Cheap Homes for Rent in Downtown Chicago Neighborhood of Chicago, IL from $700 (102 Rentals)

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

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 3062 S Lyman St

$1,450

1 Bedroom, 1 Bath Townhome for Rent

Available Now

3062 S Lyman 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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property at 40 E 9th St

$1,600 - $2,200

Studio To 2 Bedroom Rentals

Available Now

40 E 9th St

ChicagoIL60605

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

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

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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 $1,003. Maple has the second lowest priced unit, which is a 1 Bed apartment currently listed from $1,230. Here are the most affordable Downtown Chicago apartments for rent in Chicago, IL:

Apartment ListingModel NameBed/BathPriced From
Prairie ShoresClassic StudioStudio,1BA$1,003
Maple1 Bedroom 1 Bathroom1BR,1BA$1,230
Eden CommonsStudioStudio,1BA$1,234
Addams ColivingUnit 2184BR,4BA$1,255
Elm 551 at ParksideStudioStudio,1BA$1,313
Gramercy Row ApartmentsStudio Floor Plan S7Studio,1BA$1,324
11 W. DivisionStudioStudio,1BA$1,345
Prairie CoLivingPrivate bedroom with en-suite bathroom1BR,1BA$1,350

Best Value Apartments for Rent in Downtown Chicago, IL

As of January 23, 2026 the best value apartment in the Downtown Chicago area is the $1.79 price per square foot Penthouse Model at 25 N Bishop in the in the West Loop neighborhood starting from $5,000. The second greatest value Downtown Chicago apartment is the 1901 S May St Model at 1901 S May St, Unit 1 starting at $3,000 with a $1.18 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.
25 N BishopPenthouse3BR,2BA$1.79
1901 S May St, Unit 11901 S May St3BR,2.5BA$1.18
1935 S Canalport AveApartment 3 Bedroom3BR,2.5BA$0.93
831 N Ashland Ave, Unit Unit2831 N Ashland Ave5BR,1.5BA$1.67
1900 S Throop St, Unit 61900 S Throop St3BR,1BA$1.40
2107 W Huron St, Unit G2107 W Huron St3BR,1BA$1.57
2893 S Archer Ave, Unit 32893 S Archer Ave3BR,1BA$1.63
240 W 24th St, Unit 2R240 W 24th St3BR,1BA$1.68
Student | The Flats East West3x23BR,2BA$1.23
3153 S May St, Unit 1R3153 S May St2BR,1BA$1.60

Frequently Asked Questions about Downtown Chicago

What type of rentals are currently available in Downtown Chicago?

There are currently 2194 Apartments for Rent in Downtown Chicago, IL with pricing that ranges from $450 to $77,776. There are also 1685 Single Family Homes for rent, Condos, and Townhome rentals currently available in Downtown Chicago ranging from $780 to $55,000.

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 $780 to $55,000 with an average monthly rent of $9,248.

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 $780 to $16,000. Four Bedroom Single-Family rentals are also available starting from $860 and Four Bedroom Apartments start at $1,040.

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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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.

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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.