Cheap Homes for Rent in Magnificent Mile Neighborhood of Chicago, IL from $1,300 (226 Rentals)

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

property at 1160 N Dearborn St

$1,375 - $1,995

Total Monthly Price

Total Monthly Price

Base Rent
$1,375 - $1,995
Total Monthly Price
$1,375 - $1,995

Studio To 1 Bedroom Condos for Rent

Available Now

1160 N Dearborn St

ChicagoIL60610

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property at 1125 N La Salle Dr

$1,627

Total Monthly Price

Total Monthly Price

Base Rent
$1,627
Total Monthly Price
$1,627

Studio, 1 Bath Condo for Rent

Available Now

1125 N La Salle Dr, Unit 203

1125 N La Salle Dr
ChicagoIL60610

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Showing Results 1-50, Page 1 of 5

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. Gramercy Row Apartments has the second lowest priced unit, which is a Studio apartment currently listed from $1,324. 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
Gramercy Row ApartmentsStudio Floor Plan S7Studio,1BA$1,324
1164 N DearbornStudioStudio,1BA$1,325
The Oliver on LaSalleStudioStudio,1BA$1,491

Best Value Apartments for Rent in Magnificent Mile, IL

As of February 19, 2026 the best value apartment in the Magnificent Mile area is the $2.09 price per square foot 2br/2ba Model at 1154 N Dearborn St in the in the Magnificent Mile neighborhood starting from $3,550. 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.
1154 N Dearborn St2br/2ba2BR,2BA$2.09
1221 N. LaSalle LoftsStoreFrontStudio ,2BA$2.00
Columbus Plaza2 Bedroom2BR,2BA$2.61
10 E. Ontario St.1 Bedroom1BR,1BA$2.11
1443 N Dearborn St, Unit 1BD1443 N Dearborn St1BR,1BA$2.55
1226 N Dearborn St1226 N Dearborn St2BR,1BA$2.82
206 W Division St, Unit 2F206 W Division St1BR,1BA$2.63
545 N Dearborn St, Unit 2201B545 N Dearborn St1BR,1BA$2.69
Atrium at Old Town ParkConvertible 1 Bedroom1BR,1BA$2.80
Maple1 Bedroom 1 Bathroom1BR,1BA$2.28

Frequently Asked Questions about Magnificent Mile

What type of rentals are currently available in Magnificent Mile?

There are currently 613 Apartments for Rent in Magnificent Mile, IL with pricing that ranges from $1,105 to $77,776. There are also 707 Single Family Homes for rent, Condos, and Townhome rentals currently available in Magnificent Mile ranging from $1,375 to $40,000.

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 $1,375 to $40,000 with an average monthly rent of $9,769.

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 $2,995 to $38,481, while Three Bedroom Homes, Condos, and Townhomes for rent range from $3,900 to $32,000. Four Bedroom Single-Family rentals are also available starting from $10,000 and Four Bedroom Apartments start at $10,000.

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

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Articles, How-To's, and Tips

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