Cheap Homes for Rent in Chicago, IL from $700 (1,982 Rentals)

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Chicago, IL Local Guide

Cheapest Neighborhoods for Apartments in Chicago, IL

Pricing Updated: 07/30/2025

Current apartment rentals in the Chicago, IL area range in price from $575 to $77,776 with an overall median price of $3,403. The three Chicago neighborhoods with the lowest median rent pricing are Brinkmans at $803, Edgewood at $803, and Village Green at $803. 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$1,099$80326
Edgewood$1,099$80326
Village Green$1,099$80326
Downtown Michigan City$1,224$80335
Trail Creek$1,224$80335
Indiana Harbor$1,300$6705
Marktown$1,300$6707
South West Markham$1,300$1,0005
West Calumet$1,350$1,1252
North Center$1,350$1,3501

Cheapest Available Chicago Apartments for Rent

 

The cheapest available apartment rental in Chicago, IL is a Studio unit found at 5445 Ingleside By 3L Living in the Hyde Park neighborhood priced from $639. 1155 W 83rd St in the Auburn Gresham neighborhood has the second lowest priced unit, which is a Studio apartment currently listed from $650. Here is today’s list of the most affordable Chicago apartments for rent:

Apartment ListingModel NameBed/BathPriced From
5445 Ingleside By 3L LivingLarge Co-Living Single RoomStudio,1BA$639
1155 W 83rd StStudioStudio,1BA$650
5748 Blackstone By 3L LivingShared Kitchenette & BathroomStudio,1BA$699
Highlands Tudor Manor - 55+ CommunityStudioStudio,1BA$700
5540 Hyde Park by 3L LivingEfficiency Studio - NorthStudio,1BA$724
6246 S. King Dr.Two rm StudioStudio,1BA$750
Pine North0BR/1.0BAStudio,1BA$765
8640 S Ingleside AveStudio ApartmentStudio,1BA$775

Best Value Apartments for Rent in Chicago, IL

As of July 30, 2025 the best value apartment in the Chicago area is the $0.22 price per square foot 5937 N Paulina St Model at 5937 N Paulina St, Unit # 03W in the in the Edgewater neighborhood starting from $2,200. The second greatest value Chicago apartment is the 4849 N Seeley Ave Model at 4849 N Seeley Ave, Unit # 02 starting at $3,450 with a $0.35 price per square foot in the Ravenswood 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.
5937 N Paulina St, Unit # 03W5937 N Paulina St2BR,1BA$0.22
4849 N Seeley Ave, Unit # 024849 N Seeley Ave3BR,1BA$0.35
2315 N Rockwell St, Unit D22315 N Rockwell StStudio ,1BA$0.16
3852 N Southport Ave, Unit # 023852 N Southport Ave2BR,1BA$0.28
1707 N Fairfield Ave, Unit # 021707 N Fairfield Ave2BR,1BA$0.24
1555 W Hollywood Ave, Unit # 02091555 W Hollywood Ave1BR,1BA$0.19
1907 S Racine Ave, Unit # 02F1907 S Racine Ave2BR,2BA$0.26
1058 W Columbia Ave, Unit 3rd Floor1058 W Columbia Ave3BR,2BA$0.57
5344 S Carpenter St, Unit Duplex5344 S Carpenter St3BR,1BA$0.53
8230 S Hermitage Ave, Unit 18230 S Hermitage Ave3BR,1BA$0.73

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Frequently Asked Questions about Chicago

What type of rentals are currently available in Chicago?

There are currently 24882 Apartments for Rent in Chicago, IL with pricing that ranges from $575 to $77,776. There are also 6199 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 $3,940.

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 $1,075 to $38,481, while Three Bedroom Homes, Condos, and Townhomes for rent range from $750 to $40,000. 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 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.

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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.