Cheap Studio Apartments for Rent in the Magnificent Mile Neighborhood of Chicago, IL from $1,105 (100 Rentals)

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Magnificent Mile, Chicago, IL Local Guide

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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Pet Friendly Lifestyle
Magnificent Mile, Chicago, IL

Ranked #5

Among cities in Illinois for Apartment listings with Pet Friendly Amenities.

Pet Friendliness Lifestyle Score

4.0
Pet Friendly

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Getting Around the Magnificent Mile Neighborhood in Chicago, IL

Walk Score®

100 / 100

Walker’s Paradise

Daily errands do not require a car

Bike Score®

81 / 100

Very Bikeable

Biking is convenient for most trips

Transit Score®

98 / 100

Rider’s Paradise

World-class public transportation

What Are Walk Score®, Transit Score®, and Bike Score® Ratings?

  • Walk Score® measures the walkability of any address.
  • Transit Score® measures access to public transit.
  • Bike Score® measures the bikeability of any address.

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 11 W. Division which is listed at $1,275, while the average apartment in Magnificent Mile costs $31,594.

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 26 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 $164 which is $31,430 cheaper than the average rent for all rentals in Magnificent Mile.

Expert Rental Resources

Helpful Apartment Articles, How-To's and Tips

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.

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.

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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! 

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The Rental Move-In Inspection Checklist: A Guide for Renters

Written by: Trey Huguley

The move-in inspection checklist is a crucial tool for both tenants and landlords. This checklist, provided by the team at ApartmentHomeLiving.com, helps document the condition of an apartment at the time of move-in.