Cheap Apartments for Rent in the Magnificent Mile Neighborhood of Chicago, IL from $875 (74 Rentals)

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

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1330 N Dearborn
$1,500 - $2,200
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$1,500 - $2,200
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Studio to 2 Bedroom Apartments Contact Us For Availability

1330 N Dearborn

1330 N Dearborn StChicago, IL 60610
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1254 N Wells St, Unit 202
$1,725
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$1,725
Total Monthly Price
$1,725
1 Bedroom Apartment Available Oct 1

1254 N Wells St, Unit 202

1254 N Wells StChicago, IL 60610
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1000 N. LaSalle
Rent Specials
$1,750 - $3,530
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$1,750 - $3,530
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Studio to 2 Bedroom Apartments Available Now

1000 N. LaSalle

1000-1030 N LaSalle DrChicago, IL 60610
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21 W Goethe St, Unit 4E
$1,750
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Total Monthly Price

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$1,750
Total Monthly Price
$1,750
Studio Apartment Available Now

21 W Goethe St, Unit 4E

21 W Goethe StChicago, IL 60610
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55 W. Chestnut
$1,789 - $3,323
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$1,789 - $3,323
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Studio to 2 Bedroom Apartments Available Sep 1

55 W. Chestnut

55 W Chestnut StChicago, IL 60610
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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!

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1120 N. LaSalle
$1,816 - $3,616
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$1,816 - $3,616
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Studio to 2 Bedroom Apartments Available Sep 1

1120 N. LaSalle

1120 LaSalle DrChicago, IL 60610
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1111 N. Dearborn
$1,824 - $4,902
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$1,824 - $4,902
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Studio to 3 Bedroom Apartments Available Now

1111 N. Dearborn

1111 N Dearborn StChicago, IL 60610
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1133 N. Dearborn
Rent Specials
$1,869 - $4,064
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$1,869 - $4,064
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1133 N. Dearborn

1133 N Dearborn StChicago, IL 60610
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Chicago Relocation 101: Mastering Utilities, Registration, and the CTA

Moving to Chicago? This essential relocation guide offers a complete checklist for new residents, covering finding the right neighborhood, setting up utilities (ComEd, People’s Gas), and mastering high-rise moving logistics and vehicle registration.

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1350 N Dearborn St
$1,995 - $2,695
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Total Monthly Price

Base Rent
$1,995 - $2,695
Total Monthly Price
$1,995 - $2,695
Studio to 1 Bedroom Apartment Available Now

1350 N Dearborn St

1350 N Dearborn StChicago, IL 60610
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Renters Insurance 101: What It Is, What It Covers, and Why You Need It

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Magnificent Mile, Chicago, IL Local Guide

Cheapest Available Magnificent Mile Apartments for Rent

 

The cheapest available apartment rental in the Magnificent Mile area of Chicago, IL is a 1 Bed unit found at Maple priced from $1,230. 11 W. Division has the second lowest priced unit, which is a Studio apartment currently listed from $1,365. Here are the most affordable Magnificent Mile apartments for rent in Chicago, IL:

Apartment ListingModel NameBed/BathPriced From
Maple1 Bedroom 1 Bathroom1BR,1BA$1,230
11 W. DivisionStudioStudio,1BA$1,365
211 E. DelawareStudioStudio,1BA$1,515
1036 N. DearbornStudioStudio,1BA$1,535
Park DearbornKitchenetteStudio,1BA$1,550
1162 - 1168 N La Salle Blvd1168 N. LaSalle Dr.1BR,1BA$1,590
1347 N DearbornStudioStudio,1BA$1,595

Best Value Apartments for Rent in Magnificent Mile, IL

As of August 23, 2026 the best value apartment in the Magnificent Mile area is the $2.74 price per square foot 33 E Division St Model at 33 E Division St, Unit #3 in the in the Magnificent Mile neighborhood starting from $6,300. The second greatest value Magnificent Mile apartment is the 187 N Westshore Dr Model at 187 N Westshore Dr starting at $4,350 with a $2.81 price per square foot in the Magnificent Mile neighborhood. Here is today’s list of the best values for Magnificent Mile apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
33 E Division St, Unit #333 E Division St3BR,3BA$2.74
187 N Westshore Dr187 N Westshore Dr2BR,2BA$2.81
440 N. Wabash Ave.Two Bedroom 1324 sq ft2BR,2BA$2.42
333 E Wacker Dr, Unit 17333 E Wacker Dr2BR,2BA$2.83
Elm Street PlazaOne Bedroom1BR,1BA$2.85
Asbury PlazaOne Bedroom1BR,1BA$2.80
1111 N. Dearborn1-BR/1BA1BR,1BA$2.82
Atrium at Old Town ParkStudio AStudio ,1BA$2.74
1162 - 1168 N La Salle Blvd1168 N. LaSalle Dr.1BR,1BA$2.77
Maple1 Bedroom 1 Bathroom1BR,1BA$2.28

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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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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Real 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.

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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

This website compares millions of points of data to bring you our detailed rental analysis called 'Lifestyle Ratings' - a comparison of rentals in cities across the United States and customized analysis for Central Chicago. Our Lifestyle Ratings help you zero-in on the perfect place to call home. This takes in many factors including our Star Ratings to compare for proximity to parks, luxury amenities, pet-friendly features, features that make it easier to raise kids, proximity to transit, in addition to floorplans, availablity, and pricing. Use Lifestyle Search in the site filter options on this page - and find your Perfect place!

Frequently Asked Questions about Cheap Magnificent Mile Apartments

What is a cheap apartment in Magnificent Mile?

A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in Magnificent Mile is under $1,595.

What is the price of a cheap apartment in Magnificent Mile?

The cheapest apartment in Magnificent Mile is Maple which is listed at $1,230, while the average apartment in Magnificent Mile costs $2,971.

What types of apartments are the cheapest in Magnificent Mile?

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 10 regular apartments in Magnificent Mile 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 Magnificent Mile?

Cheap apartments in Magnificent Mile have an average cost of $261 which is $2,710 cheaper than the average rent for all rentals in Magnificent Mile.

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.

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