Cheap Apartments for Rent in the Downtown Chicago Neighborhood of Chicago, IL from $700 (238 Rentals)

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Search the lowest-cost Apartments available for rent right now in the Downtown Chicago 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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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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Cash or credit? Understanding the Importance of Credit Score in Real Estate and Renting

Discover how your credit score impacts your ability to lease or buy a home. Learn how credit scores are determined, how to check yours, and strategies to improve it for real estate success.

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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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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 Studio unit found at Prairie Shores priced from $963. McCormick CoLiving has the second lowest priced unit, which is a 4 Beds apartment currently listed from $1,147. Here are the most affordable Downtown Chicago apartments for rent in Chicago, IL:

Apartment ListingModel NameBed/BathPriced From
Prairie ShoresClassic StudioStudio,1BA$963
McCormick CoLivingEnsuite4BR,3BA$1,147
Addams ColivingUnit 3164BR,3BA$1,190
Maple1 Bedroom 1 Bathroom1BR,1BA$1,230
Prairie CoLivingPrivate bedroom with en-suite bathroom1BR,1BA$1,235
Eden CommonsStudioStudio,1BA$1,281
Elm 551 at ParksideStudioStudio,1BA$1,313
11 W. DivisionStudioStudio,1BA$1,345

Best Value Apartments for Rent in Downtown Chicago, IL

As of November 16, 2025 the best value apartment in the Downtown Chicago area is the $1.20 price per square foot 831 N Ashland Ave Model at 831 N Ashland Ave, Unit 2 in the in the West Town neighborhood starting from $3,000. The second greatest value Downtown Chicago apartment is the 1918 W Cermak Rd Model at 1918 W Cermak Rd, Unit 3 starting at $2,350 with a $1.18 price per square foot in the University Village 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.
831 N Ashland Ave, Unit 2831 N Ashland Ave5BR,1.5BA$1.20
1918 W Cermak Rd, Unit 31918 W Cermak Rd3BR,2BA$1.18
1935 S Canalport AveApartment 3 Bedroom3BR,2.5BA$0.93
1822 S Throop St, Unit 1F1822 S Throop St3BR,2.5BA$1.58
1016 W Cullerton St, Unit 1F1016 W Cullerton St2BR,1BA$1.32
1918 W Cermak Rd, Unit 31918 W Cermak Rd3BR,2BA$1.57
3119 S Morgan St, Unit 2N3119 S Morgan St3BR,1BA$1.60
2893 S Archer Ave, Unit 32893 S Archer Ave3BR,1BA$1.46
1228 N Cleaver St, Unit 3R1228 N Cleaver St2BR,1BA$1.60
3153 S May St, Unit 1R3153 S May St2BR,1BA$1.60

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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The Ultimate Long-Distance Moving Checklist: Tips from a Real Estate Pro

Moving is tough, especially long-distance. Learn how to minimize stress & expenses with proven strategies from a real estate pro, covering everything from logistics to finances.

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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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Quick Rent Budget Calculator

How much rent can you afford?

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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Pet Friendly Lifestyle
Downtown Chicago, Chicago, IL

Ranked #2

Among cities in Illinois 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 $1,345.

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

The cheapest apartment in Downtown Chicago is Prairie Shores which is listed at $1,188, while the average apartment in Downtown Chicago costs $29,664.

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 248 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 $29,303 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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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! 

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The Rental Move-In Inspection Checklist: A Guide for Renters

Written by: Trey Huguley

The move-in inspection checklist is a crucial tool for both tenants and landlords. This checklist, provided by the team at ApartmentHomeLiving.com, helps document the condition of an apartment at the time of move-in.