Cheap Homes for Rent in Downtown Chicago Neighborhood of Chicago, IL from $800 (205 Rentals)

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Search the lowest-cost Homes 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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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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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

Entering the rental market? Learn these simple tips and strategies to avoid common pitfalls and make confident choices. Rent with peace of mind.

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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
Gramercy Row ApartmentsStudio Floor Plan S7Studio,1BA$1,317

Best Value Apartments for Rent in Downtown Chicago, IL

As of June 29, 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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Frequently Asked Questions about Downtown Chicago

What type of rentals are currently available in Downtown Chicago?

There are currently 2258 Apartments for Rent in Downtown Chicago, IL with pricing that ranges from $800 to $77,776. There are also 1707 Single Family Homes for rent, Condos, and Townhome rentals currently available in Downtown Chicago ranging from $875 to $35,000.

What is the current price range for Rental Homes in Downtown Chicago?

Today's rental pricing for Homes for Rent, Condos and Townhomes in Downtown Chicago ranges from $875 to $35,000 with an average monthly rent of $6,268.

How much are larger Three and Four Bedroom Rentals in Downtown Chicago?

For those who are looking for larger living arrangements, Three Bedroom Apartments in Downtown Chicago range from $1,075 to $38,481, while Three Bedroom Homes, Condos, and Townhomes for rent range from $875 to $30,000. Four Bedroom Single-Family rentals are also available starting from $950 and Four Bedroom Apartments start at $1,040.

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.