Cheap Homes for Rent in Magnificent Mile Neighborhood of Chicago, IL from $1,300 (188 Rentals)

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

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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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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property at 300 N State St

300 N State St

ChicagoIL60654
property at 211 E Ohio St

211 E Ohio St

ChicagoIL60611

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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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.

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property at 21 W Goethe St

21 W Goethe St

ChicagoIL60610

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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Showing Results 1-50, Page 1 of 4

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 $1,245. 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$1,245
Atrium at Old Town Park1 Bedroom1BR,1BA$1,308
25 E. DelawareStudio 1Studio,1BA$1,365
1100 North LasalleStudioStudio,1BA$1,390
1036 N. DearbornStudioStudio,1BA$1,395
18 E. ElmStudioStudio,1BA$1,395

Best Value Apartments for Rent in Magnificent Mile, IL

As of September 19, 2025 the best value apartment in the Magnificent Mile area is the $2.00 price per square foot StoreFront Model at 1221 N. LaSalle Lofts in the in the Magnificent Mile neighborhood starting from $3,000. The second greatest value Magnificent Mile apartment is the 241 W Scott St Model at 241 W Scott St, Unit 1 starting at $3,075 with a $2.46 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.
1221 N. LaSalle LoftsStoreFrontStudio ,2BA$2.00
241 W Scott St, Unit 1241 W Scott St2BR,1.5BA$2.46
1216 N Dearborn St, Unit J03W1216 N Dearborn St2BR,1BA$2.55
1224 N Dearborn St, Unit 1220-2A1224 N Dearborn St2BR,1BA$2.60
10 E. Ontario St.1 Bedroom1BR,1BA$2.11
Lakeside 800Three Bedroom3BR,1BA$2.54
206 W Division St, Unit 2F206 W Division St1BR,1BA$2.63
1435 N Dearborn St, Unit 4B1435 N Dearborn St1BR,1BA$2.49
1254 N Wells St, Unit 2021254 N Wells St1BR,1BA$2.36
Maple1 Bedroom 1 Bathroom1BR,1BA$2.28

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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Frequently Asked Questions about Magnificent Mile

What type of rentals are currently available in Magnificent Mile?

There are currently 611 Apartments for Rent in Magnificent Mile, IL with pricing that ranges from $1,105 to $77,776. There are also 693 Single Family Homes for rent, Condos, and Townhome rentals currently available in Magnificent Mile ranging from $1,368 to $30,000.

What is the current price range for Rental Homes in Magnificent Mile?

Today's rental pricing for Homes for Rent, Condos and Townhomes in Magnificent Mile ranges from $1,368 to $30,000 with an average monthly rent of $8,020.

How much are larger Three and Four Bedroom Rentals in Magnificent Mile?

For those who are looking for larger living arrangements, Three Bedroom Apartments in Magnificent Mile range from $1,626 to $38,481, while Three Bedroom Homes, Condos, and Townhomes for rent range from $4,350 to $30,000. Four Bedroom Single-Family rentals are also available starting from $7,900 and Four Bedroom Apartments start at $10,000.

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.

decorative image for How to Negotiate Your Apartment Lease and Save Money article

How to Negotiate Your Apartment Lease and Save Money

Written by: Christine Leonard, Esq.

Everything is a negotiation in real estate! 

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

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.

decorative image for Your Guide to Co-Signers: The Risks, Rewards, and Everything in Between article

Your Guide to Co-Signers: The Risks, Rewards, and Everything in Between

Written by: Christine Leonard, Esq.

For many people, obstacles can arise during the rental application process for a variety of issues.