Cheap Homes for Rent in Chicago, IL from $700 (1,927 Rentals)

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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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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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Navigating the Rental Market: Tips for First-Time Renters

Entering the rental market? Learn these simple tips and strategies to avoid common pitfalls and make confident choices. Rent with peace of mind.

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Chicago's Best Affordable Neighborhoods

Learn about Chicago and the best places to live with original content written by our Chicago, IL Local Expert Nicole Harms

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Chicago, IL Local Guide

Cheapest Neighborhoods for Apartments in Chicago, IL

Pricing Updated: 06/28/2025

Current apartment rentals in the Chicago, IL area range in price from $575 to $77,776 with an overall median price of $3,884. The three Chicago neighborhoods with the lowest median rent pricing are Brinkmans at $821, Edgewood at $821, and Village Green at $821. Here is today’s list of the top 10 neighborhoods with the lowest median pricing for Chicago Apartments for rent:

NeighborhoodMedian PriceMin PriceAvailable Units
Brinkmans$995$82127
Edgewood$995$82127
Village Green$995$82127
Blue Island Historic District$1,061$9291
Indiana Harbor$1,250$8754
Addison Historical District$1,295$1,1002
Michael Lane Area$1,295$1,1001
McKinley Park$1,295$1,1001
South West Markham$1,325$1,0002
West Calumet$1,350$1,1254

Cheapest Available Chicago Apartments for Rent

 

The cheapest available apartment rental in Chicago, IL is a 2 Beds unit found at 1524 W Garfield Blvd in the Englewood neighborhood priced from $500. 5445 Ingleside By 3L Living in the Hyde Park neighborhood has the second lowest priced unit, which is a Studio apartment currently listed from $600. Here is today’s list of the most affordable Chicago apartments for rent:

Apartment ListingModel NameBed/BathPriced From
1524 W Garfield Blvd2 Beds, 1 bath2BR,1BA$500
5445 Ingleside By 3L LivingLarge Co-Living Single RoomStudio,1BA$600
1155 W 83rd StStudioStudio,1BA$650
5748 Blackstone By 3L LivingNo Kitchenette with Shared BathroomStudio,1BA$699
Highlands Tudor Manor - 55+ CommunityStudioStudio,1BA$700
2207 E 75th StStudio ApartmentStudio,1BA$710
6246 S. King Dr.Two rm StudioStudio,1BA$750
South Shore Beach ApartmentsStudioStudio,1BA$825

Best Value Apartments for Rent in Chicago, IL

As of June 28, 2025 the best value apartment in the Chicago area is the $0.17 price per square foot 1914 W 21st Plz Model at 1914 W 21st Plz, Unit G in the in the University Village neighborhood starting from $1,700. The second greatest value Chicago apartment is the 1244 W Huron St Model at 1244 W Huron St, Unit # 01 starting at $3,995 with a $0.40 price per square foot in the West Town neighborhood. Here is today’s list of the best values for Chicago apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
1914 W 21st Plz, Unit G1914 W 21st Plz2BR,1BA$0.17
1244 W Huron St, Unit # 011244 W Huron St3BR,2BA$0.40
5639 N Artesian Ave, Unit 5639 N Artesian5639 N Artesian Ave2BR,1BA$0.18
953 W Cornelia Ave, Unit # 03D953 W Cornelia Ave1BR,1BA$0.18
1229 W Barry Ave, Unit George1229 W Barry Ave2BR,2BA$0.43
1058 W Columbia Ave, Unit 3rd Floor1058 W Columbia Ave3BR,2BA$0.62
8518 S Bennett Ave, Unit 38518 S Bennett Ave3BR,1BA$0.43
7845 S Kingston Ave, Unit 37845 S Kingston Ave3BR,2BA$0.53
1700 La Porte Ave, Unit 21700 La Porte Ave2BR,1BA$0.84
8046 S Maryland Ave, Unit 1st floor8046 S Maryland Ave1BR,1BA$0.82

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Frequently Asked Questions about Chicago

What type of rentals are currently available in Chicago?

There are currently 24582 Apartments for Rent in Chicago, IL with pricing that ranges from $575 to $77,776. There are also 6169 Single Family Homes for rent, Condos, and Townhome rentals currently available in Chicago ranging from $700 to $58,000.

What is the current price range for Rental Homes in Chicago?

Today's rental pricing for Homes for Rent, Condos and Townhomes in Chicago ranges from $700 to $58,000 with an average monthly rent of $3,867.

How much are larger Three and Four Bedroom Rentals in Chicago?

For those who are looking for larger living arrangements, Three Bedroom Apartments in Chicago range from $1,000 to $38,481, while Three Bedroom Homes, Condos, and Townhomes for rent range from $825 to $40,000. Four Bedroom Single-Family rentals are also available starting from $875 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.

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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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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.

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

Written by: Marie Brown

You’ve scrolled through countless listings, walked through a blur of rentals, and finally found what feels like the one. The pictures? Fantastic. The neighborhood seems just right.

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Know Your Budget: Calculating What You Can Realistically Afford When Renting

Written by: Lauren Harrington

Renting an apartment or house isn’t just about looking through online ads, choosing a few apartments or homes you want to tour, filling out an application, and putting down a deposit. Those things are all necessary and important.