Cheap Homes for Rent in Downtown Chicago Neighborhood of Chicago, IL from $500 (116 Rentals)

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

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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 Studio unit found at Prairie Shores priced from $1,008. Prairie CoLiving 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$1,008
Prairie CoLivingPrivate bedroom with en-suite bathroom1BR,1BA$1,122
McCormick CoLivingEnsuite4BR,3BA$1,147
Addams ColivingUnit 3164BR,3BA$1,190
Maple1 Bedroom 1 Bathroom1BR,1BA$1,230
11 W. DivisionStudioStudio,1BA$1,275
Eden CommonsStudioStudio,1BA$1,301
Atrio ApartmentsAROa41BR,1BA$1,308
Elm 551 at ParksideStudioStudio,1BA$1,313

Best Value Apartments for Rent in Downtown Chicago, IL

As of November 11, 2025 the best value apartment in the Downtown Chicago area is the $1.20 price per square foot 831 N Ashland Ave Model at 831 N Ashland Ave, Unit 2 in the in the West Town 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.
831 N Ashland Ave, Unit 2831 N Ashland Ave5BR,1.5BA$1.20
1935 S Canalport AveApartment 3 Bedroom3BR,2.5BA$0.93
1822 S Throop St, Unit 1F1822 S Throop St3BR,2.5BA$1.58
1918 W Cermak Rd, Unit 31918 W Cermak Rd3BR,2BA$1.57
1016 W Cullerton St, Unit 1F1016 W Cullerton St2BR,1BA$1.32
3119 S Morgan St, Unit 2N3119 S Morgan St3BR,1BA$1.60
2893 S Archer Ave, Unit 32893 S Archer Ave3BR,1BA$1.46
1647 S Throop St, Unit 2nd Rear1647 S Throop St2BR,2BA$1.60
1228 N Cleaver St, Unit 3R1228 N Cleaver St2BR,1BA$1.60
3153 S May St, Unit 1R3153 S May St2BR,1BA$1.60

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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 2241 Apartments for Rent in Downtown Chicago, IL with pricing that ranges from $800 to $77,776. There are also 1722 Single Family Homes for rent, Condos, and Townhome rentals currently available in Downtown Chicago ranging from $580 to $23,000.

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 $580 to $23,000 with an average monthly rent of $4,638.

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 $800 to $38,481, while Three Bedroom Homes, Condos, and Townhomes for rent range from $650 to $16,000. Four Bedroom Single-Family rentals are also available starting from $710 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.

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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Apartment Common Area Rules: What Renters Need to Know

Written by: Christine Leonard, Esq.

Back in the day when I rented one of my first apartments, the property didn’t even have laundry in the building. Now, rental properties are often competing against each other to provide the best amenities.

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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.