
Homes for Rent in the Downtown Chicago Neighborhood of Chicago, IL Under $1,500 (16 Rentals)


2901 S Michigan Ave, Unit Orange Sunset 2901 S Mich

2851 S Martin Luther King Dr, Unit 2851 South Doctor Martin

Total Monthly Price
61 W Erie St, Unit SI FL4-ID1408

Total Monthly Price
188 N Wells St, Unit SI FL3-ID1236
The Windy City Price Tag: Your Complete Guide to the Cost of Living in Chicago
Chicago may cost more than the national average, but with the right neighborhood, a smart transit strategy, and a few local insider tips, living well in the Windy City is more achievable than you might think. Our local expert breaks down everything from rent and groceries to transportation and healthcare so you can plan your move with confidence.

2934 S Keeley St

1407 S Halsted St

2901 S Michigan Ave

Room in Shared 4 bed/2.5 bath home in Chinatown, Unit B

Room in Shared 4 bed/2.5 bath home in Chinatown, Unit A
Renters Insurance 101: What It Is, What It Covers, and Why You Need It
From theft to fire to water damage, the unexpected can happen to any renter. Discover why renters insurance is one of the smartest and most affordable investments you can make as a tenant.

Room in Shared 3 bed/2 bath home in Near West Side, Unit A

254 W 31st St

1801 S Peoria St

3213 S Green St

601 E 32nd St
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Looking for a rental near Chicago? These five cities offer excellent options! From small-town charm to excellent business options, you can't go wrong!

3145 S May St, Unit 1F
Downtown Chicago, Chicago, IL Local Guide

How much does it cost to rent a home in Downtown Chicago?
| Bedroom | Average Rent | Cheapest Rent | Highest Rent |
|---|---|---|---|
| Downtown Chicago 2 Bedroom Homes for Rent | $3,752 | $900 | $10,000+ |
| Downtown Chicago 3 Bedroom Homes for Rent | $5,916 | $910 | $10,000+ |
| Downtown Chicago 4 Bedroom Homes for Rent | $6,486 | $1,160 | $10,000+ |
| Downtown Chicago 5 Bedroom Homes for Rent | $12,500 | $6,000 | $10,000+ |
Browse Homes for Rent in this Neighborhood
There are currently 16 rentals with your search options within a 2 mile radius of the Downtown Chicago Neighborhood of Chicago, IL.
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Downtown Chicago, Chicago, IL Local Guide
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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
Read ArticleReal Estate and Rental Term Glossary | ApartmentHomeLiving.com Renter University
From the letter A all the way to the letter Z, the Real Estate and Rental Term Glossary from the content team at ApartmentHomeLiving.com provides our visitors and shoppers with a little clarity and helpful guidance in navigating the real estate world through definitions and explainers for the top subjects and terms that someone may come across during the leasing, buying, or selling process.
Read ArticleQuick 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.
Best Local Schools in Downtown Chicago, Chicago, IL
South Loop Elementary School
Jones College Prep High School
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 2175 Apartments for Rent in Downtown Chicago, IL with pricing that ranges from $999 to $43,181. There are also 1481 Single Family Homes for rent, Condos, and Townhome rentals currently available in Downtown Chicago ranging from $900 to $32,500.
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 $900 to $32,500 with an average monthly rent of $3,392.
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 $999 to $38,481, while Three Bedroom Homes, Condos, and Townhomes for rent range from $910 to $32,500. Four Bedroom Single-Family rentals are also available starting from $1,160 and Four Bedroom Apartments start at $1,025.
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

The Windy City Price Tag: Your Complete Guide to the Cost of Living in Chicago
Written by: Nicole Harms
When choosing a place to live, there are many things you must consider. Your employer, your shopping preferences, and even schools are all important to think about. Yet cost of living is also important to know and plan for.

Best Places to Live Near Chicago: 5 Cities That Keep the Windy City Accessible
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I’m Nicole, you’re ApartmentHomeLiving.com Local Expert for Chicago. There’s no denying I love the Windy City. Yet there’s also no denying that rental homes in Chicago can be pricy, small, and hard to find.

Chicago Relocation 101: Mastering Utilities, Registration, and the CTA
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Moving to a new city is always an exciting time, especially one as vibrant and diverse as Chicago. With world-class museums, a breathtaking lakefront, and numerous employment opportunities, there’s much to love about this city.

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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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Insurance seems to be a part of life. In some states, having insurance is the law, as is the case for automobile insurance. Renters are no exception.

Apartment Occupancy Rates: Renter Attraction vs Renter Retention
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There’s a tenet in marketing about client or customer attraction and retention. Studies and data have consistently shown it costs less to keep a current customer than to attract a new one.