Cheap Homes for Rent in Central Chicago Neighborhood of Chicago, IL from $900 (63 Rentals)

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

property at 871 S Clark St

871 S Clark St

ChicagoIL60605
property at 124 W Polk St

124 W Polk St

ChicagoIL60605
property at 8 W Monroe St

8 W Monroe St

ChicagoIL60603
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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 Studio unit found at 820 Michigan by 3L Living priced from $1,726. 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 NorthStudio,1BA$1,726
30 East RooseveltER_1x11BR,1BA$1,750
ELEVEN THIRTYTier 6/12 (Studio)Studio,1BA$1,792
Astoria TowerStudio 08AStudio,1BA$1,914
731 Plymouth by 3L Living1 Bedroom West1BR,1BA$1,955
The Elle Apartments540Studio,1BA$2,090
Carriage House Lofts1 BED 1 BATH1BR,1BA$2,096
The AlfredA3Studio,1BA$2,125
The CooperStudio-1A-5BStudio,1BA$2,163

Best Value Apartments for Rent in Central Chicago, IL

As of July 29, 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 2000 S Wabash Ave Model at 2000 S Wabash Ave, Unit 2 starting at $2,800 with a $2.33 price per square foot in the Near South Side 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
2000 S Wabash Ave, Unit 22000 S Wabash Ave3BR,1BA$2.33
731 Plymouth by 3L Living3 Bedroom East3BR,1.5BA$2.82
680 S Federal St, Unit Apt 808680 S Federal St1BR,1BA$2.25
River City Apartments2 BR Standard2BR,2BA$3.12
Carriage House Lofts1 BED 1 BATH1BR,1BA$2.31
Arrive South LoopOgden Loft2BR,2BA$3.18
1150 S Michigan Ave, Unit 11150 S Michigan Ave1BR,1BA$2.94
Roosevelt Collection LoftsB1BR,1BA$3.15
30 East RooseveltER_1x11BR,1BA$3.03

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Frequently Asked Questions about Central Chicago

What type of rentals are currently available in Central Chicago?

There are currently 198 Apartments for Rent in Central Chicago, IL with pricing that ranges from $1,495 to $16,678. There are also 250 Single Family Homes for rent, Condos, and Townhome rentals currently available in Central Chicago ranging from $950 to $13,200.

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 $950 to $13,200 with an average monthly rent of $4,044.

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 $1,699 to $15,970, while Three Bedroom Homes, Condos, and Townhomes for rent range from $1,900 to $7,900. Four Bedroom Single-Family rentals are also available starting from $950 and Four Bedroom Apartments start at $1,529.

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.

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Roommate Matching: Finding the Right Fit and Avoiding Pitfalls

Written by: Cheryl Bowman

A fantastic way to save money and enjoy a built-in community is to share an apartment. However, a bad roommate situation can turn your dream rental into a nightmare.

decorative image for The Art of the Rental Viewing: What to look for during a property tour article

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.