Cheap Apartments for Rent in the South Loop Neighborhood of Chicago, IL from $800 (81 Rentals)

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Search the lowest-cost Apartments available for rent right now in the South Loop 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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property at 899 S Plymouth Ct

$1,900 - $2,000

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$1,900 - $2,000
Total Monthly Price
$1,900 - $2,000

1 Bedroom, 1 Bath Condo for Rent

Available Now

899 S Plymouth Ct

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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Coeval
Rent Specials
$1,955 - $4,989
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$1,955 - $4,989
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Studio to 2 Bedroom Apartments Available Now

Coeval

51 E 14th StChicago, IL 60605
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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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Imprint
$2,036 - $6,543
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$2,036 - $6,543
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Studio to 4 Bedroom Apartments Available Now

Imprint

717 S Clark StChicago, IL 60605
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property at 1808 S Michigan Ave

$2,150

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$2,150
Total Monthly Price
$2,150

1 Bedroom, 1 Bath Condo for Rent

Available Now

1808 S Michigan Ave, Unit 22, Unit 22

1808 S Michigan Ave
ChicagoIL60616

Chicago Relocation 101: Mastering Utilities, Registration, and the CTA

Moving to Chicago? This essential relocation guide offers a complete checklist for new residents, covering finding the right neighborhood, setting up utilities (ComEd, People’s Gas), and mastering high-rise moving logistics and vehicle registration.

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1400 Wabash
$2,172 - $7,568
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$2,172 - $7,568
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Studio to 3 Bedroom Apartments Available Now

1400 Wabash

1400 S Wabash AveChicago, IL 60605
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1001 South State
$2,175 - $6,198
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$2,175 - $6,198
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Studio to 3 Bedroom Apartments Available Now

1001 South State

1001 S State StChicago, IL 60605
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Neveseno
$2,275 - $8,740
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$2,275 - $8,740
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1 to 4 Bedroom Apartments Available Now

Neveseno

1717 S Michigan AveChicago, IL 60616
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Explore the Windy City (But Watch for Falling Ice) - An Insider's Guide to Renting in Chicago

Learn about the best things about living in Chicago from a local in the Insiders Guide to Renting in Chicago. Find your perfect Chicago apartment today!

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Showing Results 1-50, Page 1 of 2

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. 21st Street Lofts by 3L Living has the second lowest priced unit, which is a Studio apartment currently listed from $1,399. 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
21st Street Lofts by 3L LivingStudio - AStudio,1BA$1,399
820 Michigan by 3L LivingStudio EastStudio,1BA$1,719
30 East RooseveltER_1x11BR,1BA$1,750
2101 MichiganStudioStudio,1BA$1,815
1935 S Canalport AveApartment 3 Bedroom3BR,2BA$1,825
1407 on MichiganS7Studio,1BA$1,980
AMLI 900ClassicStudio,1BA$2,003
ELEVEN THIRTYTier 6/12 (Studio)Studio,1BA$2,008

Best Value Apartments for Rent in South Loop, IL

As of April 29, 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 BED 2 BATH Model at Carriage House Lofts starting at $3,322 with a $2.23 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 ListingModel NameBed/BathPrice Per Sq.Ft.
1935 S Canalport AveApartment 3 Bedroom3BR,2.5BA$0.93
Carriage House Lofts3 BED 2 BATH3BR,2BA$2.23
731 Plymouth by 3L Living2 Bedroom East2BR,1BA$2.18
680 S Federal St, Unit Apt 808680 S Federal St1BR,1BA$2.25
Arrive South LoopTaylor Loft2BR,2BA$3.22
Student | The Flats East West3x23BR,2BA$1.23
The ShelbyA21BR,1BA$2.91
260 W 24th Pl, Unit BR260 W 24th Pl2BR,1BA$1.61
777 South StateOne Bedroom1BR,1BA$2.84
30 East RooseveltER_1x11BR,1BA$3.03

10 Hidden Costs of Renting You Should Budget for Before Signing a Lease

Avoid financial stress when renting. Learn about the 10 most common hidden costs—from pet fees to utilities—you must budget for before you sign a lease.

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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.

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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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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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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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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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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!

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 $2,008.

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 $6,220.

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 56 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 $999 which is $5,221 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.

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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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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.

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18 Must-Ask Rental Tour Questions That Reveal the Truth about a Property

Written by: Lauren Harrington

Renting your next home can feel thrilling and overwhelming at the same time.