Cheap Homes for Rent in Chicago Loop Neighborhood of Chicago, IL from $1,400 (170 Rentals)

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Search the lowest-cost Homes 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 40 E 9th St

$1,600 - $2,300

Studio To 2 Bedroom Rentals

Available Now

40 E 9th St

ChicagoIL60605

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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property at 899 S Plymouth Ct

$1,750 - $2,400

Studio To 1 Bedroom Rentals

Available Now

899 S Plymouth Ct

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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property at 330 W Grand Ave

$1,850 - $3,600

Studio To 2 Bedroom Rentals

Available Now

330 W Grand Ave

ChicagoIL60654

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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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
Axis Apartments and LoftsStudioStudio,1BA$1,735
Hugo River NorthStudioStudio,2BA$1,788
AMLI 900ClassicStudio,1BA$1,850
The CooperStudio-1AStudio,1BA$1,874
The Grand CentralGraW.S3Studio,1BA$1,880

Best Value Apartments for Rent in Chicago Loop, IL

As of January 01, 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 2 Bedroom Model at Columbus Plaza starting at $3,500 with a $2.59 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
Columbus Plaza2 Bedroom2BR,2BA$2.59
706 N Wells St, Unit 2nd floor706 N Wells St1BR,1BA$2.19
Wells Place Apartments2 Bed 2 Bath B12BR,2BA$2.56
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

Frequently Asked Questions about Chicago Loop

What type of rentals are currently available in Chicago Loop?

There are currently 351 Apartments for Rent in Chicago Loop, IL with pricing that ranges from $1,269 to $77,776. There are also 597 Single Family Homes for rent, Condos, and Townhome rentals currently available in Chicago Loop ranging from $1,465 to $19,500.

What is the current price range for Rental Homes in Chicago Loop?

Today's rental pricing for Homes for Rent, Condos and Townhomes in Chicago Loop ranges from $1,465 to $19,500 with an average monthly rent of $5,618.

How much are larger Three and Four Bedroom Rentals in Chicago Loop?

For those who are looking for larger living arrangements, Three Bedroom Apartments in Chicago Loop range from $2,220 to $38,481, while Three Bedroom Homes, Condos, and Townhomes for rent range from $3,600 to $16,000. Four Bedroom Single-Family rentals are also available starting from $5,950 and Four Bedroom Apartments start at $1,399.

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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How to Make Your Apartment Holiday-Ready: Renter-Friendly Tips

Written by: Justin Habersaat

Getting your apartment ready for the holidays can be exciting but sometimes challenging in a smaller space. Here are some modern tips to keep things festive, safe, and inviting this season.

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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!