Cheap Apartments for Rent in the Downtown Chicago Neighborhood of Chicago, IL from $700 (177 Rentals)

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

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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property at 264 W 26th St

264 W 26th St

ChicagoIL60616

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 262 W 26th St

262 W 26th St

ChicagoIL60616

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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Navigating the Rental Market: Tips for First-Time Renters

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Chicago's Best Affordable Neighborhoods

Learn about Chicago and the best places to live with original content written by our Chicago, IL Local Expert Nicole Harms

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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 4 Beds unit found at 2423 State Street priced from $1,019. Letterman Chicago has the second lowest priced unit, which is a 4 Beds apartment currently listed from $1,060. Here are the most affordable Downtown Chicago apartments for rent in Chicago, IL:

Apartment ListingModel NameBed/BathPriced From
2423 State StreetPrivate Bedroom in Shared 4 Bed 3 Bath - A4BR,3BA$1,019
Letterman ChicagoPayton - 4x24BR,2BA$1,060
Prairie ShoresClassic StudioStudio,1BA$1,070
Buckingham4x2. Floors 3-134BR,2BA$1,149
561 W 18th StGarden Apartment Util Included 1bd 1 bath1BR,1BA$1,150
11 W. DivisionStudioStudio,1BA$1,245
Mccormick ColivingPrivate Bedroom in Shared 4 Bed 3 Bath (E)4BR,3BA$1,255
768 W. JacksonStudioStudio,1BA$1,295
Elm 551 at ParksideStudioStudio,1BA$1,313

Best Value Apartments for Rent in Downtown Chicago, IL

As of June 28, 2025 the best value apartment in the Downtown Chicago area is the $0.17 price per square foot 1914 W 21st Plz Model at 1914 W 21st Plz, Unit G in the in the University Village neighborhood starting from $1,700. The second greatest value Downtown Chicago apartment is the 1244 W Huron St Model at 1244 W Huron St, Unit # 01 starting at $3,995 with a $0.40 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.
1914 W 21st Plz, Unit G1914 W 21st Plz2BR,1BA$0.17
1244 W Huron St, Unit # 011244 W Huron St3BR,2BA$0.40
1049 N Winchester Ave, Unit 21049 N Winchester Ave3BR,3.5BA$1.75
1335 W Taylor St, Unit 21335 W Taylor St4BR,2BA$1.82
858 N Paulina St, Unit 1858 N Paulina St2BR,2BA$1.83
915 S Loomis St, Unit 2915 S Loomis St5BR,2BA$1.83
2943 S Canal St, Unit 22943 S Canal St1BR,1BA$1.50
Letterman ChicagoBetty - 3x23BR,2BA$1.33
240 W 24th St, Unit 2F240 W 24th St2BR,1BA$1.82
Buckingham3x2. Floors 3-133BR,2BA$1.35

Quick Rent Budget Calculator

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Pet Friendly Lifestyle
Downtown Chicago, Chicago, IL

Ranked #2

Among neighborhoods in Chicago, IL for Apartment listings with Pet Friendly Amenities

Pet Friendliness Lifestyle Score

4.0
Pet Friendly

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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 $1,313.

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

The cheapest apartment in Downtown Chicago is 561 W 18th St which is listed at $1,150, while the average apartment in Downtown Chicago costs $10,410.

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 123 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 $385 which is $10,025 cheaper than the average rent for all rentals in Downtown Chicago.

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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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.

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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.