
Cheap Apartments for Rent in the Magnificent Mile Neighborhood of Chicago, IL from $800 (254 Rentals) Page 5 of 6
Search the lowest-cost Apartments available for rent right now in the Magnificent Mile area of Chicago.


474 N Lake Shore Dr

1300 N Lake Shore Dr, Unit 10B, Unit 10B

1335 N Dearborn St, Unit 08A, Unit 08A

25 W Hubbard St

1430 N Dearborn St

Maple

211 E. Ohio St.

1162 - 1168 N La Salle Blvd

1355 N. Dearborn Street

600 N Lake Shore Dr

55 E Erie St

The Oliver on LaSalle

35 E Division St

Sedgwick Apartments

Randolph Tower City Apartments

204 W Hill Street

1100 N Dearborn

1350 North Lake Shore Drive

10 West Elm

535 N Michigan Ave

The Tides at Lakeshore East

Two East Oak

1425 N Dearborn St

THREE Old Town Park

1344 N. Dearborn St.

200 N. Dearborn St.

1355 N Sandburg Terrace

233 E Erie St

Paper Box Lofts

Morningside South

1250 Lasalle

Morningside North

215 W Washington

Old Town Park Tower 2

360 W Illinois St

850 N Dewitt Pl

211 E Ohio St

The Bush Temple II

400 E Randolph St, Unit 3712, Unit 3712

400 E Randolph St, Unit 2022, Unit 2022

400 N La Salle Dr

1 E Scott St

6 E Monroe St

420 N Franklin St

319 E Wacker Dr

341 W Kinzie St

Old Town Park Tower 3

1339 N Dearborn 2B

400 E Randolph St
Magnificent Mile, Chicago, IL Local Guide

How much does it cost to rent an apartment in Magnificent Mile?
| Bedroom | Average Rent | Cheapest Rent | Highest Rent |
|---|---|---|---|
| Magnificent Mile Studio Apartments | $2,537 | $1,295 | $4,935 |
| Magnificent Mile 1 Bedroom Apartments | $3,135 | $1,600 | $10,000+ |
| Magnificent Mile 2 Bedroom Apartments | $4,770 | $2,200 | $10,000+ |
| Magnificent Mile 3 Bedroom Apartments | $9,699 | $2,895 | $10,000+ |
| Magnificent Mile 4 Bedroom Apartments | $24,749 | $10,000 | $10,000+ |
Browse Apartments in this Neighborhood
There are currently 254 rentals with your search options within a 1 mile radius of the Magnificent Mile Neighborhood of Chicago, IL.
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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 $1,525.
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 $18,591.
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 15 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 $188 which is $18,403 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

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.

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.

Best Neighborhoods to Rent in Near Chicago's Top Employers
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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.

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

A Seasoned Property Manager's Step-by-Step Guide to Getting Your Deposit Back
Written by: Lauren Harrington
I’m going to talk with you as a seasoned property manager and friend. So, let’s start with your security deposit. I want you to think about this guide as insider information. You deserve your deposit back.

Expert Solutions for Creating the Perfect Work-From-Home Apartment Layouts
Written by: Lauren Harrington
This article is based on first-hand experience managing apartment communities and helping renters adapt to their spaces after moving in.

What Does “Rent Burdened” Mean? How Much Rent Is Too Much
Written by: Lauren Harrington
This article draws from first-hand renter experiences and recurring financial challenges reported after moving in.

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.