Cheap Homes for Rent in Central Chicago Neighborhood of Chicago, IL from $1,500 (99 Rentals)

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

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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property at 124 W Polk St

124 W Polk St

ChicagoIL60605

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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Chicago's Best Affordable Neighborhoods

Learn about Chicago and the best places to live with original content written by our Chicago, IL Local Expert Nicole Harms

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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 3 Beds unit found at Buckingham priced from $999. Pittsfield Apartments has the second lowest priced unit, which is a Studio apartment currently listed from $1,595. Here are the most affordable Central Chicago apartments for rent in Chicago, IL:

Apartment ListingModel NameBed/BathPriced From
Buckingham3x2. Floors 3-133BR,2BA$999
Pittsfield ApartmentsStudio - Style BStudio,1BA$1,595
820 Michigan by 3L LivingStudio NorthStudio,1BA$1,694
30 East RooseveltER_Sx1Studio,1BA$1,700
330 S. Wells St01 Tier StudioStudio,1BA$1,845
Park Michigan - 1212 S Michigan AveStudio 1ba 05Studio,1BA$1,881
River City ApartmentsStudioStudio,1BA$1,906
731 Plymouth by 3L Living1 Bedroom West1BR,1BA$1,921
CoevalV2Studio,1BA$1,961
777 South StateOne Bedroom1BR,1BA$1,980

Best Value Apartments for Rent in Central Chicago, IL

As of June 04, 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$2.38
Astoria TowerTwo Bedroom 05C2BR,2BA$2.75
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
Wells Place Apartments1 Bed 1 Bath A31BR,1BA$3.05
1150 S Michigan Ave, Unit 11150 S Michigan Ave1BR,1BA$3.10
777 South StateOne Bedroom1BR,1BA$2.73

Quick Rent Budget Calculator

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Frequently Asked Questions about Central Chicago

What type of rentals are currently available in Central Chicago?

There are currently 195 Apartments for Rent in Central Chicago, IL with pricing that ranges from $1,025 to $24,310. There are also 284 Single Family Homes for rent, Condos, and Townhome rentals currently available in Central Chicago ranging from $1,575 to $12,000.

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 $1,575 to $12,000 with an average monthly rent of $4,150.

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 $1,899 to $17,100, while Three Bedroom Homes, Condos, and Townhomes for rent range from $2,975 to $7,100. Four Bedroom Single-Family rentals are also available starting from $4,800 and Four Bedroom Apartments start at $1,025.

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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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.

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The Freedom of Short-Term Leases: Exploring the Advantages for Renters

Written by: Bobbi Jackson

If you’re looking to relocate right now, a popular solution that may best fit your current rental needs is a short-term lease.