Cheap Homes for Rent in Magnificent Mile Neighborhood of Chicago, IL from $1,400 (175 Rentals)

How Many Bedrooms?Done
Select your price rangeDone
to
Note: Properties with the Total Monthly Price badge include all required fees. Hover over the badge for details.
By AmenitiesDone
By Community TypeDone
Features and AvailabilityDone
Done

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

What Does “Rent Burdened” Mean? How Much Rent Is Too Much

Learn the official definition (spending 30% or more of your gross income on housing) and how to calculate your exact rent-to-income ratio. This guide offers expert tips on factoring in total housing costs (including utilities and fees) and budgeting accurately to avoid unnecessary financial strain.

Read Article

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.

Read Article

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.

Read Article
property at 253 E Delaware Pl

$1,750

Total Monthly Price

Total Monthly Price

Base Rent
$1,750
Total Monthly Price
$1,750

Studio, 1 Bath Condo for Rent

Available Now

253 E Delaware Pl, Unit 6E

253 E Delaware Pl
ChicagoIL60611
property at 1325 N Dearborn St

$1,795

Total Monthly Price

Total Monthly Price

Base Rent
$1,795
Total Monthly Price
$1,795

Studio, 1 Bath Condo for Rent

Available Aug 1

1325 N Dearborn St, Unit 607

1325 N Dearborn St
ChicagoIL60610
property at 233 E Erie St

$1,800

Total Monthly Price

Total Monthly Price

Base Rent
$1,800
Total Monthly Price
$1,800

1 Bedroom, 1 Bath Condo for Rent

Available Aug 1

233 E Erie St, Unit 2309

233 E Erie St
ChicagoIL60611
property at 111 W Maple St

$1,800

Total Monthly Price

Total Monthly Price

Base Rent
$1,800
Total Monthly Price
$1,800

Studio, 1 Bath Condo for Rent

Available Jul 13

111 W Maple St, Unit 708

111 W Maple St
ChicagoIL60610
property at 111 W Maple St

$1,800 - $2,700

Studio To 1 Bedroom Rentals

Available Jul 6

111 W Maple St

ChicagoIL60610
property at 300 N State St

$1,800 - $3,000

Studio To 1 Bedroom Rentals

Available Now

300 N State St

ChicagoIL60654

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.

Read Article
property at 300 N State St

$1,950 - $3,000

Total Monthly Price

Total Monthly Price

Base Rent
$1,950 - $3,000
Total Monthly Price
$1,950 - $3,000

Studio To 1 Bedroom Condos for Rent

Available Now

300 N State St

ChicagoIL60654
property at 777 N Michigan Ave

$1,950 - $2,050

Total Monthly Price

Total Monthly Price

Base Rent
$1,950 - $2,050
Total Monthly Price
$1,950 - $2,050

Studio, 1 Bath Condo for Rent

Available Now

777 N Michigan Ave

ChicagoIL60611
property at 111 E Chestnut St

$1,975 - $4,650

Total Monthly Price

Total Monthly Price

Base Rent
$1,975 - $4,650
Total Monthly Price
$1,975 - $4,650

1 To 3 Bedroom Condos for Rent

Available Now

111 E Chestnut St

ChicagoIL60611
property at 400 E Randolph St

$2,000

Total Monthly Price

Total Monthly Price

Base Rent
$2,000
Total Monthly Price
$2,000

Studio, 1 Bath Condo for Rent

Available Now

400 E Randolph St, Unit 2022

400 E Randolph St
ChicagoIL60601

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

From theft to fire to water damage, the unexpected can happen to any renter. Discover why renters insurance is one of the smartest and most affordable investments you can make as a tenant.

Read Article
Showing Results 1-50, Page 1 of 4

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 $1,295. 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$1,295
1036 N. DearbornStudioStudio,1BA$1,375
25 E. DelawareStudio 1Studio,1BA$1,425
211 E. DelawareStudioStudio,1BA$1,445
18 E. ElmStudioStudio,1BA$1,495
Park DearbornKitchenetteStudio,1BA$1,500
Axis Apartments and LoftsStudioStudio,1BA$1,785

Best Value Apartments for Rent in Magnificent Mile, IL

As of July 05, 2026 the best value apartment in the Magnificent Mile area is the $2.33 price per square foot Four Bedroom Model at 116-120 Chestnut Properties in the in the Magnificent Mile neighborhood starting from $7,000. The second greatest value Magnificent Mile apartment is the 1435 N Dearborn St Model at 1435 N Dearborn St starting at $4,000 with a $2.86 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.
116-120 Chestnut PropertiesFour Bedroom4BR,3.5BA$2.33
1435 N Dearborn St1435 N Dearborn St2BR,2BA$2.86
440 N. Wabash Ave.Two Bedroom 1324 sq ft2BR,2BA$2.11
Elm Street PlazaOne Bedroom1BR,1BA$2.88
607 N Wells St607 N Wells St1BR,1BA$2.88
Asbury PlazaDeluxe One Bedroom1BR,1BA$2.86
322 W Evergreen Ave, Unit 1322 W Evergreen Ave1BR,1BA$2.75
1120 N. LaSalle1-BR/1BA1BR,1BA$2.78
Lake Shore PlazaOne Bedroom1BR,1BA$2.78
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 567 Apartments for Rent in Magnificent Mile, IL with pricing that ranges from $1,295 to $48,409. There are also 592 Single Family Homes for rent, Condos, and Townhome rentals currently available in Magnificent Mile ranging from $1,495 to $35,000.

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 $1,495 to $35,000 with an average monthly rent of $9,452.

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 $3,295 to $38,481, while Three Bedroom Homes, Condos, and Townhomes for rent range from $4,650 to $22,000. Four Bedroom Single-Family rentals are also available starting from $7,500 and Four Bedroom Apartments start at $9,000.

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

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 Top Student Friendly Neighborhoods to Rent Near Colleges in Chicago article

Top Student Friendly Neighborhoods to Rent Near Colleges in Chicago

Written by: Nicole Harms

With world-class museums lining its streets, Chicago is a place people go to learn. It’s not surprising, therefore, that it’s also home to multiple colleges and universities with national and global reputations.

decorative image for Best Neighborhoods to Rent in Near Chicago's Top Employers article

Best Neighborhoods to Rent in Near Chicago's Top Employers

Written by: Nicole Harms

Whenever life takes me into the city, I’m always impressed with the sheer amount of industry and commerce that it holds. With all of that commerce comes a wide range of employment options.

decorative image for Explore the Windy City (But Watch for Falling Ice) - An Insider's Guide to Renting in Chicago article

Explore the Windy City (But Watch for Falling Ice) - An Insider's Guide to Renting in Chicago

Written by: Nicole Harms

From Lake Shore Drive to the O’Hare Airport, the city of Chicago is a study in diversity, resilience, and culture.

Articles, How-To's, and Tips

decorative image for Renters Insurance 101: What It Is, What It Covers, and Why You Need It article

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

Written by: Robin Stewart

Insurance seems to be a part of life. In some states, having insurance is the law, as is the case for automobile insurance. Renters are no exception.

decorative image for Apartment Occupancy Rates: Renter Attraction vs Renter Retention article

Apartment Occupancy Rates: Renter Attraction vs Renter Retention

Written by: Robin Stewart

There’s a tenet in marketing about client or customer attraction and retention. Studies and data have consistently shown it costs less to keep a current customer than to attract a new one.

decorative image for How I Find the Perfect Rental for My Clients: A Real Estate Pro's Guide article

How I Find the Perfect Rental for My Clients: A Real Estate Pro's Guide

Written by: Robin Stewart

Evaluating rental properties for clients draws many parallels to house-hunting. Whether an apartment, loft, townhouse, or other rental, finding the right place means finding “home” for your client.

decorative image for Pet-Friendly Renting: Everything You Need to Know Before You Move article

Pet-Friendly Renting: Everything You Need to Know Before You Move

Written by: Christine Leonard, Esq.

For so many of us, pets are the best companions and a big part of our lives. For this reason, a pet-friendly house or apartment is often a very important - and nonnegotiable - part of a move.