Cheap Apartments for Rent in the Magnificent Mile Neighborhood of Chicago, IL from $800 (101 Rentals)

How Many Bedrooms?Done
Select your price rangeDone
to
Note: Properties with the Total Monthly Price badge include all required fees. Hover over the badge for details.
Lifestyle Matching SearchDone
Learn more about Lifestyle Search
By AmenitiesDone
By Community TypeDone
Features and AvailabilityDone
Done

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

close
View Me
1160 N Dearborn St
$1,350 - $1,450
Total Monthly Price

Total Monthly Price

Base Rent
$1,350 - $1,450
Total Monthly Price
$1,350 - $1,450
Studio Apartment Available Now

1160 N Dearborn St

1160 N Dearborn StChicago, IL 60610
Affordability

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.

Read Article
close
View Me
1427 N Dearborn St
$1,450 - $2,195
Total Monthly Price

Total Monthly Price

Base Rent
$1,450 - $2,195
Total Monthly Price
$1,450 - $2,195
Studio to 1 Bedroom Apartment Available Now

1427 N Dearborn St

1427 N Dearborn StChicago, IL 60610
Affordability
close
View Me
1154 N Dearborn St
$1,450
Total Monthly Price

Total Monthly Price

Base Rent
$1,450
Total Monthly Price
$1,450
Studio Apartment Available Now

1154 N Dearborn St

1154 N Dearborn StChicago, IL 60610
Affordability

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.

Read Article
close
View Me
1350 N Dearborn
$1,595 - $1,775
Total Monthly Price

Total Monthly Price

Base Rent
$1,595 - $1,775
Total Monthly Price
$1,595 - $1,775
Studio Apartment Available Now

1350 N Dearborn

1350 N DearbornChicago, IL 60610
Affordability

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!

Read Article
close
View Me
Pittsfield Apartments
$1,650 - $3,295
Total Monthly Price

Total Monthly Price

Base Rent
$1,500 - $3,145
Required Monthly Fees
$150
Total Monthly Price
$1,650 - $3,295
Studio to 3 Bedroom Apartments Available Now

Pittsfield Apartments

55 E Washington StChicago, IL 60602
Furnished
  • Verified
  • Customer Reviewed
  • Smoke Free

The Art of the Rental Viewing: What to look for during a property tour

Touring a rental? This guide helps you know exactly what to look for, from safety features to hidden flaws, so you can confidently sign your lease or keep searching.

Read Article

Smart Renter's Guide: Calculating Affordable Rent & Housing Costs

Wondering how to determine your rental budget? This comprehensive guide covers everything from the 30% rule to hidden fees and effective budgeting strategies.

Read Article
Showing Results 1-50, Page 1 of 3

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. Gramercy Row Apartments has the second lowest priced unit, which is a Studio apartment currently listed from $1,324. 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
Gramercy Row ApartmentsStudio Floor Plan S7Studio,1BA$1,324
1164 N DearbornStudioStudio,1BA$1,325
25 E. DelawareStudio 1Studio,1BA$1,465

Best Value Apartments for Rent in Magnificent Mile, IL

As of February 23, 2026 the best value apartment in the Magnificent Mile area is the $2.09 price per square foot 2br/2ba Model at 1154 N Dearborn St in the in the Magnificent Mile neighborhood starting from $3,550. The second greatest value Magnificent Mile apartment is the StoreFront Model at 1221 N. LaSalle Lofts starting at $3,000 with a $2.00 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$2.09
1221 N. LaSalle LoftsStoreFrontStudio ,2BA$2.00
333 E Wacker Dr, Unit 17333 E Wacker Dr2BR,2BA$2.83
10 E. Ontario St.1 Bedroom1BR,1BA$2.11
1443 N Dearborn St, Unit 1BD1443 N Dearborn St1BR,1BA$2.55
1226 N Dearborn St1226 N Dearborn St2BR,1BA$2.82
206 W Division St, Unit 2F206 W Division St1BR,1BA$2.63
545 N Dearborn St, Unit 2201B545 N Dearborn St1BR,1BA$2.69
Atrium at Old Town ParkConvertible 1 Bedroom1BR,1BA$2.80
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.

Read Article
Decorative image

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

Read Article
Decorative image

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

Moving is tough, especially long-distance. Learn how to minimize stress & expenses with proven strategies from a real estate pro, covering everything from logistics to finances.

Read Article
Decorative image

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.

Read Article
Decorative image

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

Read Article
Decorative image

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.

decorative image of people with a giant lease agreement

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 Gramercy Row Apartments listed at $1,324.

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 $2,295 at Pittsfield Apartments.

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.

Helpful Local Expert Guides

decorative image for A Local Expert’s Guide To 10 Budget-Friendly Neighborhoods to Rent in Chicago article

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.

decorative image for Top Student Friendly Neighborhoods to Rent Near Colleges in Chicago article

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.

decorative image for Best Neighborhoods to Rent in Near Chicago's Top Employers article

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.

decorative image for Explore the Windy City (But Watch for Falling Ice) - An Insider's Guide to Renting in Chicago article

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

decorative image for Maximizing Your Refund: Essential Tax Tips for Renters article

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.

decorative image for 18 Must-Ask Rental Tour Questions That Reveal the Truth about a Property article

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.

decorative image for A Renters Guide for Tips on Writing Your Notice for Not Renewing Your Apartment article

A Renters Guide for Tips on Writing Your Notice for Not Renewing Your Apartment

Written by: Bob Mallory

Packing up everything you own to move is so stressful for many that ending your apartment lease can feel like a small or unimportant task. Ending your lease involves more than simply turning over your keys on the last day.

decorative image for Renting with Roommates: Realistic Expectations for Shared Lease article

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.