Cheap Apartments for Rent in the Magnificent Mile Neighborhood of Chicago, IL from $800 (65 Rentals)

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Search the lowest-cost Apartments available for rent right now in the Magnificent Mile 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

Thinking about getting a co-signer for your rental application? We break down what a co-signer is, the potential benefits, and the serious risks for both parties. Find out if it's the right choice for you.

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1120 N. LaSalle
$1,615 - $3,616
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$1,615 - $3,616
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Studio to 2 Bedroom Apartments Available Now

1120 N. LaSalle

1120 LaSalle DrChicago, IL 60610
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1000 N. LaSalle
$1,750 - $3,561
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$1,750 - $3,561
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Studio to 2 Bedroom Apartments Available Aug 1

1000 N. LaSalle

1000-1030 N LaSalle DrChicago, 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 Aug 1

55 W. Chestnut

55 W Chestnut StChicago, 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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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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1133 N. Dearborn
$1,869 - $4,064
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$1,869 - $4,064
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Studio to 2 Bedroom Apartments Available Now

1133 N. Dearborn

1133 N Dearborn StChicago, IL 60610
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Roommate Matching: Finding the Right Fit and Avoiding Pitfalls

When searching for a roommate, follow this list of essential steps and set clear expectations to create a solid foundation for a harmonious living situation.

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25 W Hubbard St
1 to 2 Bedroom Apartments

25 W Hubbard St

25 W Hubbard StChicago, IL 60654
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1430 N Dearborn St
Studio to 1 Bedroom Apartments

1430 N Dearborn St

1430 N Dearborn StChicago, IL 60610
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Maple
1 Bedroom Apartments

Maple

150 W Maple StChicago, IL 60610
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211 E. Ohio St.
Studio to 2 Bedroom Apartments

211 E. Ohio St.

205-215 E Ohio StChicago, IL 60611
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600 N Lake Shore Dr
Studio to 3 Bedroom Apartments

600 N Lake Shore Dr

600 N Lake Shore DrChicago, IL 60611
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55 E Erie St
Studio to 3 Bedroom Apartments

55 E Erie St

55 E Erie StChicago, IL 60611
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35 E Division St
Studio to 1 Bedroom Apartments

35 E Division St

35 E Division StChicago, IL 60610
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Renters Insurance 101: What It Is, What It Covers, and Why You Need It

From theft to fire to water damage, the unexpected can happen to any renter. Discover why renters insurance is one of the smartest and most affordable investments you can make as a tenant.

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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
1036 N. DearbornStudioStudio,1BA$1,375
25 E. DelawareStudio 1Studio,1BA$1,395
211 E. DelawareStudioStudio,1BA$1,445
18 E. ElmStudioStudio,1BA$1,495
Park DearbornKitchenetteStudio,1BA$1,500
Atrium at Old Town Park1 Bedroom1BR,1BA$1,756

Best Value Apartments for Rent in Magnificent Mile, IL

As of July 09, 2026 the best value apartment in the Magnificent Mile area is the $2.50 price per square foot Four Bedroom Model at 116-120 Chestnut Properties in the in the Magnificent Mile neighborhood starting from $7,500. The second greatest value Magnificent Mile apartment is the 1435 N Dearborn St Model at 1435 N Dearborn St starting at $4,000 with a $2.86 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.
116-120 Chestnut PropertiesFour Bedroom4BR,3.5BA$2.50
1435 N Dearborn St1435 N Dearborn St2BR,2BA$2.86
440 N. Wabash Ave.Two Bedroom 1324 sq ft2BR,2BA$2.11
Asbury PlazaDeluxe One Bedroom1BR,1BA$2.87
322 W Evergreen Ave, Unit 1322 W Evergreen Ave1BR,1BA$2.75
1120 N. LaSalle1-BR/1BA1BR,1BA$2.78
1111 N. Dearborn1-BR/1BA1BR,1BA$2.82
Lake Shore PlazaOne Bedroom1BR,1BA$2.78
Atrium at Old Town Park1 Bedroom1BR,1BA$2.66
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 the Cheapest Studio apartment in Magnificent Mile?

Currently the most affordable Cheap Studio Apartment in Magnificent Mile is at 11 W. Division listed at $1,365.

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 $2,800 at 440 N. Wabash Ave..

What is the most affordable Magnificent Mile Three Bedroom Apartment?

The best deal on a cheap Magnificent Mile Three Bedroom Apartment rental is at Parkline Chicago and starts from $12,450.

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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Renters Insurance 101: What It Is, What It Covers, and Why You Need It

Written by: Robin Stewart

Insurance seems to be a part of life. In some states, having insurance is the law, as is the case for automobile insurance. Renters are no exception.

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Apartment Occupancy Rates: Renter Attraction vs Renter Retention

Written by: Robin Stewart

There’s a tenet in marketing about client or customer attraction and retention. Studies and data have consistently shown it costs less to keep a current customer than to attract a new one.

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How I Find the Perfect Rental for My Clients: A Real Estate Pro's Guide

Written by: Robin Stewart

Evaluating rental properties for clients draws many parallels to house-hunting. Whether an apartment, loft, townhouse, or other rental, finding the right place means finding “home” for your client.

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Pet-Friendly Renting: Everything You Need to Know Before You Move

Written by: Christine Leonard, Esq.

For so many of us, pets are the best companions and a big part of our lives. For this reason, a pet-friendly house or apartment is often a very important - and nonnegotiable - part of a move.