Cheap Apartments for Rent in the Magnificent Mile Neighborhood of Chicago, IL from $800 (87 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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1154 N Dearborn St
$1,425 - $1,525
Total Monthly Price

Total Monthly Price

Base Rent
$1,425 - $1,525
Total Monthly Price
$1,425 - $1,525
Studio Apartment Available Now

1154 N Dearborn St

1154 N Dearborn StChicago, IL 60610
Affordability

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102 W Chicago Ave
$1,865 - $2,574
Total Monthly Price

Total Monthly Price

Base Rent
$1,865 - $2,574
Total Monthly Price
$1,865 - $2,574
Studio to 1 Bedroom Apartment Available Apr 10

102 W Chicago Ave

102 W Chicago AveChicago, IL 60654
Affordability
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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 Studio unit found at 11 W. Division priced from $1,215. Maple has the second lowest priced unit, which is a 1 Bed apartment currently listed from $1,230. Here are the most affordable Magnificent Mile apartments for rent in Chicago, IL:

Apartment ListingModel NameBed/BathPriced From
11 W. DivisionStudioStudio,1BA$1,215
Maple1 Bedroom 1 Bathroom1BR,1BA$1,230
1036 N. DearbornStudioStudio,1BA$1,345
25 E. DelawareStudio 1Studio,1BA$1,395
Gramercy Row ApartmentsStudio Floor Plan S15Studio,1BA$1,409
The Oliver on LaSalleStudioStudio,1BA$1,423
1164 N DearbornStudioStudio,1BA$1,425

Best Value Apartments for Rent in Magnificent Mile, IL

As of April 10, 2026 the best value apartment in the Magnificent Mile area is the $2.00 price per square foot StoreFront Model at 1221 N. LaSalle Lofts in the in the Magnificent Mile neighborhood starting from $3,000. The second greatest value Magnificent Mile apartment is the 2-BR/2BA Model at 750 N. Rush starting at $3,557 with a $2.88 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.
1221 N. LaSalle LoftsStoreFrontStudio ,2BA$2.00
750 N. Rush2-BR/2BA2BR,2BA$2.88
333 E Wacker Dr, Unit 17333 E Wacker Dr2BR,2BA$2.83
10 E. Ontario St.1 Bedroom1BR,1BA$2.11
18 E. Elm2 Bedroom / 2 Bathroom2BR,2BA$2.89
Elm Street PlazaOne Bedroom1BR,1BA$2.67
1226 N Dearborn St1226 N Dearborn St2BR,1BA$2.82
1120 N. LaSalle1-BR/1BA1BR,1BA$2.67
1111 N. Dearborn1-BR/1BA1BR,1BA$2.79
Maple1 Bedroom 1 Bathroom1BR,1BA$2.28

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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 the Cheapest Studio apartment in Magnificent Mile?

Currently the most affordable Cheap Studio Apartment in Magnificent Mile is at 11 W. Division listed at $1,215.

How much is rent for a Cheap One Bedroom Magnificent Mile Apartment?

The lowest price for a Cheap One Bedroom Magnificent Mile Apartment is $1,230 at Maple.

What is the lowest price for a Cheap Two Bedroom Magnificent Mile Apartment for rent?

Today's best deal for a Cheap Two Bedroom Apartment in Magnificent Mile is starting from $2,745 at 18 E. Elm.

What is the most affordable Magnificent Mile Three Bedroom Apartment?

The best deal on a cheap Magnificent Mile Three Bedroom Apartment rental is at Millennium Park Plaza and starts from $3,875.

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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