Cheap Homes for Rent in the South Lakefront Neighborhood of Chicago, IL from $900 (140 Rentals)

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

Rent According to Income: A Look at Income-Restricted Rentals

Find income-restricted rentals and housing subsidies. Explore government programs designed to help low-income families secure stable, affordable housing.

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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 7337 S South Shore Dr

$1,250

Total Monthly Price

Total Monthly Price

Base Rent
$1,250
Total Monthly Price
$1,250

Studio, 1 Bath Condo for Rent

Available Now

7337 S South Shore Dr, Unit 1421

7337 S South Shore Dr
ChicagoIL60649

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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property at 1367 E 53rd St

$1,340

Total Monthly Price

Total Monthly Price

Base Rent
$1,340
Total Monthly Price
$1,340

Studio, 1 Bath Condo for Rent

Available Now

1367 E 53rd St, Unit 3

1367 E 53rd St
ChicagoIL60615

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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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. Highlands Tudor Manor - 55+ Community has the second lowest priced unit, which is a Studio apartment currently listed from $700. 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
Highlands Tudor Manor - 55+ CommunityStudioStudio,1BA$700
6246 S. King Dr.EfficienciesStudio,1BA$710
5445 Ingleside By 3L LivingLarge Co-Living Single RoomStudio,1BA$712
5748 Blackstone By 3L LivingNo Kitchenette with Shared BathroomStudio,1BA$726
Jarrell Washington Park0 Beds, 1 BathsStudio,1BA$750
2235 E 71stStudio ApartmentStudio,1BA$770
7925 S PhillipsStudio ApartmentStudio,1BA$785
5540 Hyde Park by 3L LivingEfficiency Studio - WestStudio,1BA$786

Best Value Apartments for Rent in South Lakefront, IL

As of July 19, 2026 the best value apartment in the South Lakefront area is the $0.87 price per square foot Three Bedroom 60% AMI Model at Prairie Park Apartments in the in the Washington Park neighborhood starting from $1,500. The second greatest value South Lakefront apartment is the Two Bedroom 120% Model at Ironwood starting at $1,280 with a $0.91 price per square foot in the Washington Park 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.
Prairie Park ApartmentsThree Bedroom 60% AMI3BR,2BA$0.87
IronwoodTwo Bedroom 120%2BR,1BA$0.91
8028 S Phillips Ave, Unit 3F8028 S Phillips Ave2BR,1.5BA$1.04
8040 S Evans Ave, Unit 1st floor8040 S Evans Ave3BR,1BA$1.11
6224 S Dr Martin Luther King Jr2 Bedroom 1 Bath Apartment with Dining2BR,1BA$0.94
8230 S Ellis Ave8230 S Ellis Ave2BR,1BA$1.00
9006 S Escanaba Ave2 Beds, 1 Baths2BR,1BA$1.02
LUELLA2/12BR,1BA$1.09
7405 S Princeton Ave7405 S Princeton Ave1BR,1BA$1.00
7320 S Phillips Ave1 Bed 1 Bath1BR,1BA$1.06

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 #25

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

Frequently Asked Questions about South Lakefront

What type of rentals are currently available in South Lakefront?

There are currently 3479 Apartments for Rent in South Lakefront, IL with pricing that ranges from $600 to $6,493. There are also 357 Single Family Homes for rent, Condos, and Townhome rentals currently available in South Lakefront ranging from $950 to $7,500.

What is the current price range for Rental Homes in South Lakefront?

Today's rental pricing for Homes for Rent, Condos and Townhomes in South Lakefront ranges from $950 to $7,500 with an average monthly rent of $2,678.

How much are larger Three and Four Bedroom Rentals in South Lakefront?

For those who are looking for larger living arrangements, Three Bedroom Apartments in South Lakefront range from $1,025 to $6,493, while Three Bedroom Homes, Condos, and Townhomes for rent range from $1,400 to $3,900. Four Bedroom Single-Family rentals are also available starting from $1,700 and Four Bedroom Apartments start at $1,450.

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

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Rent According to Income: A Look at Income-Restricted Rentals

Written by: Robin Stewart

The idea of affordable housing can be subjective. Every individual is in a different place financially and vocationally. What one may easily afford could be a struggle for someone else.

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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.

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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.

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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.