Cheap Apartments for Rent in the Chicago Loop Neighborhood of Chicago, IL from $900 (66 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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property at 445 E Ohio St

445 E Ohio St

ChicagoIL60611
property at 330 S Wells St

330 S Wells St

ChicagoIL60606

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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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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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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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 Pittsfield Apartments priced from $1,450. Gramercy Row Apartments has the second lowest priced unit, which is a Studio apartment currently listed from $1,474. Here are the most affordable Chicago Loop apartments for rent in Chicago, IL:

Apartment ListingModel NameBed/BathPriced From
Pittsfield ApartmentsStudio - Style HStudio,1BA$1,450
Gramercy Row ApartmentsStudio Floor Plan S27 670 2FStudio,1BA$1,474
440 N. Wabash Ave.StudioStudio,1BA$1,675
ELEVEN THIRTYTier 6/12 (Studio)Studio,1BA$1,706
820 Michigan by 3L LivingStudio NorthStudio,1BA$1,729
The Bush TempleH-A3Studio,1BA$1,800
Millennium Park PlazaStudioStudio,1BA$1,875

Best Value Apartments for Rent in Chicago Loop, IL

As of November 01, 2025 the best value apartment in the Chicago Loop area is the $2.52 price per square foot 187 N Westshore Dr Model at 187 N Westshore Dr in the in the Magnificent Mile neighborhood starting from $4,500. The second greatest value Chicago Loop apartment is the 2BR / 2BA Model at DEARBORN DISTRICT starting at $3,450 with a $2.03 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.
187 N Westshore Dr187 N Westshore Dr3BR,2.5BA$2.52
DEARBORN DISTRICT2BR / 2BA2BR,2BA$2.03
West77 ApartmentsTwo Bedroom Two Bathroom2BR,2BA$2.45
Fisher Building ApartmentsC32BR,2BA$2.51
731 Plymouth by 3L Living2 Bedroom East2BR,1BA$2.21
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
50 W Randolph St, Unit 90550 W Randolph St1BR,1BA$2.64
745 N Dearborn St745 N Dearborn St1BR,1BA$2.44

Apartment Common Area Rules: What Renters Need to Know

From the lounge to the laundry room, understand your rights and responsibilities in shared apartment spaces. Get tips on pet rules, noise, and security.

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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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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
Chicago Loop, Chicago, IL

Ranked #6

Among cities in Illinois for Apartment listings with Pet Friendly Amenities.

Pet Friendliness Lifestyle Score

4.0
Pet Friendly

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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!

Getting Around the Chicago Loop Neighborhood in Chicago, IL

Walk Score®

100 / 100

Walker’s Paradise

Daily errands do not require a car

Bike Score®

82 / 100

Very Bikeable

Biking is convenient for most trips

Transit Score®

100 / 100

Rider’s Paradise

World-class public transportation

What Are Walk Score®, Transit Score®, and Bike Score® Ratings?

  • Walk Score® measures the walkability of any address.
  • Transit Score® measures access to public transit.
  • Bike Score® measures the bikeability of any address.

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 $1,875.

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

The cheapest apartment in Chicago Loop is The Regal Apartments which is listed at $1,928, while the average apartment in Chicago Loop costs $34,436.

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 24 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 $384 which is $34,052 cheaper than the average rent for all rentals in Chicago Loop.

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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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! 

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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.