Cheap Homes for Rent in Downtown Chicago Neighborhood of Chicago, IL from $600 (135 Rentals)

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

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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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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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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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 Studio unit found at Prairie Shores priced from $1,020. 2423 S State has the second lowest priced unit, which is a 1 Bed apartment currently listed from $1,122. Here are the most affordable Downtown Chicago apartments for rent in Chicago, IL:

Apartment ListingModel NameBed/BathPriced From
Prairie ShoresClassic StudioStudio,1BA$1,020
2423 S StatePrivate bedroom with en-suite bathroom1BR,1BA$1,122
2401 S StateEnsuite1BR,1BA$1,147
Addams ColivingUnit 3164BR,3BA$1,190
Maple1 Bedroom 1 Bathroom1BR,1BA$1,230
11 W. DivisionStudioStudio,1BA$1,245
Elm 551 at ParksideStudioStudio,1BA$1,313

Best Value Apartments for Rent in Downtown Chicago, IL

As of September 19, 2025 the best value apartment in the Downtown Chicago area is the $1.66 price per square foot 1822 S Throop St Model at 1822 S Throop St, Unit 2F in the in the University Village neighborhood starting from $2,995. The second greatest value Downtown Chicago apartment is the 1822 S Throop St Model at 1822 S Throop St, Unit 2F starting at $2,995 with a $1.66 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.
1822 S Throop St, Unit 2F1822 S Throop St3BR,2BA$1.66
1822 S Throop St, Unit 2F1822 S Throop St3BR,2BA$1.66
1643 S Throop St, Unit 3R1643 S Throop St3BR,1BA$1.55
2028 W 22nd Pl, Unit 12028 W 22nd Pl2BR,1BA$1.10
2893 S Archer Ave, Unit 32893 S Archer Ave3BR,1BA$1.46
2110 W 22nd Pl, Unit First Floor Rear2110 W 22nd Pl3BR,1BA$1.25
2046 W Cortez St, Unit Garden Apartment2046 W Cortez St2BR,1BA$1.64
2122 W 21st St, Unit 22122 W 21st St2BR,1BA$1.73
2877 S Throop St, Unit 2F2877 S Throop St3BR,2BA$1.71
1943 W 21st Pl, Unit 1R1943 W 21st Pl2BR,1BA$1.75

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

Frequently Asked Questions about Downtown Chicago

What type of rentals are currently available in Downtown Chicago?

There are currently 2232 Apartments for Rent in Downtown Chicago, IL with pricing that ranges from $1,000 to $77,776. There are also 1642 Single Family Homes for rent, Condos, and Townhome rentals currently available in Downtown Chicago ranging from $675 to $30,000.

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 $675 to $30,000 with an average monthly rent of $5,591.

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 $675 to $30,000. Four Bedroom Single-Family rentals are also available starting from $760 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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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.

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Your Guide to Co-Signers: The Risks, Rewards, and Everything in Between

Written by: Christine Leonard, Esq.

For many people, obstacles can arise during the rental application process for a variety of issues.