
Cheap Studio Apartments for Rent in the Magnificent Mile Neighborhood of Chicago, IL from $1,299 (60 Rentals)


Dearborn Plaza

11 W. Division

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61 W Erie St, Unit SI FL4-ID1408

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1427 N Dearborn St

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1330 N Dearborn

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188 N Wells St, Unit SI FL3-ID1236

211 E. Delaware

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61 W Erie St, Unit SI FL2-ID1396

1036 N. Dearborn
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Chicago may cost more than the national average, but with the right neighborhood, a smart transit strategy, and a few local insider tips, living well in the Windy City is more achievable than you might think. Our local expert breaks down everything from rent and groceries to transportation and healthcare so you can plan your move with confidence.

Park Dearborn

14 West Elm Apartments

1100 North Lasalle

1347 N Dearborn

1164 N Dearborn

Dearborn North

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1136 N La Salle Dr

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1350 N Dearborn St, Unit 604

1446 N Dearborn Pkwy

1164 N Dearborn St
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Canterbury Court Apartments

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21 W Goethe St, Unit 4E

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1000 N. LaSalle

Pittsfield Apartments

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55 W. Chestnut

40 East Oak

Axis Apartments and Lofts

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1120 N. LaSalle

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1111 N. Dearborn
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175 N Harbor Dr, Unit 175 North Harbor Drive

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1133 N. Dearborn

Marina City

The Deco North Lake Shore

The Seneca Apartments

65 East Scott

21 E Chestnut

Total Monthly Price
60 E Randolph St, Unit SI FL8-ID1346

Century Tower

Bellwether Residences
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1344 N. Dearborn St.

Randolph Tower City Apartments

Total Monthly Price
1350 N Dearborn St

West77 Apartments

1430 N Dearborn St

Gold Coast

1355 N. Dearborn Street

600 N Lake Shore Dr

55 E Erie St

The Oliver on LaSalle
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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 | $2,533 | $1,299 | $9,999 |
| Magnificent Mile 1 Bedroom Apartments | $3,102 | $1,450 | $6,998 |
| Magnificent Mile 2 Bedroom Apartments | $4,680 | $2,200 | $10,000+ |
| Magnificent Mile 3 Bedroom Apartments | $9,311 | $4,345 | $10,000+ |
| Magnificent Mile 4 Bedroom Apartments | $19,161 | $9,000 | $10,000+ |
Browse Apartments in this Neighborhood
There are currently 60 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 $1,595.
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 $1,365, while the average apartment in Magnificent Mile costs $2,969.
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 14 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 $181 which is $2,788 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

The Windy City Price Tag: Your Complete Guide to the Cost of Living in Chicago
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When choosing a place to live, there are many things you must consider. Your employer, your shopping preferences, and even schools are all important to think about. Yet cost of living is also important to know and plan for.

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I’m Nicole, you’re ApartmentHomeLiving.com Local Expert for Chicago. There’s no denying I love the Windy City. Yet there’s also no denying that rental homes in Chicago can be pricy, small, and hard to find.

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Moving to a new city is always an exciting time, especially one as vibrant and diverse as Chicago. With world-class museums, a breathtaking lakefront, and numerous employment opportunities, there’s much to love about this city.

Explore the Windy City (But Watch for Falling Ice) - An Insider's Guide to Renting in Chicago
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Articles, How-To's, and Tips

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