - $2,400

1 Bedroom, 1 Bath Condo for Rent

Available Now

899 S Plymouth Ct

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 712 S Wells St

$1,996

Studio, 1 Bath Rentals

Available Now

712 S Wells St

ChicagoIL60607

Explore the Windy City (But Watch for Falling Ice) - An Insider's Guide to Renting in Chicago

Learn about the best things about living in Chicago from a local in the Insiders Guide to Renting in Chicago. Find your perfect Chicago apartment today!

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property at 3555 S King Dr

$2,000

Total Monthly Price

Total Monthly Price

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

2 Bedroom, 1 Bath Condo for Rent

Available Now

3555 S King Dr, Unit 1N

3555 S King Dr
ChicagoIL60653
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
property at 800 S Clark St

$2,070 - $3,480

Total Monthly Price

Total Monthly Price

Base Rent
$2,070 - $3,480
Total Monthly Price
$2,070 - $3,480

Studio To 2 Bedroom Condos for Rent

Available Now

800 S Clark St

ChicagoIL60605

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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property at 630 S Clark St

$2,100

Total Monthly Price

Total Monthly Price

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

Studio, 1 Bath Condo for Rent

Available Now

630 S Clark St, Unit 3711

630 S Clark St
ChicagoIL60605
property at 621 S Plymouth Ct

$2,150

Total Monthly Price

Total Monthly Price

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

1 Bedroom, 1 Bath Condo for Rent

Available Now

621 S Plymouth Ct, Unit 307

621 S Plymouth Ct
ChicagoIL60605
property at 111 W Polk St

$2,150 - $3,200

Total Monthly Price

Total Monthly Price

Base Rent
$2,150 - $3,200
Total Monthly Price
$2,150 - $3,200

1 To 2 Bedroom Condos for Rent

Available Now

111 W Polk St

ChicagoIL60605
property at 235 W Van Buren St

$2,150 - $2,600

Total Monthly Price

Total Monthly Price

Base Rent
$2,150 - $2,600
Total Monthly Price
$2,150 - $2,600

1 To 2 Bedroom Condos for Rent

Available Now

235 W Van Buren St

ChicagoIL60607

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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Showing Results 1-50, Page 1 of 2

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 $1,689. 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
820 Michigan by 3L LivingStudio EastStudio,1BA$1,689
30 East RooseveltER_1x11BR,1BA$1,750
Park Michigan - 1212 S Michigan AveStudio 1ba 03Studio,1BA$1,915
1407 on MichiganS7Studio,1BA$1,942
CoevalS1.LStudio,1BA$1,955
Astoria TowerStudio 07BStudio,1BA$1,999
The AlfredA3Studio,1BA$2,025
1400 WabashS1Studio,1BA$2,033
The Elle Apartments540Studio,1BA$2,066
ImprintLoft Studio GStudio,1BA$2,092

Best Value Apartments for Rent in Central Chicago, IL

As of February 19, 2026 the best value apartment in the Central Chicago area is the $2.24 price per square foot 3 BED 2 BATH Model at Carriage House Lofts in the in the Near South Side neighborhood starting from $3,334. The second greatest value Central Chicago apartment is the 4 BEDROOM/4 BATHROOM - D Model at 30 East starting at $1,730 with a $1.24 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 Lofts3 BED 2 BATH3BR,2BA$2.24
30 East4 BEDROOM/4 BATHROOM - D4BR,4BA$1.24
1464 S MICHIGAN1464 S MICHIGAN2BR,2BA$2.50
731 Plymouth by 3L Living2 Bedroom East2BR,1BA$2.25
680 S Federal St, Unit Apt 808680 S Federal St1BR,1BA$2.25
777 South StateTwo Bedroom One Bathroom2BR,1BA$2.72
Wells Place Apartments1 Bed 1 Bath A41BR,1BA$2.88
Student | The Flats East West3x23BR,2BA$1.23
Fisher Building ApartmentsA71BR,1BA$2.93
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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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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Quick Rent Budget Calculator

How much rent can you afford?

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 #28

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 Central Chicago

What type of rentals are currently available in Central Chicago?

There are currently 188 Apartments for Rent in Central Chicago, IL with pricing that ranges from $1,330 to $33,454. There are also 260 Single Family Homes for rent, Condos, and Townhome rentals currently available in Central Chicago ranging from $1,210 to $8,250.

What is the current price range for Rental Homes in Central Chicago?

Today's rental pricing for Homes for Rent, Condos and Townhomes in Central Chicago ranges from $1,210 to $8,250 with an average monthly rent of $3,403.

How much are larger Three and Four Bedroom Rentals in Central Chicago?

For those who are looking for larger living arrangements, Three Bedroom Apartments in Central Chicago range from $1,359 to $14,449, while Three Bedroom Homes, Condos, and Townhomes for rent range from $3,300 to $7,300. Four Bedroom Single-Family rentals are also available starting from $1,210 and Four Bedroom Apartments start at $1,359.

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

decorative image for A Local Expert’s Guide To 10 Budget-Friendly Neighborhoods to Rent in Chicago article

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.

decorative image for Top Student Friendly Neighborhoods to Rent Near Colleges in Chicago article

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.

decorative image for Explore the Windy City (But Watch for Falling Ice) - An Insider's Guide to Renting in Chicago article

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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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.

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18 Must-Ask Rental Tour Questions That Reveal the Truth about a Property

Written by: Lauren Harrington

Renting your next home can feel thrilling and overwhelming at the same time.

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A Renters Guide for Tips on Writing Your Notice for Not Renewing Your Apartment

Written by: Bob Mallory

Packing up everything you own to move is so stressful for many that ending your apartment lease can feel like a small or unimportant task. Ending your lease involves more than simply turning over your keys on the last day.

decorative image for Renting with Roommates: Realistic Expectations for Shared Lease article

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.