Cheap Apartments for Rent in the Downtown Chicago Neighborhood of Chicago, IL from $600 (122 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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2973 S Lyman St, Unit 2
$1,200
Total Monthly Price

Total Monthly Price

Base Rent
$1,200
Total Monthly Price
$1,200
1 Bedroom Apartment Available Now

2973 S Lyman St, Unit 2

2973 S Lyman StChicago, IL 60608
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What Does “Rent Burdened” Mean? How Much Rent Is Too Much

Learn the official definition (spending 30% or more of your gross income on housing) and how to calculate your exact rent-to-income ratio. This guide offers expert tips on factoring in total housing costs (including utilities and fees) and budgeting accurately to avoid unnecessary financial strain.

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1026 W 20th Pl, Unit 1R
$1,450
Total Monthly Price

Total Monthly Price

Base Rent
$1,450
Total Monthly Price
$1,450
1 Bedroom Apartment Available Aug 1

1026 W 20th Pl, Unit 1R

1026 W 20th PlChicago, IL 60608
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Your Guide to Co-Signers: The Risks, Rewards, and Everything in Between

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1503 W 19th St
$1,500 - $1,700
Total Monthly Price

Total Monthly Price

Base Rent
$1,500 - $1,700
Total Monthly Price
$1,500 - $1,700
Studio to 1 Bedroom Apartment Available Jul 31

1503 W 19th St

1503 W 19th StChicago, IL 60608
Affordability

Cash or credit? Understanding the Importance of Credit Score in Real Estate and Renting

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property at 915 W 32nd St

$1,500 - $1,750

3 Bedroom Rentals

Available Aug 1

915 W 32nd St

ChicagoIL60608
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1838 S May St, Unit Apt 2F
$1,520
Total Monthly Price

Total Monthly Price

Base Rent
$1,520
Total Monthly Price
$1,520
2 Bedroom Apartment Available Jul 16

1838 S May St, Unit Apt 2F

1838 S May StChicago, IL 60608
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1651 W 19th St, Unit 3F
$1,540
Total Monthly Price

Total Monthly Price

Base Rent
$1,540
Total Monthly Price
$1,540
2 Bedroom Apartment Available Aug 11

1651 W 19th St, Unit 3F

1651 W 19th StChicago, IL 60608
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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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1120 N. LaSalle
$1,615 - $3,616
Total Monthly Price

Total Monthly Price

Base Rent
$1,615 - $3,616
Total Monthly Price
Varies
Studio to 2 Bedroom Apartments Available Now

1120 N. LaSalle

1120 LaSalle DrChicago, IL 60610
Affordability
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Renters Insurance 101: What It Is, What It Covers, and Why You Need It

From theft to fire to water damage, the unexpected can happen to any renter. Discover why renters insurance is one of the smartest and most affordable investments you can make as a tenant.

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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 3 Beds apartment currently listed from $268. 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 - C3 Bedroom3BR,1BA$268
Prairie CoLivingPrivate bedroom with en-suite bathroom1BR,1BA$1,150
Maple1 Bedroom 1 Bathroom1BR,1BA$1,230
Prairie ShoresClassic StudioStudio,1BA$1,263
McCrory Senior Apartments1 Bed 60%1BR,1BA$1,300
Eden CommonsStudioStudio,1BA$1,332
11 W. DivisionStudioStudio,1BA$1,365
1036 N. DearbornStudioStudio,1BA$1,375

Best Value Apartments for Rent in Downtown Chicago, IL

As of July 09, 2026 the best value apartment in the Downtown Chicago area is the $0.93 price per square foot Apartment 3 Bedroom Model at 1935 S Canalport Ave in the in the South Loop neighborhood starting from $1,825. The second greatest value Downtown Chicago apartment is the Jefferson Model at Tailor Lofts Student Living starting at $1,310 with a $0.95 price per square foot in the Printer's Row 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.
1935 S Canalport AveApartment 3 Bedroom3BR,2.5BA$0.93
Tailor Lofts Student LivingJefferson4BR,4BA$0.95
1427 W Lexington St, Unit 1 st. Floor1427 W Lexington St3BR,1.5BA$1.54
West Haven Park II - B3 Bedroom3BR,1BA$1.13
The 808 ClevelandD5 | leasing per bedroom4BR,3BA$1.53
2314 S Hoyne Ave, Unit 2314 S. Hoyne Ave2314 S Hoyne Ave3BR,1BA$1.73
2914 S Wells St, Unit Unit 22914 S Wells St3BR,1BA$1.80
2969 S Archer Ave, Unit 2F2969 S Archer Ave2BR,1BA$1.60
Westhaven Park II - C1 Bedroom1BR,1BA$0.94
2973 S Lyman St, Unit 22973 S Lyman St1BR,1BA$1.71

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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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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Real Estate and Rental Term Glossary | ApartmentHomeLiving.com Renter University

From the letter A all the way to the letter Z, the Real Estate and Rental Term Glossary from the content team at ApartmentHomeLiving.com provides our visitors and shoppers with a little clarity and helpful guidance in navigating the real estate world through definitions and explainers for the top subjects and terms that someone may come across during the leasing, buying, or selling process.

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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 $1,375.

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 $660, while the average apartment in Downtown Chicago costs $14,990.

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 129 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 $463 which is $14,527 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

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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

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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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From Lake Shore Drive to the O’Hare Airport, the city of Chicago is a study in diversity, resilience, and culture.

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Insurance seems to be a part of life. In some states, having insurance is the law, as is the case for automobile insurance. Renters are no exception.

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Apartment Occupancy Rates: Renter Attraction vs Renter Retention

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There’s a tenet in marketing about client or customer attraction and retention. Studies and data have consistently shown it costs less to keep a current customer than to attract a new one.

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How I Find the Perfect Rental for My Clients: A Real Estate Pro's Guide

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Evaluating rental properties for clients draws many parallels to house-hunting. Whether an apartment, loft, townhouse, or other rental, finding the right place means finding “home” for your client.

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Pet-Friendly Renting: Everything You Need to Know Before You Move

Written by: Christine Leonard, Esq.

For so many of us, pets are the best companions and a big part of our lives. For this reason, a pet-friendly house or apartment is often a very important - and nonnegotiable - part of a move.