Cheap Homes for Rent in Magnificent Mile Neighborhood of Chicago, IL from $1,300 (180 Rentals)

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

property at 300 N State St

300 N State St

ChicagoIL60654
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 Studio unit found at 11 W. Division priced from $1,245. Atrium at Old Town Park has the second lowest priced unit, which is a 1 Bed apartment currently listed from $1,308. Here are the most affordable Magnificent Mile apartments for rent in Chicago, IL:

Apartment ListingModel NameBed/BathPriced From
11 W. DivisionStudioStudio,1BA$1,245
Atrium at Old Town Park1 Bedroom1BR,1BA$1,308
Maple1 Bedroom 1 Bathroom1BR,1BA$1,313
1036 N. DearbornStudioStudio,1BA$1,375
1100 North LasalleStudioStudio,1BA$1,390
211 E. DelawareStudioStudio,1BA$1,395
25 E. DelawareStudioStudio,1BA$1,475

Best Value Apartments for Rent in Magnificent Mile, IL

As of July 30, 2025 the best value apartment in the Magnificent Mile area is the $2.66 price per square foot 864 N State St Model at 864 N State St, Unit 2 in the in the Magnificent Mile neighborhood starting from $4,250. 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.
864 N State St, Unit 2864 N State St1BR,1.5BA$2.66
1221 N. LaSalle LoftsStoreFrontStudio ,2BA$2.00
Axis Apartments and LoftsTwo Bedroom Loft2BR,2BA$2.93
241 W Scott St, Unit 1241 W Scott St3BR,2BA$2.56
10 E. Ontario St.1 Bedroom1BR,1BA$2.11
21 E Chestnut1 Bed - 1 Bath1BR,1BA$3.03
West77 ApartmentsOne Bedroom One Bathroom1BR,1BA$3.03
206 W Division St, Unit 2F206 W Division St1BR,1BA$2.63
Atrium at Old Town ParkConvertible 1 Bedroom1BR,1BA$2.80
Maple1 Bedroom 1 Bathroom1BR,1BA$2.43

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Frequently Asked Questions about Magnificent Mile

What type of rentals are currently available in Magnificent Mile?

There are currently 598 Apartments for Rent in Magnificent Mile, IL with pricing that ranges from $1,105 to $77,776. There are also 677 Single Family Homes for rent, Condos, and Townhome rentals currently available in Magnificent Mile ranging from $1,343 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 $1,343 to $30,000 with an average monthly rent of $6,276.

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 $4,500 to $30,000. Four Bedroom Single-Family rentals are also available starting from $6,000 and Four Bedroom Apartments start at $7,000.

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.

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

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You’ve scrolled through countless listings, walked through a blur of rentals, and finally found what feels like the one. The pictures? Fantastic. The neighborhood seems just right.