Cheap Apartments for Rent in the Hyde Park Neighborhood of Chicago, IL from $500 (115 Rentals)

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Search the lowest-cost Apartments available for rent right now in the Hyde Park area of Chicago.

What Does “Rent Burdened” Mean? How Much Rent Is Too Much

Learn the official definition (spending 30% or more of your gross income on housing) and how to calculate your exact rent-to-income ratio. This guide offers expert tips on factoring in total housing costs (including utilities and fees) and budgeting accurately to avoid unnecessary financial strain.

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Your Guide to Co-Signers: The Risks, Rewards, and Everything in Between

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The Trilogy at Hyde Park
Rent Specials
$1,444 - $3,004
Total Monthly Price

Total Monthly Price

Base Rent
$1,444 - $3,004
Total Monthly Price
$1,444 - $3,004
1 to 3 Bedroom Apartments Available Now

The Trilogy at Hyde Park

1310-1316 E Hyde Park BlvdChicago, IL 60615
Corporate Housing
  • Verified
  • Customer Reviewed
  • 3D Tour

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5401 S Ellis Ave
Studio to 3 Bedroom Apartments

5401 S Ellis Ave

5401 S Ellis AveChicago, IL 60615
  • Utilities Included
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Ohio Commons
1 to 4 Bedroom Apartments

Ohio Commons

5001 S Drexel BlvdChicago, IL 60615
  • Utilities Included

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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Showing Results 1-50, Page 1 of 3

Hyde Park, Chicago, IL Local Guide

Cheapest Available Hyde Park Apartments for Rent

 

The cheapest available apartment rental in the Hyde Park area of Chicago, IL is a Studio unit found at 5445 Ingleside By 3L Living priced from $684. 5540 Hyde Park by 3L Living has the second lowest priced unit, which is a Studio apartment currently listed from $724. Here are the most affordable Hyde Park apartments for rent in Chicago, IL:

Apartment ListingModel NameBed/BathPriced From
5445 Ingleside By 3L LivingCo-Living Single RoomStudio,1BA$684
5540 Hyde Park by 3L LivingEfficiency Studio - NorthStudio,1BA$724
5748 Blackstone By 3L LivingNo Kitchenette with Shared BathroomStudio,1BA$726
824 E 53rd StLarge StudioStudio,1BA$850
801-05 E Drexel Square Chicago, IL 60615Studio ApartmentStudio,1BA$940
5401 Cornell by 3L LivingRenovated StudioStudio,1BA$959
5120 S. Hyde Park Boulevard5120-0bAStudio,1BA$985
5528-5532 S. Everett Avenue5528-0bBStudio,1BA$1,095
2Sisters ApartmentsStudio Floor Plan S1Studio,1BA$1,138
Museum Walk ApartmentsStudio Floor Plan S5Studio,1BA$1,150

Best Value Apartments for Rent in Hyde Park, IL

As of April 25, 2026 the best value apartment in the Hyde Park area is the $1.09 price per square foot 5211 S Greenwood Ave Model at 5211 S Greenwood Ave in the in the Hyde Park neighborhood starting from $3,500. The second greatest value Hyde Park apartment is the 5700-4bA Model at 5700 S. Blackstone Avenue starting at $4,399 with a $1.88 price per square foot in the Hyde Park neighborhood. Here is today’s list of the best values for Hyde Park apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
5211 S Greenwood Ave5211 S Greenwood Ave4BR,2BA$1.09
5700 S. Blackstone Avenue5700-4bA4BR,2BA$1.88
The Trilogy at Hyde Park3 bedroom3BR,2BA$1.91
Woodlawn Commons2BR/1BA2BR,1BA$1.61
Greenwood 5201gnwd2bB12BR,1BA$2.09
Mayfair Apartments2 Bedrooms Floor Plan B12BR,1BA$1.83
824 E 53rd St1 Bed1BR,1BA$1.19
5034-5046 S. Woodlawn Avenue5034-1bc1BR,1BA$2.09
5049 S. Drexel Boulevard5049-1bc1BR,1BA$1.99
5020 S Woodlawn Ave1 Bedroom1BR,1BA$1.73

10 Hidden Costs of Renting You Should Budget for Before Signing a Lease

Avoid financial stress when renting. Learn about the 10 most common hidden costs—from pet fees to utilities—you must budget for before you sign a lease.

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Don't Settle: How to Negotiate Your Apartment Lease and Save Money

Discover the insider tips from an attorney and real estate agent on how to negotiate your next apartment lease. Find out what's on the table and what's not, so you can save money and get the best terms possible.

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Best Neighborhoods to Rent in Near Chicago's Top Employers: A Guide for Renters

A Local Expert's Guide to The 10 Best Chicago Neighborhoods near Major Local Employers. Find your perfect Chicago, IL apartment, condo, or rental home today at ApartmentHomeLiving.com

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

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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.

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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

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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.

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Lifestyle Ratings

ApartmentHomeLiving brings you Lifestyle Ratings of rentals in metropolitan areas across the United States, including Chicago. LifeStyle Ratings are the best way to sort through finding a place to live - beyond price and floorplan. This takes in many factors including rankings of the best places for outdoor amenities like tennis courts, luxury amenities, features that make it easier to raise kids, raising pets, transit options, and other valuable search options. Use Lifestyle Search in the site filter options on this page - and find your Perfect place!

Frequently Asked Questions about Cheap Hyde Park Apartments

What is a cheap apartment in Hyde Park?

A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in Hyde Park is under $1,150.

What is the price of a cheap apartment in Hyde Park?

The cheapest apartment in Hyde Park is 824 E 53rd St which is listed at $950, while the average apartment in Hyde Park costs $4,150.

What types of apartments are the cheapest in Hyde Park?

Student, low-income, and by-the-bed apartments are typically the cheapest rentals in most cities, though they require qualifying criteria to rent. There are 20 regular apartments in Hyde Park that we think qualify as ‘cheap apartments’ that do not have special requirements to apply to rent.

How do the prices of cheap apartments compare to the average apartment in Hyde Park?

Cheap apartments in Hyde Park have an average cost of $243 which is $3,907 cheaper than the average rent for all rentals in Hyde Park.

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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Expert Solutions for Creating the Perfect Work-From-Home Apartment Layouts

Written by: Lauren Harrington

This article is based on first-hand experience managing apartment communities and helping renters adapt to their spaces after moving in.

decorative image for What Does “Rent Burdened” Mean? How Much Rent Is Too Much article

What Does “Rent Burdened” Mean? How Much Rent Is Too Much

Written by: Lauren Harrington

This article draws from first-hand renter experiences and recurring financial challenges reported after moving in.

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Maximizing Your Refund: Essential Tax Tips for Renters

Written by: Christine Leonard, Esq.

Other than tax professionals, I can’t think of anyone who looks forward to tax season. For everybody else, April is a stressful month to collect information and meet deadlines.

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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.