Cheap Homes for Rent in Downtown Chicago Neighborhood of Chicago, IL from $800 (92 Rentals)

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

property at 813 S Laflin St

$900

Total Monthly Price

Total Monthly Price

Base Rent
$900
Total Monthly Price
$900

1 Bedroom, 0.5 Bath Townhome for Rent

Available Apr 1

813 S Laflin St

ChicagoIL60607

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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property at 1160 N Dearborn St

$1,375 - $1,995

Total Monthly Price

Total Monthly Price

Base Rent
$1,375 - $1,995
Total Monthly Price
$1,375 - $1,995

Studio To 1 Bedroom Condos for Rent

Available Now

1160 N Dearborn St

ChicagoIL60610
property at 1719 W 18th St

$1,400 - $2,100

Studio To 2 Bedroom Rentals

Available Now

1719 W 18th St

ChicagoIL60608

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

Learn about the best things about living in Chicago from a local in the Insiders Guide to Renting in Chicago. Find your perfect Chicago apartment today!

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The Art of the Rental Viewing: What to look for during a property tour

Touring a rental? This guide helps you know exactly what to look for, from safety features to hidden flaws, so you can confidently sign your lease or keep searching.

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Smart Renter's Guide: Calculating Affordable Rent & Housing Costs

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Showing Results 1-50, Page 1 of 2

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
Eden CommonsStudioStudio,1BA$1,218
Maple1 Bedroom 1 Bathroom1BR,1BA$1,230
Addams ColivingUnit 2074BR,4BA$1,250
11 W. DivisionStudioStudio,1BA$1,275
Prairie ShoresRenovated StudioStudio,1BA$1,291
768 W. JacksonStudioStudio,1BA$1,325
Gramercy Row ApartmentsStudio Floor Plan S15Studio,1BA$1,333
Prairie CoLivingPrivate bedroom with en-suite bathroom1BR,1BA$1,350

Best Value Apartments for Rent in Downtown Chicago, IL

As of March 17, 2026 the best value apartment in the Downtown Chicago area is the $0.93 price per square foot Apartment 3 Bedroom Model at 1935 S Canalport Ave in the in the South Loop neighborhood starting from $1,825. The second greatest value Downtown Chicago apartment is the 1822 S Throop St Model at 1822 S Throop St, Unit 2F starting at $2,445 with a $1.36 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.
1935 S Canalport AveApartment 3 Bedroom3BR,2.5BA$0.93
1822 S Throop St, Unit 2F1822 S Throop St3BR,2BA$1.36
30 East4 BEDROOM/4 BATHROOM - D4BR,4BA$1.24
1427 W Lexington St, Unit 1 st. Floor1427 W Lexington St3BR,1.5BA$1.62
3212 S Union Ave, Unit Union3212 S Union Ave3BR,1BA$1.54
1806 S Jefferson St1806 S Jefferson St2BR,1BA$1.67
2893 S Archer Ave, Unit 22893 S Archer Ave2BR,1BA$1.72
Student | The Flats East West3x23BR,2BA$1.23
Westhaven Park II - C1 Bedroom1BR,1BA$0.97
West Haven Park II - B1 Bedroom1BR,1BA$1.37

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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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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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 2196 Apartments for Rent in Downtown Chicago, IL with pricing that ranges from $849 to $48,409. There are also 1525 Single Family Homes for rent, Condos, and Townhome rentals currently available in Downtown Chicago ranging from $850 to $40,000.

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 $850 to $40,000 with an average monthly rent of $7,941.

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 $1,359 to $38,481, while Three Bedroom Homes, Condos, and Townhomes for rent range from $850 to $23,000. Four Bedroom Single-Family rentals are also available starting from $930 and Four Bedroom Apartments start at $879.

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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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.

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18 Must-Ask Rental Tour Questions That Reveal the Truth about a Property

Written by: Lauren Harrington

Renting your next home can feel thrilling and overwhelming at the same time.

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A Renters Guide for Tips on Writing Your Notice for Not Renewing Your Apartment

Written by: Bob Mallory

Packing up everything you own to move is so stressful for many that ending your apartment lease can feel like a small or unimportant task. Ending your lease involves more than simply turning over your keys on the last day.

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Renting with Roommates: Realistic Expectations for Shared Lease

Written by: Christine Leonard, Esq.

Given the high costs for housing, I have found that many people are looking for a roommate to share expenses. These arrangements can increase opportunities for more desirable and larger spaces.