Cheap Homes for Rent in the Downtown Chicago Neighborhood of Chicago, IL from $900 (102 Rentals)

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

The Windy City Price Tag: Your Complete Guide to the Cost of Living in Chicago

Chicago may cost more than the national average, but with the right neighborhood, a smart transit strategy, and a few local insider tips, living well in the Windy City is more achievable than you might think. Our local expert breaks down everything from rent and groceries to transportation and healthcare so you can plan your move with confidence.

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property at 3213 S Green St

$1,450

Total Monthly Price

Total Monthly Price

Base Rent
$1,450
Total Monthly Price
$1,450

2 Bedroom, 1 Bath Condo for Rent

Available Now

3213 S Green St, Unit 2

3213 S Green 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

1 Bedroom, 1 Bath Condo for Rent

Available Now

3145 S May St, Unit 1F

3145 S May St
ChicagoIL60608

Rent According to Income: A Look at Income-Restricted Rentals

Find income-restricted rentals and housing subsidies. Explore government programs designed to help low-income families secure stable, affordable housing.

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property at 740 S Federal St

$1,650 - $2,999

Studio To 2 Bedroom Rentals

Available Now

740 S Federal St

ChicagoIL60605

Best Places to Live Near Chicago: 5 Cities That Keep the Windy City Accessible

Looking for a rental near Chicago? These five cities offer excellent options! From small-town charm to excellent business options, you can't go wrong!

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property at 2605 S Indiana Ave

$1,675

Total Monthly Price

Total Monthly Price

Base Rent
$1,675
Total Monthly Price
$1,675

1 Bedroom, 1 Bath Condo for Rent

Available Now

2605 S Indiana Ave, Unit 1 bedroom

2605 S Indiana Ave
ChicagoIL60616

Chicago Relocation 101: Mastering Utilities, Registration, and the CTA

Moving to Chicago? This essential relocation guide offers a complete checklist for new residents, covering finding the right neighborhood, setting up utilities (ComEd, People’s Gas), and mastering high-rise moving logistics and vehicle registration.

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property at 2921 S Michigan Ave

$1,800

Total Monthly Price

Total Monthly Price

Base Rent
$1,800
Total Monthly Price
$1,800

1 Bedroom, 1 Bath Condo for Rent

Available Now

2921 S Michigan Ave, Unit #103

2921 S Michigan Ave
ChicagoIL60616
property at 2031 W 23rd St

$1,800

Total Monthly Price

Total Monthly Price

Base Rent
$1,800
Total Monthly Price
$1,800

2 Bedroom, 1 Bath Condo for Rent

Available Now

2031 W 23rd St, Unit 2

2031 W 23rd St
ChicagoIL60608
property at 1901 W 21st Pl

$1,850

Total Monthly Price

Total Monthly Price

Base Rent
$1,850
Total Monthly Price
$1,850

2 Bedroom, 1 Bath Condo for Rent

Available Oct 1

1901 W 21st Pl, Unit 2r

1901 W 21st Pl
ChicagoIL60608

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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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
618 S Racine Ave0 Beds, 1 BathsStudio,1BA$850
Prairie ShoresClassic StudioStudio,1BA$1,066
Prairie CoLivingPrivate bedroom with en-suite bathroom1BR,1BA$1,150
The RosieA6 - 60% AMI AROStudio,1BA$1,227
Maple1 Bedroom 1 Bathroom1BR,1BA$1,230
Addams 2.01BR/1.0BA1BR,1BA$1,280

Best Value Apartments for Rent in Downtown Chicago, IL

As of August 20, 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
2040 W 19th St, Unit 22040 W 19th St3BR,1BA$1.30
1402 W Flournoy St, Unit Anupama Sri Kota1402 W Flournoy St2BR,1BA$0.63
2968 S Loomis St, Unit 12968 S Loomis St2BR,2BA$1.41
1427 W Lexington St, Unit 1 st. Floor1427 W Lexington St3BR,1.5BA$1.50
West Haven Park II - B3 Bedroom3BR,1BA$1.13
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

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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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 2172 Apartments for Rent in Downtown Chicago, IL with pricing that ranges from $1,000 to $43,181. There are also 1522 Single Family Homes for rent, Condos, and Townhome rentals currently available in Downtown Chicago ranging from $900 to $32,500.

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 $900 to $32,500 with an average monthly rent of $3,392.

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 $1,024 to $38,481, while Three Bedroom Homes, Condos, and Townhomes for rent range from $910 to $32,500. Four Bedroom Single-Family rentals are also available starting from $1,160 and Four Bedroom Apartments start at $1,025.

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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The Windy City Price Tag: Your Complete Guide to the Cost of Living in Chicago

Written by: Nicole Harms

When choosing a place to live, there are many things you must consider. Your employer, your shopping preferences, and even schools are all important to think about. Yet cost of living is also important to know and plan for.

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Best Places to Live Near Chicago: 5 Cities That Keep the Windy City Accessible

Written by: Nicole Harms

I’m Nicole, you’re ApartmentHomeLiving.com Local Expert for Chicago. There’s no denying I love the Windy City. Yet there’s also no denying that rental homes in Chicago can be pricy, small, and hard to find.

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Chicago Relocation 101: Mastering Utilities, Registration, and the CTA

Written by: Nicole Harms

Moving to a new city is always an exciting time, especially one as vibrant and diverse as Chicago. With world-class museums, a breathtaking lakefront, and numerous employment opportunities, there’s much to love about this city.

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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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Rent According to Income: A Look at Income-Restricted Rentals

Written by: Robin Stewart

The idea of affordable housing can be subjective. Every individual is in a different place financially and vocationally. What one may easily afford could be a struggle for someone else.

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Practical Tips for Renters: How to Identify a Great Rental and Avoid Red Flags

Written by: Robin Stewart

Renters want to find a great apartment, the right place for them, one that checks all the boxes of location, rental cost, amenities, safety, and more.

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First Apartment Regrets: Real Renters Share What They'd Do Differently

Written by: Robin Stewart

Hindsight is 20/20. Live and Learn. With age comes wisdom. We’re familiar with all those expressions, and all of them apply to lessons first-time renters learn.

decorative image for Renters Insurance 101: What It Is, What It Covers, and Why You Need It article

Renters Insurance 101: What It Is, What It Covers, and Why You Need It

Written by: Robin Stewart

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.