Cheap Apartments for Rent in the Magnificent Mile Neighborhood of Chicago, IL from $800 (108 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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Roommate Matching: Finding the Right Fit and Avoiding Pitfalls

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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 $1,345. 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$1,345
1164 N DearbornStudioStudio,1BA$1,350
Gramercy Row ApartmentsStudio Floor Plan S15Studio,1BA$1,379
211 E. DelawareStudioStudio,1BA$1,415
1036 N. DearbornStudioStudio,1BA$1,425

Best Value Apartments for Rent in Magnificent Mile, IL

As of January 05, 2026 the best value apartment in the Magnificent Mile area is the $1.87 price per square foot 2br/2ba Model at 1154 N Dearborn St in the in the Magnificent Mile neighborhood starting from $3,185. The second greatest value Magnificent Mile apartment is the 2BR / 2BA Model at DEARBORN DISTRICT starting at $3,185 with a $1.87 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.
1154 N Dearborn St2br/2ba2BR,2BA$1.87
DEARBORN DISTRICT2BR / 2BA2BR,2BA$1.87
1221 N. LaSalle LoftsStoreFrontStudio ,2BA$2.00
1300 N Dearborn St, Unit 17G1300 N Dearborn St2BR,2BA$2.46
706 N Wells St, Unit 2nd floor706 N Wells St1BR,1BA$2.19
10 E. Ontario St.1 Bedroom1BR,1BA$2.11
1443 N Dearborn St, Unit 1BD1443 N Dearborn St1BR,1BA$2.55
Lakeside 800Three Bedroom3BR,1BA$2.54
1437 N Dearborn St, Unit 1435- 2C1437 N Dearborn St1BR,1BA$2.56
Maple1 Bedroom 1 Bathroom1BR,1BA$2.28

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

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

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Cash or credit? Understanding the Importance of Credit Score in Real Estate and Renting

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A Local Expert's Top Student Friendly Neighborhoods to Rent Near Colleges in Chicago

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Quick Rent Budget Calculator

How much rent can you afford?

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 $1,425.

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 $19,021.

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 17 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 $333 which is $18,688 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.

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

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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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Renting with Roommates: Realistic Expectations for Shared Lease

Written by: Christine Leonard, Esq.

Given the high costs for housing, I have found that many people are looking for a roommate to share expenses. These arrangements can increase opportunities for more desirable and larger spaces.

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Apartment Common Area Rules: What Renters Need to Know

Written by: Christine Leonard, Esq.

Back in the day when I rented one of my first apartments, the property didn’t even have laundry in the building. Now, rental properties are often competing against each other to provide the best amenities.

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How to Negotiate Your Apartment Lease and Save Money

Written by: Christine Leonard, Esq.

Everything is a negotiation in real estate!