Cheap Apartments for Rent in the Chicago Loop Neighborhood of Chicago, IL from $900 (51 Rentals)

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

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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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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25 W Hubbard St
1 to 2 Bedroom Apartments

25 W Hubbard St

25 W Hubbard StChicago, IL 60654
  • Utilities Included
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525 S. Dearborn St.
Studio to 2 Bedroom Apartments

525 S. Dearborn St.

525-537 S Dearborn StChicago, IL 60605
  • Utilities Included
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211 E. Ohio St.
Studio to 2 Bedroom Apartments

211 E. Ohio St.

205-215 E Ohio StChicago, IL 60611

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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600 N Lake Shore Dr
Studio to 3 Bedroom Apartments

600 N Lake Shore Dr

600 N Lake Shore DrChicago, IL 60611
Furnished
  • Utilities Included
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55 E Erie St
Studio to 3 Bedroom Apartments

55 E Erie St

55 E Erie StChicago, IL 60611
Corporate Housing
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Luxury condo unit
Studio to 3 Bedroom Apartments

Luxury condo unit

333 N CanalChicago, IL 60606
Corporate Housing
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Columbus Plaza
Studio to 3 Bedroom Apartments

Columbus Plaza

233 E Wacker DrChicago, IL 60601
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180 W. Adams
Studio to 1 Bedroom Apartments

180 W. Adams

180 W Adams StChicago, IL 60603
Corporate Housing
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200 N Dearborn St
Studio to 2 Bedroom Apartments

200 N Dearborn St

200 N Dearborn StChicago, IL 60601
  • Utilities Included
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ELEVEN THIRTY
Studio to 2 Bedroom Apartments

ELEVEN THIRTY

1130 S Michigan AveChicago, IL 60605
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AMLI 900
Studio to 3 Bedroom Apartments

AMLI 900

900 S Clark StChicago, IL 60605

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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Chicago Loop, Chicago, IL Local Guide

Cheapest Available Chicago Loop Apartments for Rent

 

The cheapest available apartment rental in the Chicago Loop area of Chicago, IL is a Studio unit found at Gramercy Row Apartments priced from $1,379. 440 N. Wabash Ave. has the second lowest priced unit, which is a Studio apartment currently listed from $1,675. Here are the most affordable Chicago Loop apartments for rent in Chicago, IL:

Apartment ListingModel NameBed/BathPriced From
Gramercy Row ApartmentsStudio Floor Plan S15Studio,1BA$1,379
440 N. Wabash Ave.StudioStudio,1BA$1,675
MDA ApartmentsS3N - ModernStudio,1BA$1,790
The ArdusA11Studio,1BA$1,850
ImprintConvertible NStudio,1BA$1,875
The AlfredB5Studio,1BA$1,890
The Bush TempleH-A13Studio,1BA$1,895

Best Value Apartments for Rent in Chicago Loop, IL

As of January 14, 2026 the best value apartment in the Chicago Loop area is the $1.87 price per square foot 2BR / 2BA Model at DEARBORN DISTRICT in the in the Magnificent Mile neighborhood starting from $3,185. The second greatest value Chicago Loop apartment is the Two Bedroom Two Bathroom Model at West77 Apartments starting at $3,505 with a $2.33 price per square foot in the Magnificent Mile neighborhood. Here is today’s list of the best values for Chicago Loop apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
DEARBORN DISTRICT2BR / 2BA2BR,2BA$1.87
West77 ApartmentsTwo Bedroom Two Bathroom2BR,2BA$2.33
Millennium Park Plaza3 Bedroom / 2 Bathroom3BR,2BA$2.53
706 N Wells St, Unit 2nd floor706 N Wells St1BR,1BA$2.19
731 Plymouth by 3L Living2 Bedroom East2BR,1BA$2.17
680 S Federal St, Unit Apt 808680 S Federal St1BR,1BA$2.25
10 E. Ontario St.1 Bedroom1BR,1BA$2.11
Lakeside 800Three Bedroom3BR,1BA$2.54
Student | The Flats East West3x23BR,2BA$1.23
50 W Randolph St, Unit 90550 W Randolph St1BR,1BA$2.58

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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Lifestyle Ratings

ApartmentHomeLiving.com works hard to bring you our detailed rental search system called 'Lifestyle ratings', composed of neighborhoods, cities and towns, and rental properties across Illinois, including Chicago. LifeStyle Ratings are a useful tool for comparing and sorting apartments and neighborhoods when choosing your rental home. This takes in many factors including filtering automatically for outdoor amenities like tennis courts, luxury housing options, kid and pet-friendly communities, availability of transit options, walking, and biking. Use Lifestyle Search in the site filter options on this page - and find your Perfect place!

Frequently Asked Questions about Cheap Chicago Loop Apartments

What is a cheap apartment in Chicago Loop?

A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in Chicago Loop is under $1,895.

What is the price of a cheap apartment in Chicago Loop?

The cheapest apartment in Chicago Loop is Fisher Building Apartments which is listed at $1,955, while the average apartment in Chicago Loop costs $6,700.

What types of apartments are the cheapest in Chicago Loop?

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 67 regular apartments in Chicago Loop 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 Chicago Loop?

Cheap apartments in Chicago Loop have an average cost of $550 which is $6,150 cheaper than the average rent for all rentals in Chicago Loop.

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

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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.

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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.

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Apartment Common Area Rules: What Renters Need to Know

Written by: Christine Leonard, Esq.

Back in the day when I rented one of my first apartments, the property didn’t even have laundry in the building. Now, rental properties are often competing against each other to provide the best amenities.

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How to Negotiate Your Apartment Lease and Save Money

Written by: Christine Leonard, Esq.

Everything is a negotiation in real estate!