Cheap Homes for Rent in Magnificent Mile Neighborhood of Chicago, IL from $1,200 (141 Rentals)

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

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

Touring a rental? This guide helps you know exactly what to look for, from safety features to hidden flaws, so you can confidently sign your lease or keep searching.

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Smart Renter's Guide: Calculating Affordable Rent & Housing Costs

Wondering how to determine your rental budget? This comprehensive guide covers everything from the 30% rule to hidden fees and effective budgeting strategies.

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Navigating the Rental Market: Tips for First-Time Renters

Entering the rental market? Learn these simple tips and strategies to avoid common pitfalls and make confident choices. Rent with peace of mind.

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property at 117 N Clark St

117 N Clark St

ChicagoIL60602

Chicago's Best Affordable Neighborhoods

Learn about Chicago and the best places to live with original content written by our Chicago, IL Local Expert Nicole Harms

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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. 25 E. Delaware has the second lowest priced unit, which is a Studio apartment currently listed from $1,345. Here are the most affordable Magnificent Mile apartments for rent in Chicago, IL:

Apartment ListingModel NameBed/BathPriced From
11 W. DivisionStudioStudio,1BA$1,245
25 E. DelawareStudioStudio,1BA$1,345
1036 N. DearbornStudioStudio,1BA$1,345
1162 - 1168 N La Salle Blvd1 Bed 1 Bath1BR,1BA$1,375
1100 North LasalleStudioStudio,1BA$1,390
211 E. DelawareStudioStudio,1BA$1,425

Best Value Apartments for Rent in Magnificent Mile, IL

As of June 27, 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
420 E OhioTwo Bedroom2BR,2BA$2.94
10 E. Ontario St.1 Bedroom1BR,1BA$2.11
440 N. Wabash Ave.1 Bedroom - 1 Bathroom1BR,1BA$2.53
Marina CityOne Bedroom1BR,1BA$2.76
Lake Shore PlazaOne Bedroom B1BR,1BA$2.92
Two East Oak1 Bedroom - 1 Bathroom1BR,1BA$2.67
Atrium at Old Town ParkConvertible 1 Bedroom1BR,1BA$2.62
1162 - 1168 N La Salle Blvd1 Bed 1 Bath1BR,1BA$2.39

Quick Rent Budget Calculator

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Frequently Asked Questions about Magnificent Mile

What type of rentals are currently available in Magnificent Mile?

There are currently 602 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 $1,295 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 $1,295 to $30,000 with an average monthly rent of $6,492.

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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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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Roommate Matching: Finding the Right Fit and Avoiding Pitfalls

Written by: Cheryl Bowman

A fantastic way to save money and enjoy a built-in community is to share an apartment. However, a bad roommate situation can turn your dream rental into a nightmare.

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

Written by: Marie Brown

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.

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Know Your Budget: Calculating What You Can Realistically Afford When Renting

Written by: Lauren Harrington

Renting an apartment or house isn’t just about looking through online ads, choosing a few apartments or homes you want to tour, filling out an application, and putting down a deposit. Those things are all necessary and important.