Cheap Homes for Rent in Downtown Chicago Neighborhood of Chicago, IL from $1,000 (103 Rentals)

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

property at 321 W 24th St

$1,375 - $1,400

2 Bedroom Rentals

Available Now

321 W 24th St

ChicagoIL60616

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 431 S Dearborn St

$1,500 - $2,275

Studio To 1 Bedroom Rentals

Available Now

431 S Dearborn St

ChicagoIL60605

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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property at 2025 W Coulter St

$1,600

Total Monthly Price

Total Monthly Price

Base Rent
$1,600
Total Monthly Price
$1,600

2 Bedroom, 1 Bath Home for Rent

Available Now

2025 W Coulter St

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 899 S Plymouth Ct

$1,700 - $2,300

Studio To 1 Bedroom Rentals

Available Now

899 S Plymouth Ct

ChicagoIL60605
property at 253 E Delaware Pl

$1,800

Total Monthly Price

Total Monthly Price

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

Studio, 1 Bath Condo for Rent

Available Now

253 E Delaware Pl, Unit 12H, Unit 12H

253 E Delaware Pl
ChicagoIL60611

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 899 S Plymouth Ct

$1,900 - $2,000

Total Monthly Price

Total Monthly Price

Base Rent
$1,900 - $2,000
Total Monthly Price
$1,900 - $2,000

1 Bedroom, 1 Bath Condo for Rent

Available Now

899 S Plymouth Ct

ChicagoIL60605

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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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 1 Bed apartment currently listed from $754. 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 - C1 Bedroom1BR,1BA$754
McCrory Senior Apartments1 Bed 60%1BR,1BA$1,115
Prairie ShoresClassic StudioStudio,1BA$1,192
Maple1 Bedroom 1 Bathroom1BR,1BA$1,230
11 W. DivisionStudioStudio,1BA$1,245
Eden CommonsStudioStudio,1BA$1,266
25 E. DelawareStudio 1Studio,1BA$1,345
Prairie CoLivingPrivate bedroom with en-suite bathroom1BR,1BA$1,350

Best Value Apartments for Rent in Downtown Chicago, IL

As of May 02, 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 Apartment 3 Bedroom Model at 1935 S Canalport Ave starting at $1,825 with a $0.93 price per square foot in the South Loop 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
1935 S Canalport AveApartment 3 Bedroom3BR,2.5BA$0.93
1822 S Throop St, Unit 2F1822 S Throop St3BR,2BA$1.36
723 N Elizabeth St, Unit J07P723 N Elizabeth St4BR,1BA$1.72
241 W 23rd St, Unit Second Floor241 W 23rd St1BR,1BA$0.87
West Haven Park II - B3 Bedroom3BR,1BA$1.13
3139 S Parnell Ave, Unit 13139 S Parnell AveStudio ,1BA$1.55
Student | The Flats East West3x23BR,2BA$1.23
260 W 24th Pl, Unit BR260 W 24th Pl2BR,1BA$1.61
Westhaven Park II - C1 Bedroom1BR,1BA$0.98

A Seasoned Property Manager's Step-by-Step Guide to Getting Your Deposit Back

Learn the property manager's true secrets to a zero-deduction move-out. Use this step-by-step guide on documentation, cleaning, and lease-reading to reclaim your security deposit.

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10 Hidden Costs of Renting You Should Budget for Before Signing a Lease

Avoid financial stress when renting. Learn about the 10 most common hidden costs—from pet fees to utilities—you must budget for before you sign a lease.

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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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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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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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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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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 2155 Apartments for Rent in Downtown Chicago, IL with pricing that ranges from $850 to $48,409. There are also 1354 Single Family Homes for rent, Condos, and Townhome rentals currently available in Downtown Chicago ranging from $1,060 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 $1,060 to $20,000 with an average monthly rent of $7,022.

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 $999 to $38,481, while Three Bedroom Homes, Condos, and Townhomes for rent range from $1,060 to $17,000. Four Bedroom Single-Family rentals are also available starting from $3,000 and Four Bedroom Apartments start at $970.

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

decorative image for A Local Expert’s Guide To 10 Budget-Friendly Neighborhoods to Rent in Chicago article

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.

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

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

decorative image for A Seasoned Property Manager's Step-by-Step Guide to Getting Your Deposit Back article

A Seasoned Property Manager's Step-by-Step Guide to Getting Your Deposit Back

Written by: Lauren Harrington

I’m going to talk with you as a seasoned property manager and friend. So, let’s start with your security deposit. I want you to think about this guide as insider information. You deserve your deposit back.

decorative image for Expert Solutions for Creating the Perfect Work-From-Home Apartment Layouts article

Expert Solutions for Creating the Perfect Work-From-Home Apartment Layouts

Written by: Lauren Harrington

This article is based on first-hand experience managing apartment communities and helping renters adapt to their spaces after moving in.

decorative image for What Does “Rent Burdened” Mean? How Much Rent Is Too Much article

What Does “Rent Burdened” Mean? How Much Rent Is Too Much

Written by: Lauren Harrington

This article draws from first-hand renter experiences and recurring financial challenges reported after moving in.

decorative image for Maximizing Your Refund: Essential Tax Tips for Renters article

Maximizing Your Refund: Essential Tax Tips for Renters

Written by: Christine Leonard, Esq.

Other than tax professionals, I can’t think of anyone who looks forward to tax season. For everybody else, April is a stressful month to collect information and meet deadlines.