Cheap Apartments for Rent in the Downtown Chicago Neighborhood of Chicago, IL from $660 (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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2899 S Archer Ave, Unit 3M
$1,700
Total Monthly Price

Total Monthly Price

Base Rent
$1,700
Total Monthly Price
$1,700
3 Bedroom Apartment Available Sep 1

2899 S Archer Ave, Unit 3M

2899 S Archer AveChicago, IL 60608
Affordability
property at 1001 W 31st St

$1,700 - $1,950

2 Bedroom Rentals

Available Now

1001 W 31st St

ChicagoIL60608
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1000 N. LaSalle
$1,750 - $3,530
Total Monthly Price

Total Monthly Price

Base Rent
$1,750 - $3,530
Total Monthly Price
Varies
Studio to 2 Bedroom Apartments Available Sep 1

1000 N. LaSalle

1000-1030 N LaSalle DrChicago, 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 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
618 S Racine Ave0 Beds, 1 BathsStudio,1BA$850
Prairie CoLivingPrivate bedroom with en-suite bathroom1BR,1BA$1,150
Addams 2.01BR/8.0BA1BR,8BA$1,150
Prairie ShoresClassic 1 Bed 1 Bath1BR,1BA$1,212
The RosieB1 - 60% AMI AROStudio,1BA$1,227
Maple1 Bedroom 1 Bathroom1BR,1BA$1,230

Best Value Apartments for Rent in Downtown Chicago, IL

As of August 28, 2026 the best value apartment in the Downtown Chicago area is the $1.67 price per square foot 5B2B Model at 2010 S. Wabash Ave in the in the Near South Side neighborhood starting from $3,500. The second greatest value Downtown Chicago apartment is the 2 Beds, 1 Baths Model at 3143-3149 S Morgan St starting at $3,195 with a $1.60 price per square foot in the Armour Square 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.
2010 S. Wabash Ave5B2B5BR,2BA$1.67
3143-3149 S Morgan St2 Beds, 1 Baths2BR,1BA$1.60
1402 W Flournoy St, Unit Anupama Sri Kota1402 W Flournoy St2BR,1BA$0.63
West Haven Park II - B3 Bedroom3BR,1BA$1.13
Tailor Lofts Student LivingAdams4BR,3BA$0.99
Dwight Lofts5 Person Private4BR,2BA$1.22
1900 S May St, Unit 1F1900 S May St2BR,1BA$1.80
504 W 32nd St3 Beds, 1 Baths3BR,1BA$1.75
Westhaven Park II - C1 Bedroom1BR,1BA$1.01
2973 S Lyman St, Unit 22973 S Lyman St1BR,1BA$1.71

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

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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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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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Best Local Schools in
Downtown Chicago, Chicago, IL

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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 $1,230.

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 $2,954.

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 169 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 $361 which is $2,593 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.

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