Cheap Homes for Rent in Old Town Neighborhood of Chicago, IL from $1,300 (26 Rentals)

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

Don't Settle: How to Negotiate Your Apartment Lease and Save Money

Discover the insider tips from an attorney and real estate agent on how to negotiate your next apartment lease. Find out what's on the table and what's not, so you can save money and get the best terms possible.

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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.

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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 Ultimate Long-Distance Moving Checklist: Tips from a Real Estate Pro

Moving is tough, especially long-distance. Learn how to minimize stress & expenses with proven strategies from a real estate pro, covering everything from logistics to finances.

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Old Town, Chicago, IL Local Guide

Cheapest Available Old Town Apartments for Rent

 

The cheapest available apartment rental in the Old Town area of Chicago, IL is a Studio unit found at 1522 N La Salle Dr priced from $1,600. Cobbler Square Lofts has the second lowest priced unit, which is a Studio apartment currently listed from $1,921. Here are the most affordable Old Town apartments for rent in Chicago, IL:

Apartment ListingModel NameBed/BathPriced From
1522 N La Salle DrStudioStudio,1BA$1,600
Cobbler Square LoftsDS2Studio,1BA$1,921
1555 N Mohawk StNew Renovated 1-Bedroom1BR,1BA$1,950
Affinity on North Avenue2 Bedroom 2 Bath Market2BR,2BA$2,095
SoNo EastO1BR,1BA$2,220
The Archer1BR/1.0BA1BR,1BA$2,249

Best Value Apartments for Rent in Old Town, IL

As of September 18, 2025 the best value apartment in the Old Town area is the $2.63 price per square foot 1518 N Sedgwick St Model at 1518 N Sedgwick St, Unit 4B in the in the Parc Chesnut neighborhood starting from $5,250. The second greatest value Old Town apartment is the 1332 N Cleveland Ave Model at 1332 N Cleveland Ave, Unit 1 starting at $4,400 with a $2.59 price per square foot in the Near North Side neighborhood. Here is today’s list of the best values for Old Town apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
1518 N Sedgwick St, Unit 4B1518 N Sedgwick St3BR,2BA$2.63
1332 N Cleveland Ave, Unit 11332 N Cleveland Ave3BR,3BA$2.59
1221 N. LaSalle LoftsStoreFrontStudio ,2BA$2.00
Affinity on North Avenue2 Bedroom 2 Bath Market2BR,2BA$1.40
241 W Scott St, Unit 1241 W Scott St2BR,1.5BA$2.46
206 W Division St, Unit 2F206 W Division St1BR,1BA$2.63
The Archer1BR/1.0BA1BR,1BA$2.97
1254 N Wells St, Unit 2021254 N Wells St1BR,1BA$2.36
1555 N Mohawk StNew Renovated 1-Bedroom1BR,1BA$3.00
245 W North Ave, Unit 112245 W North AveStudio ,1BA$2.60

Quick Rent Budget Calculator

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The common "Rule of Thumb" is that rent should be no more than 30% of your income. How much is that? Enter your monthly income and click "Calculate My Budget" to find out.

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Pet Friendly Lifestyle
Old Town, Chicago, IL

Ranked #48

Among cities in Illinois for Apartment listings with Pet Friendly Amenities.

Pet Friendliness Lifestyle Score

3.5
Pet Friendly

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Frequently Asked Questions about Old Town

What type of rentals are currently available in Old Town?

There are currently 162 Apartments for Rent in Old Town, IL with pricing that ranges from $1,250 to $23,973. There are also 92 Single Family Homes for rent, Condos, and Townhome rentals currently available in Old Town ranging from $1,300 to $9,500.

What is the current price range for Rental Homes in Old Town?

Today's rental pricing for Homes for Rent, Condos and Townhomes in Old Town ranges from $1,300 to $9,500 with an average monthly rent of $3,334.

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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How to Negotiate Your Apartment Lease and Save Money

Written by: Christine Leonard, Esq.

Everything is a negotiation in real estate! 

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The Rental Move-In Inspection Checklist: A Guide for Renters

Written by: Trey Huguley

The move-in inspection checklist is a crucial tool for both tenants and landlords. This checklist, provided by the team at ApartmentHomeLiving.com, helps document the condition of an apartment at the time of move-in.

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

Written by: Christine Leonard, Esq.

For many people, obstacles can arise during the rental application process for a variety of issues.