Cheap Homes for Rent in Magnificent Mile Neighborhood of Chicago, IL from $1,400 (126 Rentals)

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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.

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property at 777 N Michigan Ave

$1,800

Total Monthly Price

Total Monthly Price

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

Studio, 1 Bath Condo for Rent

Available Jun 1

777 N Michigan Ave, Unit 904, Unit 904

777 N Michigan Ave
ChicagoIL60611
property at 1 E Scott St

$1,900

Total Monthly Price

Total Monthly Price

Base Rent
$1,900
Total Monthly Price
$1,900

Studio, 1 Bath Condo for Rent

Available Now

1 E Scott St, Unit 1107, Unit 1107

1 E Scott St
ChicagoIL60610
property at 1244 N Dearborn St

$1,900

Total Monthly Price

Total Monthly Price

Base Rent
$1,900
Total Monthly Price
$1,900

Studio, 1 Bath Condo for Rent

Available Now

1244 N Dearborn St, Unit 3R, Unit 3R

1244 N Dearborn St
ChicagoIL60610

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

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property at 130 N Garland Ct

$2,000 - $2,200

Total Monthly Price

Total Monthly Price

Base Rent
$2,000 - $2,200
Total Monthly Price
$2,000 - $2,200

Studio, 1 Bath Condo for Rent

Available Now

130 N Garland Ct

ChicagoIL60602
property at 211 E Ohio 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

211 E Ohio St, Unit 1711, Unit 1711

211 E Ohio St
ChicagoIL60611
property at 1122 N Clark St

$2,100

Total Monthly Price

Total Monthly Price

Base Rent
$2,100
Total Monthly Price
$2,100

Studio, 1 Bath Condo for Rent

Available Now

1122 N Clark St, Unit 1122, Unit 1122

1122 N Clark St
ChicagoIL60610
property at 1226 N Dearborn St

$2,100

Total Monthly Price

Total Monthly Price

Base Rent
$2,100
Total Monthly Price
$2,100

Studio, 1 Bath Condo for Rent

Available Now

1226 N Dearborn St, Unit 33C, Unit 33C

1226 N Dearborn 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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property at 401 E Ontario St

$2,100 - $2,250

Total Monthly Price

Total Monthly Price

Base Rent
$2,100 - $2,250
Total Monthly Price
$2,100 - $2,250

1 Bedroom, 1 Bath Condo for Rent

Available Now

401 E Ontario St

ChicagoIL60611
property at 201 N Westshore Dr

$2,100 - $4,000

Total Monthly Price

Total Monthly Price

Base Rent
$2,100 - $4,000
Total Monthly Price
$2,100 - $4,000

Studio To 2 Bedroom Condos for Rent

Available Now

201 N Westshore Dr

ChicagoIL60601
property at 630 N Franklin St

$2,100

Total Monthly Price

Total Monthly Price

Base Rent
$2,100
Total Monthly Price
$2,100

1 Bedroom, 1 Bath Condo for Rent

Available Jun 1

630 N Franklin St, Unit 513, Unit 513

630 N Franklin St
ChicagoIL60654
property at 211 E Ohio St

$2,100 - $6,000

Studio To 4 Bedroom Rentals

Available Now

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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Best Places to Live Near Chicago: 5 Cities That Keep the Windy City Accessible

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Showing Results 1-50, Page 1 of 3

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
25 E. DelawareStudio 1Studio,1BA$1,395
1036 N. DearbornStudioStudio,1BA$1,395
18 E. ElmStudioStudio,1BA$1,445
211 E. DelawareStudioStudio,1BA$1,465
Park DearbornPullmanStudio,1BA$1,525

Best Value Apartments for Rent in Magnificent Mile, IL

As of May 21, 2026 the best value apartment in the Magnificent Mile area is the $2.11 price per square foot Two Bedroom 1324 sq ft Model at 440 N. Wabash Ave. in the in the Magnificent Mile neighborhood starting from $2,800. The second greatest value Magnificent Mile apartment is the 2-BR/2BA Model at 750 N. Rush starting at $3,557 with a $2.88 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.
440 N. Wabash Ave.Two Bedroom 1324 sq ft2BR,2BA$2.11
750 N. Rush2-BR/2BA2BR,2BA$2.88
10 E. Ontario St.1 Bedroom1BR,1BA$2.11
18 E. Elm2 Bedroom / 2 Bathroom2BR,2BA$2.94
1226 N Dearborn St1226 N Dearborn St2BR,1BA$2.82
Asbury PlazaDeluxe One Bedroom1BR,1BA$2.85
1133 N. Dearborn1-BR/1BA1BR,1BA$2.89
Columbus Plaza1 Bedroom Elite1BR,1BA$2.99
127 Maple AveL11BR,1BA$2.93
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 553 Apartments for Rent in Magnificent Mile, IL with pricing that ranges from $1,245 to $48,409. There are also 576 Single Family Homes for rent, Condos, and Townhome rentals currently available in Magnificent Mile ranging from $1,492 to $24,000.

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 $1,492 to $24,000 with an average monthly rent of $8,300.

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 $2,895 to $38,481, while Three Bedroom Homes, Condos, and Townhomes for rent range from $4,250 to $23,500. Four Bedroom Single-Family rentals are also available starting from $5,100 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.

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