Cheap Apartments for Rent in the Downtown Chicago Neighborhood of Chicago, IL from $700 (206 Rentals)

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

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1154 N Dearborn St, Unit 304
$1,450
Total Monthly Price

Total Monthly Price

Base Rent
$1,450
Total Monthly Price
$1,450
Studio Apartment Available Now

1154 N Dearborn St, Unit 304

1154 N Dearborn StChicago, IL 60610
Affordability

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Downtown Chicago, Chicago, IL Local Guide

Cheapest Available Downtown Chicago Apartments for Rent

 

The cheapest available apartment rental in the Downtown Chicago area of Chicago, IL is a 3 Beds unit found at West Haven Park II - B priced from $192. Westhaven Park II - C has the second lowest priced unit, which is a 1 Bed apartment currently listed from $754. Here are the most affordable Downtown Chicago apartments for rent in Chicago, IL:

Apartment ListingModel NameBed/BathPriced From
West Haven Park II - B3 Bedroom3BR,1BA$192
Westhaven Park II - C1 Bedroom1BR,1BA$754
Maple1 Bedroom 1 Bathroom1BR,1BA$1,230
Addams ColivingUnit 2074BR,4BA$1,250
Gramercy Row ApartmentsStudio Floor Plan S7Studio,1BA$1,324
1164 N DearbornStudioStudio,1BA$1,325
Prairie CoLivingPrivate bedroom with en-suite bathroom1BR,1BA$1,350

Best Value Apartments for Rent in Downtown Chicago, IL

As of February 17, 2026 the best value apartment in the Downtown Chicago area is the $1.18 price per square foot 1901 S May St Model at 1901 S May St, Unit 1 in the in the University Village neighborhood starting from $3,000. The second greatest value Downtown Chicago apartment is the 831 N Ashland Ave Model at 831 N Ashland Ave, Unit 2 starting at $3,000 with a $1.50 price per square foot in the West Town neighborhood. Here is today’s list of the best values for Downtown Chicago apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
1901 S May St, Unit 11901 S May St3BR,2.5BA$1.18
831 N Ashland Ave, Unit 2831 N Ashland Ave5BR,1.5BA$1.50
1935 S Canalport AveApartment 3 Bedroom3BR,2.5BA$0.93
1822 S Throop St, Unit 2F1822 S Throop St3BR,2BA$1.36
1900 S Throop St, Unit 61900 S Throop St3BR,1BA$1.40
30 East4 BEDROOM/4 BATHROOM - D4BR,4BA$1.24
2641 S Princeton Ave, Unit 1F2641 S Princeton Ave3BR,1BA$1.33
Westhaven Park II - C1 Bedroom1BR,1BA$0.92
Student | The Flats East West3x23BR,2BA$1.23
West Haven Park II - B1 Bedroom1BR,1BA$1.37

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Best Neighborhoods to Rent in Near Chicago's Top Employers: A Guide for Renters

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A Local Expert's Top Student Friendly Neighborhoods to Rent Near Colleges in Chicago

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Best Local Schools in
Downtown Chicago, Chicago, IL

School data provided by Great Schools

Lifestyle Ratings

ApartmentHomeLiving brings you our detailed rental analysis called 'Lifestyle Ratings' - a comparison of rentals and neighborhoods across the USA, and customized analysis for Central Chicago. LifeStyle Ratings are the best way to sort through finding a place to live - beyond price and floorplan. This takes in many factors including rankings of the best places for the best proximity to parks and outdoor amenities, luxury amenities, family-friendly amenities, raising pets, transit options, in addition to floorplans, availablity, and pricing. Use Lifestyle Search in the site filter options on this page - and find your Perfect place!

Frequently Asked Questions about Cheap Downtown Chicago Apartments

What is a cheap apartment in Downtown Chicago?

A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in Downtown Chicago is under $1,350.

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

The cheapest apartment in Downtown Chicago is West Haven Park II - B which is listed at $192, while the average apartment in Downtown Chicago costs $32,542.

What types of apartments are the cheapest in Downtown Chicago?

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 304 regular apartments in Downtown Chicago 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 Downtown Chicago?

Cheap apartments in Downtown Chicago have an average cost of $492 which is $32,050 cheaper than the average rent for all rentals in Downtown Chicago.

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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Written by: Christine Leonard, Esq.

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Written by: Lauren Harrington

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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.