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Cheap Apartments for Rent in the South Loop Neighborhood of Chicago, IL from $800 (26 Rentals)
Search the lowest-cost Apartments available for rent right now in the South Loop area of Chicago.
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$1,147 - $1,6631 to 4 Bedroom Apartments Available Now
McCormick CoLiving
2401 S State StChicago, IL 60616
1806 S Jefferson St
ChicagoIL60616
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$1,450 - $3,500Studio to 3 Bedroom Apartments Available Now
Roosevelt Square
1002 W Taylor StChicago, IL 60607
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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$1,5501 Bedroom Apartment Available Now
2605 S Indiana Ave, Unit 1005
2605 S Indiana AveChicago, IL 60616
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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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Rent Specials
$1,744 - $2,965Studio to 3 Bedroom Apartments Available Now
2101 Michigan
2101 S Michigan AveChicago, IL 60616
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$1,750 - $1,8501 Bedroom Apartments Available Now
30 East Roosevelt
30 E Roosevelt RdChicago, IL 60605
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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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The Art of the Rental Viewing: What to look for during a property tour
Touring a rental? This guide helps you know exactly what to look for, from safety features to hidden flaws, so you can confidently sign your lease or keep searching.
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Showing Results 1-26, Page 1 of 1
South Loop, Chicago, IL Local Guide
Copyright CoStar Group, Inc
How much does it cost to rent an apartment in South Loop?
| Bedroom | Average Rent | Cheapest Rent | Highest Rent |
|---|---|---|---|
| South Loop Studio Apartments | $2,221 | $1,250 | $3,944 |
| South Loop 1 Bedroom Apartments | $2,619 | $1,235 | $7,786 |
| South Loop 2 Bedroom Apartments | $3,775 | $1,740 | $10,000+ |
| South Loop 3 Bedroom Apartments | $5,975 | $1,825 | $10,000+ |
| South Loop 4 Bedroom Apartments | $8,108 | $1,275 | $10,000+ |
Browse Apartments in this Neighborhood
There are currently 26 rentals with your search options within a 2 mile radius of the South Loop Neighborhood of Chicago, IL.
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South Loop, Chicago, IL Local Guide
- Nearby Chicago neighborhoods
- Nearby Cities
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- Local Counties
- School Districts
Cheapest Available South Loop Apartments for Rent
The cheapest available apartment rental in the South Loop area of Chicago, IL is a 1 Bed unit found at Prairie CoLiving priced from $1,122. McCormick CoLiving has the second lowest priced unit, which is a 4 Beds apartment currently listed from $1,147. Here are the most affordable South Loop apartments for rent in Chicago, IL:
| Apartment Listing | Model Name | Bed/Bath | Priced From |
|---|---|---|---|
| Prairie CoLiving | Private bedroom with en-suite bathroom | 1BR,1BA | $1,122 |
| McCormick CoLiving | Ensuite | 4BR,3BA | $1,147 |
| Roosevelt Square | 1 Bedroom | 1BR,1BA | $1,650 |
| 820 Michigan by 3L Living | Studio North | Studio,1BA | $1,729 |
| 21st Street Lofts by 3L Living | One Bed Loft - E | 1BR,1BA | $1,739 |
| 2101 Michigan | Studio | Studio,1BA | $1,744 |
| 30 East Roosevelt | ER_1x1 | 1BR,1BA | $1,750 |
| Coeval | S2 | Studio,1BA | $1,777 |
| 1935 S Canalport Ave | Apartment 3 Bedroom | 3BR,2BA | $1,825 |
Best Value Apartments for Rent in South Loop, IL
As of October 23, 2025 the best value apartment in the South Loop area is the $0.93 price per square foot Apartment 3 Bedroom Model at 1935 S Canalport Ave in the in the South Loop neighborhood starting from $1,825. The second greatest value South Loop apartment is the 3 BED 2 BATH Model at Carriage House Lofts starting at $3,477 with a $2.33 price per square foot in the Near South Side neighborhood. Here is today’s list of the best values for South Loop apartments based on price per square foot:
| Apartment Listing | Model Name | Bed/Bath | Price Per Sq.Ft. |
|---|---|---|---|
| 1935 S Canalport Ave | Apartment 3 Bedroom | 3BR,2.5BA | $0.93 |
| Carriage House Lofts | 3 BED 2 BATH | 3BR,2BA | $2.33 |
| 1462 S Michigan Ave, Unit 2203 | 1462 S Michigan Ave | 2BR,2BA | $2.29 |
| 2605 S Indiana Ave, Unit 1005 | 2605 S Indiana Ave | 1BR,1BA | $1.41 |
| 731 Plymouth by 3L Living | 2 Bedroom East | 2BR,1BA | $2.21 |
| 320 E 21st St, Unit 503 | 320 E 21st St | 2BR,1BA | $2.75 |
| 600 S Dearborn St, Unit 2012 | 600 S Dearborn St | 1BR,1BA | $2.00 |
| 680 S Federal St, Unit Apt 808 | 680 S Federal St | 1BR,1BA | $2.25 |
| 1136 S Delano Ct W, Unit E242 | 1136 S Delano Ct W | 2BR,2BA | $2.76 |
| Roosevelt Square | 1 Bedroom | 1BR,1BA | $2.24 |
Apartment Common Area Rules: What Renters Need to Know
From the lounge to the laundry room, understand your rights and responsibilities in shared apartment spaces. Get tips on pet rules, noise, and security.
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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.
Read ArticleBest 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
Read ArticleThe 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.
Read ArticleA 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
Read ArticleQuick 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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Lifestyle Ratings
ApartmentHomeLiving.com compiles millions of data points to bring you comprehensive Lifestyle Ratings of rentals in metropolitan areas across the United States including South Loop, Chicago, and the greater Chicago area. Our Lifestyle Ratings help you zero-in on the perfect place to call home. This takes in many factors including our Star Ratings to compare for proximity to parks, luxury amenities, transit availability, pet-friendly communities, multifamily communities for the kids, in addition to floorplans, availablity, and pricing. Find Lifestyle Search in the filter options (above). Happy Searching!
Getting Around the South Loop Neighborhood in Chicago, IL
Walk Score®
93 / 100
Walker’s Paradise
Daily errands do not require a car
Bike Score®
88 / 100
Very Bikeable
Biking is convenient for most trips
Transit Score®
86 / 100
Excellent Transit
Transit is convenient for most trips
What Are Walk Score®, Transit Score®, and Bike Score® Ratings?
- Walk Score® measures the walkability of any address.
- Transit Score® measures access to public transit.
- Bike Score® measures the bikeability of any address.
Frequently Asked Questions about Cheap South Loop Apartments
What is a cheap apartment in South Loop?
A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in South Loop is under $1,825.
What is the price of a cheap apartment in South Loop?
The cheapest apartment in South Loop is Prairie CoLiving which is listed at $1,122, while the average apartment in South Loop costs $34,700.
What types of apartments are the cheapest in South Loop?
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 23 regular apartments in South Loop 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 Loop?
Cheap apartments in South Loop have an average cost of $222 which is $34,478 cheaper than the average rent for all rentals in South Loop.
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.
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.
Apartment Common Area Rules: What Renters Need to Know
Written by: Christine Leonard, Esq.
Back in the day when I rented one of my first apartments, the property didn’t even have laundry in the building. Now, rental properties are often competing against each other to provide the best amenities.
How to Negotiate Your Apartment Lease and Save Money
Written by: Christine Leonard, Esq.
Everything is a negotiation in real estate!
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.