Cheap Homes for Rent in Central Chicago Neighborhood of Chicago, IL from $1,500 (115 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

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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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

712 S Wells St

ChicagoIL60607

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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property at 871 S Clark St

871 S Clark St

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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property at 700 S Clark St

700 S Clark St

ChicagoIL60605
property at 701 S Wells St

701 S Wells St

ChicagoIL60607
property at 883 S Clark St

883 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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Showing Results 1-50, Page 1 of 3

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 $1,750. Astoria Tower has the second lowest priced unit, which is a Studio apartment currently listed from $1,899. Here are the most affordable Central Chicago apartments for rent in Chicago, IL:

Apartment ListingModel NameBed/BathPriced From
30 East RooseveltER_1x11BR,1BA$1,750
Astoria TowerStudio 08AStudio,1BA$1,899
Park Michigan - 1212 S Michigan AveStudio 1ba 03Studio,1BA$1,949
777 South StateOne Bedroom1BR,1BA$1,980
The Regal Apartments1 Bedroom Floor Plan A21BR,1BA$1,988
Pittsfield Apartments1 Bed, 1 Bath - Style B1BR,1BA$1,995
ImprintLoft Studio GStudio,1BA$2,029
The Elle Apartments543Studio,1BA$2,041
The CooperStudio-1A-3Studio,1BA$2,052
Straits RowT1Studio,1BA$2,099

Best Value Apartments for Rent in Central Chicago, IL

As of September 14, 2025 the best value apartment in the Central Chicago area is the $2.34 price per square foot 3 BED 2 BATH Model at Carriage House Lofts in the in the Near South Side neighborhood starting from $3,488. The second greatest value Central Chicago apartment is the 732 S Clark St Model at 732 S Clark St, Unit 2 starting at $3,590 with a $3.02 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$2.34
732 S Clark St, Unit 2732 S Clark St2BR,2BA$3.02
Fisher Building ApartmentsC32BR,2BA$2.44
731 Plymouth by 3L Living3 Bedroom East3BR,1.5BA$2.68
320 E 21st St, Unit 503320 E 21st St2BR,1BA$2.75
680 S Federal St, Unit Apt 808680 S Federal St1BR,1BA$2.25
777 South StateTwo Bedroom Two Bathrooms2BR,2BA$2.93
1150 S Michigan Ave, Unit 11150 S Michigan Ave1BR,1BA$3.19
The Regal Apartments1 Bedroom Loft Floor Plan A11BR,1BA$3.00
30 East RooseveltER_1x11BR,1BA$3.03

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 #24

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 192 Apartments for Rent in Central Chicago, IL with pricing that ranges from $1,360 to $33,640. There are also 289 Single Family Homes for rent, Condos, and Townhome rentals currently available in Central Chicago ranging from $1,550 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 $1,550 to $12,000 with an average monthly rent of $4,406.

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 $2,897 to $13,448, while Three Bedroom Homes, Condos, and Townhomes for rent range from $3,100 to $7,500. Four Bedroom Single-Family rentals are also available starting from $7,116 and Four Bedroom Apartments start at $10,000.

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.

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 The Rental Move-In Inspection Checklist: A Guide for Renters article

The Rental Move-In Inspection Checklist: A Guide for Renters

Written by: Trey Huguley

The move-in inspection checklist is a crucial tool for both tenants and landlords. This checklist, provided by the team at ApartmentHomeLiving.com, helps document the condition of an apartment at the time of move-in.

decorative image for Your Guide to Co-Signers: The Risks, Rewards, and Everything in Between article

Your Guide to Co-Signers: The Risks, Rewards, and Everything in Between

Written by: Christine Leonard, Esq.

For many people, obstacles can arise during the rental application process for a variety of issues.

decorative image for The Ultimate Long-Distance Moving Checklist: Tips from a Real Estate Pro article

The Ultimate Long-Distance Moving Checklist: Tips from a Real Estate Pro

Written by: Christine Leonard, Esq.

Hard truth. Moving is never easy. I’ve done it all – from local moves to cross-country relocations From packing to unpacking the last box, I have found moving to be an exhausting, expensive and stressful experience every time.