Cheap Apartments for Rent in the South Loop Neighborhood of Chicago, IL from $800 (60 Rentals)

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

property at 262 W 26th St

$1,450

1 Bedroom Rentals

Available Aug 1

262 W 26th St

ChicagoIL60616

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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Coeval
$1,969 - $5,615
Total Monthly Price

Total Monthly Price

Base Rent
$1,969 - $5,615
Total Monthly Price
Varies
Studio to 2 Bedroom Apartments Available Now

Coeval

51 E 14th StChicago, IL 60605
Corporate Housing
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property at 1 E 8th St

$2,000 - $2,900

1 To 2 Bedroom Rentals

Available Jul 1

1 E 8th St

ChicagoIL60605
property at 800 S Clark St

$2,018

Total Monthly Price

Total Monthly Price

Base Rent
$2,018
Total Monthly Price
$2,018

Studio, 1 Bath Condo for Rent

Available Aug 8

800 S Clark St, Unit 415

800 S Clark St
ChicagoIL60605

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 1529 S State 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 Jul 1

1529 S State St, Unit 13F

1529 S State St
ChicagoIL60605

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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1400 Wabash
$2,133 - $7,568
Total Monthly Price

Total Monthly Price

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$2,133 - $7,568
Total Monthly Price
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Studio to 3 Bedroom Apartments Available Now

1400 Wabash

1400 S Wabash AveChicago, IL 60605
Corporate Housing
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property at 1400 S Michigan Ave

$2,150

Total Monthly Price

Total Monthly Price

Base Rent
$2,150
Total Monthly Price
$2,150

Studio, 1 Bath Condo for Rent

Available Now

1400 S Michigan Ave, Unit 27G

1400 S Michigan Ave
ChicagoIL60605
property at 630 S Clark St

$2,150

Total Monthly Price

Total Monthly Price

Base Rent
$2,150
Total Monthly Price
$2,150

Studio, 1 Bath Condo for Rent

Available Now

630 S Clark St, Unit 3711

630 S Clark St
ChicagoIL60605
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Imprint
$2,157 - $13,611
Total Monthly Price

Total Monthly Price

Base Rent
$2,157 - $13,611
Total Monthly Price
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Studio to 4 Bedroom Apartments Available Now

Imprint

717 S Clark StChicago, IL 60605
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Neveseno
$2,175 - $8,740
Total Monthly Price

Total Monthly Price

Base Rent
$2,175 - $8,740
Total Monthly Price
Varies
1 to 4 Bedroom Apartments Available Now

Neveseno

1717 S Michigan 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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525 S. Dearborn St.
Studio to 2 Bedroom Apartments

525 S. Dearborn St.

525-537 S Dearborn StChicago, IL 60605
  • Utilities Included
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McCormick CoLiving
1 to 4 Bedroom Apartments

McCormick CoLiving

2401 S State StChicago, IL 60616
Corporate Housing
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2001 S State St
2 to 3 Bedroom Apartments

2001 S State St

2001 S State StChicago, IL 60616
  • Utilities Included

How I Find the Perfect Rental for My Clients: A Real Estate Pro's Guide

Finding the right apartment starts with three things: location, cost, and amenities. Get the insider perspective from a real estate professional on how to nail all three.

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South Loop, Chicago, IL Local Guide

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 $1,350. 561 W 18th St has the second lowest priced unit, which is a 1 Bed apartment currently listed from $1,400. Here are the most affordable South Loop apartments for rent in Chicago, IL:

Apartment ListingModel NameBed/BathPriced From
Prairie CoLivingPrivate bedroom with en-suite bathroom1BR,1BA$1,350
561 W 18th St1st front1BR,1BA$1,400
21st Street Lofts by 3L LivingStudio - CStudio,1BA$1,429
820 Michigan by 3L LivingStudio EastStudio,1BA$1,719
1935 S Canalport AveApartment 3 Bedroom3BR,2BA$1,825
30 East RooseveltER_1x11BR,1BA$1,850
731 Plymouth by 3L Living1 Bedroom East1BR,1BA$1,959
Eleven40S3Studio,1BA$1,959
CoevalS2.LStudio,1BA$2,075

Best Value Apartments for Rent in South Loop, IL

As of June 14, 2026 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 Bedroom East Model at 731 Plymouth by 3L Living starting at $3,199 with a $2.88 price per square foot in the South Loop neighborhood. Here is today’s list of the best values for South Loop apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
1935 S Canalport AveApartment 3 Bedroom3BR,2.5BA$0.93
731 Plymouth by 3L Living3 Bedroom East3BR,1.5BA$2.88
Park Michigan - 1212 S Michigan Ave2bd 2ba 022BR,2BA$3.01
2113 S State St, Unit 62113 S State St2BR,1BA$2.20
240 W 24th St, Unit 1R240 W 24th St3BR,1BA$1.59
777 South StateOne Bedroom1BR,1BA$2.81
Aspireasp1b011BR,1BA$3.39
1442 S Michigan Ave, Unit 1440-2131442 S Michigan Ave1BR,1BA$3.43
30 East RooseveltER_1x11BR,1BA$3.21
561 W 18th St1st front1BR,1BA$2.80

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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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!

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 $2,075.

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

The cheapest apartment in South Loop is Prairie CoLiving which is listed at $1,350, while the average apartment in South Loop costs $6,945.

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 31 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 $696 which is $6,249 cheaper than the average rent for all rentals in South Loop.

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.

decorative image for Top Student Friendly Neighborhoods to Rent Near Colleges in Chicago article

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.

decorative image for Best Neighborhoods to Rent in Near Chicago's Top Employers article

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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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.

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Pet-Friendly Renting: Everything You Need to Know Before You Move

Written by: Christine Leonard, Esq.

For so many of us, pets are the best companions and a big part of our lives. For this reason, a pet-friendly house or apartment is often a very important - and nonnegotiable - part of a move.

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Creative Ways Developers Reimagine Retail Spaces as Residential Units

Written by: Robin Stewart

Adaptive reuse is when a commercial property is converted and repurposed. The real estate industry has embraced a growing number of these projects.

decorative image for Neighborhood and Market Insights: How to Choose the Right Area to Rent article

Neighborhood and Market Insights: How to Choose the Right Area to Rent

Written by: Robin Stewart

Apartment-hunting can be a gargantuan task. Renters have a wish list of items—some luxuries, some necessities—but finding what you seek in the right place is perhaps the most important part of the journey.