Cheap Homes for Rent in Downtown Chicago Neighborhood of Chicago, IL from $800 (183 Rentals)

How Many Bedrooms?Done
Select your price rangeDone
By AmenitiesDone
By Community TypeDone
Features and AvailabilityDone
Done

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

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.

Read Article

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.

Read Article

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.

Read Article

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.

Read Article

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

Wondering how to determine your rental budget? This comprehensive guide covers everything from the 30% rule to hidden fees and effective budgeting strategies.

Read Article
Showing Results 1-50, Page 1 of 4

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 $1,004. 2423 State Street has the second lowest priced unit, which is a 4 Beds apartment currently listed from $1,019. Here are the most affordable Downtown Chicago apartments for rent in Chicago, IL:

Apartment ListingModel NameBed/BathPriced From
Prairie ShoresClassic StudioStudio,1BA$1,004
2423 State StreetPrivate Bedroom in Shared 4 Bed 3 Bath - A4BR,3BA$1,019
Mccormick ColivingPrivate Bedroom in Shared 4 Bed 3 Bath (D)4BR,3BA$1,108
11 W. DivisionStudioStudio,1BA$1,245
Atrium at Old Town Park1 Bedroom1BR,1BA$1,308
Maple1 Bedroom 1 Bathroom1BR,1BA$1,313
Elm 551 at ParksideStudioStudio,1BA$1,313
1100 North LasalleStudioStudio,1BA$1,390

Best Value Apartments for Rent in Downtown Chicago, IL

As of August 04, 2025 the best value apartment in the Downtown Chicago area is the $0.32 price per square foot 648 W 16th St Model at 648 W 16th St, Unit #1 in the in the South Loop neighborhood starting from $3,200. The second greatest value Downtown Chicago apartment is the 1147 W Taylor St Model at 1147 W Taylor St, Unit 1 starting at $3,700 with a $1.70 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.
648 W 16th St, Unit #1648 W 16th St3BR,2BA$0.32
1147 W Taylor St, Unit 11147 W Taylor St3BR,2BA$1.70
1753 W Chicago Ave, Unit 21753 W Chicago Ave3BR,2BA$1.70
1753 W Chicago Ave, Unit J02P1753 W Chicago Ave3BR,2BA$1.70
1823 W 17th St, Unit 1F1823 W 17th St3BR,2BA$1.50
The 808 ClevelandPrivate Bedroom in Shared 4 Bed 3 Bath4BR,3BA$1.08
2893 S Archer Ave, Unit 32893 S Archer Ave3BR,1BA$1.49
2926 S Wallace St, Unit 3R2926 S Wallace St2BR,1BA$1.32
1948 S Desplaines St, Unit 11948 S Desplaines St2BR,1BA$1.68
2345 W 24th St, Unit #12345 W 24th St2BR,1BA$1.67

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.

decorative image of people with a giant lease agreement

Frequently Asked Questions about Downtown Chicago

What type of rentals are currently available in Downtown Chicago?

There are currently 2235 Apartments for Rent in Downtown Chicago, IL with pricing that ranges from $750 to $77,776. There are also 1671 Single Family Homes for rent, Condos, and Townhome rentals currently available in Downtown Chicago ranging from $825 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 $825 to $30,000 with an average monthly rent of $6,653.

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 $825 to $30,000. Four Bedroom Single-Family rentals are also available starting from $860 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.

decorative image for The Ultimate Long-Distance Moving Checklist: Tips from a Real Estate Pro article

The Ultimate Long-Distance Moving Checklist: Tips from a Real Estate Pro

Written by: Christine Leonard, Esq.

Hard truth. Moving is never easy. I’ve done it all – from local moves to cross-country relocations From packing to unpacking the last box, I have found moving to be an exhausting, expensive and stressful experience every time.

decorative image for Cash or credit? Understanding the Importance of Credit Score in Real Estate and Renting article

Cash or credit? Understanding the Importance of Credit Score in Real Estate and Renting

Written by: Christine Leonard, Esq.

Throughout the day, think about all the times that you have to pay for something. So many of us reach automatically for a credit card or even our phone for a quick payment.

decorative image for Roommate Matching: Finding the Right Fit and Avoiding Pitfalls article

Roommate Matching: Finding the Right Fit and Avoiding Pitfalls

Written by: Cheryl Bowman

A fantastic way to save money and enjoy a built-in community is to share an apartment. However, a bad roommate situation can turn your dream rental into a nightmare.