Cheap Apartments for Rent in the South Lakefront Neighborhood of Chicago, IL from $500 (580 Rentals)

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Search the lowest-cost Apartments available for rent right now in the South Lakefront 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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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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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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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

Looking for a rental near Chicago? These five cities offer excellent options! From small-town charm to excellent business options, you can't go wrong!

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South Lakefront, Chicago, IL Local Guide

Cheapest Available South Lakefront Apartments for Rent

 

The cheapest available apartment rental in the South Lakefront area of Chicago, IL is a 4 Beds unit found at Coleman Place At Legends South priced from $170. 5445 Ingleside By 3L Living has the second lowest priced unit, which is a Studio apartment currently listed from $684. Here are the most affordable South Lakefront apartments for rent in Chicago, IL:

Apartment ListingModel NameBed/BathPriced From
Coleman Place At Legends SouthThe Wells4BR,2BA$170
5445 Ingleside By 3L LivingCo-Living Single RoomStudio,1BA$684
Highlands Tudor Manor - 55+ CommunityStudioStudio,1BA$700
6246 S. King Dr.EfficienciesStudio,1BA$710
5540 Hyde Park by 3L LivingEfficiency Studio - NorthStudio,1BA$724
5748 Blackstone By 3L LivingNo Kitchenette with Shared BathroomStudio,1BA$726
9001 S Commercial Ave Chicago, IL 60617Studio ApartmentStudio,1BA$760
7953-59 S Dobson Ave Chicago, IL 60619Studio ApartmentStudio,1BA$770
7850 S Constance Ave 1822 E 79th Street Chicago, IL 60649Studio ApartmentStudio,1BA$780
8208 S Drexel Ave Chicago, IL 60619Studio ApartmentStudio,1BA$785

Best Value Apartments for Rent in South Lakefront, IL

As of May 14, 2026 the best value apartment in the South Lakefront area is the $1.09 price per square foot 5211 S Greenwood Ave Model at 5211 S Greenwood Ave in the in the Hyde Park neighborhood starting from $3,500. The second greatest value South Lakefront apartment is the 365 E 70th St Model at 365 E 70th St, Unit 1st Floor starting at $1,700 with a $0.57 price per square foot in the Greater Grand Crossing neighborhood. Here is today’s list of the best values for South Lakefront apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
5211 S Greenwood Ave5211 S Greenwood Ave4BR,2BA$1.09
365 E 70th St, Unit 1st Floor365 E 70th St2BR,1BA$0.57
Prairie Park ApartmentsThree Bedroom 60% AMI3BR,2BA$0.87
8855 S Dorchester Ave, Unit 2ndfloorr8855 S Dorchester Ave2BR,1BA$0.71
6810 S Calumet Ave6810 S Calumet Ave3BR,1BA$1.03
IronwoodTwo Bedroom 120%2BR,1BA$0.91
8040 S Evans Ave, Unit 1st floor8040 S Evans Ave3BR,1BA$1.11
8043 S Maryland Ave2 Beds, 1 bath2BR,1BA$1.08
7834 S Coles Chicago, IL 606492 Bedroom 1 Bath Apartment2BR,1BA$1.13
7801-13 S Essex 2509-11 E 78th Chicago, IL 606492 Bedroom 1 Bath Apartment2BR,1BA$1.13

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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Best Neighborhoods to Rent in Near Chicago's Top Employers: A Guide for Renters

A Local Expert's Guide to The 10 Best Chicago Neighborhoods near Major Local Employers. Find your perfect Chicago, IL apartment, condo, or rental home today at ApartmentHomeLiving.com

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A Local Expert's Top Student Friendly Neighborhoods to Rent Near Colleges in Chicago

A Local Expert's guide to the Best Student Friendly Neighborhoods Near Colleges in the Chicago, IL metro area for affordable living. Find your perfect Chicago Student apartment, condo, or rental home today at ApartmentHomeliving.com

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Real Estate and Rental Term Glossary | ApartmentHomeLiving.com Renter University

From the letter A all the way to the letter Z, the Real Estate and Rental Term Glossary from the content team at ApartmentHomeLiving.com provides our visitors and shoppers with a little clarity and helpful guidance in navigating the real estate world through definitions and explainers for the top subjects and terms that someone may come across during the leasing, buying, or selling process.

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Quick Rent Budget Calculator

How much rent can you afford?

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
South Lakefront, Chicago, IL

Ranked #36

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

Pet Friendliness Lifestyle Score

4.0
Pet Friendly

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Best Local Schools in
South Lakefront, Chicago, IL

School data provided by Great Schools

Lifestyle Ratings

ApartmentHomeLiving brings you Lifestyle Ratings of neighborhoods, areas, and rental properties across Illinois, including Chicago. LifeStyle Ratings are a useful tool for comparing and sorting apartments and neighborhoods when choosing your rental home. This takes in many factors including rankings of the best places for convenient access to the outdoors, luxury amenities, pet-friendly features, family-friendly amenities, proximity to transit, walking, and biking. These search options are in the site filters at the top of this page.

Frequently Asked Questions about Cheap South Lakefront Apartments

What is a cheap apartment in South Lakefront?

A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in South Lakefront is under $785.

What is the price of a cheap apartment in South Lakefront?

The cheapest apartment in South Lakefront is 7941 S Marquette which is listed at $860, while the average apartment in South Lakefront costs $4,150.

What types of apartments are the cheapest in South Lakefront?

Student, low-income, and by-the-bed apartments are typically the cheapest rentals in most cities, though they require qualifying criteria to rent. There are 237 regular apartments in South Lakefront that we think qualify as ‘cheap apartments’ that do not have special requirements to apply to rent.

How do the prices of cheap apartments compare to the average apartment in South Lakefront?

Cheap apartments in South Lakefront have an average cost of $327 which is $3,823 cheaper than the average rent for all rentals in South Lakefront.

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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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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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.

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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.

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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 A Seasoned Property Manager's Step-by-Step Guide to Getting Your Deposit Back article

A Seasoned Property Manager's Step-by-Step Guide to Getting Your Deposit Back

Written by: Lauren Harrington

I’m going to talk with you as a seasoned property manager and friend. So, let’s start with your security deposit. I want you to think about this guide as insider information. You deserve your deposit back.

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Expert Solutions for Creating the Perfect Work-From-Home Apartment Layouts

Written by: Lauren Harrington

This article is based on first-hand experience managing apartment communities and helping renters adapt to their spaces after moving in.

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

Written by: Lauren Harrington

This article draws from first-hand renter experiences and recurring financial challenges reported after moving in.

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Maximizing Your Refund: Essential Tax Tips for Renters

Written by: Christine Leonard, Esq.

Other than tax professionals, I can’t think of anyone who looks forward to tax season. For everybody else, April is a stressful month to collect information and meet deadlines.