Cheap Homes for Rent in Downtown Chicago Neighborhood of Chicago, IL from $1,000 (124 Rentals)

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

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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property at 3145 S May St

$1,500

Total Monthly Price

Total Monthly Price

Base Rent
$1,500
Total Monthly Price
$1,500

1 Bedroom, 1 Bath Condo for Rent

Available Now

3145 S May St, Unit 1F

3145 S May St
ChicagoIL60608
property at 3145 S May St

$1,500

Total Monthly Price

Total Monthly Price

Base Rent
$1,500
Total Monthly Price
$1,500

2 Bedroom, 1 Bath Condo for Rent

Available Now

3145 S May St, Unit 2R

3145 S May St
ChicagoIL60608

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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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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property at 926 W 32nd Pl

$1,625

Total Monthly Price

Total Monthly Price

Base Rent
$1,625
Total Monthly Price
$1,625

1 Bedroom, 1 Bath Condo for Rent

Available Now

926 W 32nd Pl, Unit G

926 W 32nd Pl
ChicagoIL60608

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 40 E 9th St

$1,650 - $2,950

Studio To 2 Bedroom Rentals

Available Now

40 E 9th St

ChicagoIL60605
property at 1014 W 19th St

$1,600 - $1,750

2 Bedroom Rentals

Available Jul 14

1014 W 19th St

ChicagoIL60608
property at 1503 W 19th St

$1,700

Total Monthly Price

Total Monthly Price

Base Rent
$1,700
Total Monthly Price
$1,700

1 Bedroom, 1 Bath Condo for Rent

Available Jul 1

1503 W 19th St, Unit 4R

1503 W 19th St
ChicagoIL60608

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

Finding the right apartment starts with three things: location, cost, and amenities. Get the insider perspective from a real estate professional on how to nail all three.

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Showing Results 1-50, Page 1 of 3

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
Maple1 Bedroom 1 Bathroom1BR,1BA$1,230
11 W. DivisionStudioStudio,1BA$1,245
McCrory Senior Apartments1 Bed 60%1BR,1BA$1,300
Prairie ShoresClassic StudioStudio,1BA$1,305
768 W. JacksonStudioStudio,1BA$1,345
Prairie CoLivingPrivate bedroom with en-suite bathroom1BR,1BA$1,350
The Buckingham Student Living4x2 All Private Floors 14-184BR,2BA$1,390

Best Value Apartments for Rent in Downtown Chicago, IL

As of June 23, 2026 the best value apartment in the Downtown Chicago area is the $1.18 price per square foot 1901 S May St Model at 1901 S May St, Unit 1 in the in the University Village neighborhood starting from $3,000. The second greatest value Downtown Chicago apartment is the 1429 W Superior St Model at 1429 W Superior St, Unit 3 starting at $2,700 with a $1.50 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.
1901 S May St, Unit 11901 S May St3BR,2.5BA$1.18
1429 W Superior St, Unit 31429 W Superior St3BR,2BA$1.50
West Haven Park II - B3 Bedroom3BR,1BA$1.13
Eden CommonsThree Bedroom One Bath3BR,1BA$1.72
2314 S Hoyne Ave, Unit 2314 S. Hoyne Ave2314 S Hoyne Ave3BR,1BA$1.73
The Buckingham Student Living4x2 All Private Floors 3-134BR,2BA$1.67
2820 S Short St2820 S Short St2BR,1BA$1.65
240 W 24th St, Unit 1R240 W 24th St3BR,1BA$1.59
2345 W 24th St, Unit #12345 W 24th St2BR,1BA$1.67
Westhaven Park II - C1 Bedroom1BR,1BA$0.98

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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Quick Rent Budget Calculator

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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

School data provided by Great Schools

Frequently Asked Questions about Downtown Chicago

What type of rentals are currently available in Downtown Chicago?

There are currently 2143 Apartments for Rent in Downtown Chicago, IL with pricing that ranges from $900 to $48,409. There are also 1362 Single Family Homes for rent, Condos, and Townhome rentals currently available in Downtown Chicago ranging from $1,080 to $20,000.

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 $1,080 to $20,000 with an average monthly rent of $5,305.

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 $989 to $38,481, while Three Bedroom Homes, Condos, and Townhomes for rent range from $1,080 to $11,200. Four Bedroom Single-Family rentals are also available starting from $1,210 and Four Bedroom Apartments start at $924.

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

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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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

Written by: Nicole Harms

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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Explore the Windy City (But Watch for Falling Ice) - An Insider's Guide to Renting in Chicago

Written by: Nicole Harms

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

Articles, How-To's, and Tips

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Apartment Occupancy Rates: Renter Attraction vs Renter Retention

Written by: Robin Stewart

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

Written by: Robin Stewart

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.

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Creative Ways Developers Reimagine Retail Spaces as Residential Units

Written by: Robin Stewart

Adaptive reuse is when a commercial property is converted and repurposed. The real estate industry has embraced a growing number of these projects.