Cheap Apartments for Rent in the South Loop Neighborhood of Chicago, IL from $800 (29 Rentals)

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

property at 264 W 26th St

264 W 26th St

ChicagoIL60616

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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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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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Smart Renter's Guide: Calculating Affordable Rent & Housing Costs

Wondering how to determine your rental budget? This comprehensive guide covers everything from the 30% rule to hidden fees and effective budgeting strategies.

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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

Navigating the Rental Market: Tips for First-Time Renters

Entering the rental market? Learn these simple tips and strategies to avoid common pitfalls and make confident choices. Rent with peace of mind.

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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
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ELEVEN THIRTY
Studio to 2 Bedroom Apartments

ELEVEN THIRTY

1130 S Michigan AveChicago, IL 60605
Showing Results 1-29, Page 1 of 1

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 4 Beds unit found at 2423 State Street priced from $1,019. 561 W 18th St has the second lowest priced unit, which is a 1 Bed apartment currently listed from $1,150. Here are the most affordable South Loop apartments for rent in Chicago, IL:

Apartment ListingModel NameBed/BathPriced From
2423 State StreetPrivate Bedroom in Shared 4 Bed 3 Bath - A4BR,3BA$1,019
561 W 18th StGarden Apartment Util Included 1bd 1 bath1BR,1BA$1,150
Mccormick ColivingPrivate Bedroom in Shared 4 Bed 3 Bath (E)4BR,3BA$1,255
21st Street Lofts by 3L LivingStudio - BStudio,1BA$1,399
30 East RooseveltER_Sx1Studio,1BA$1,550
820 Michigan by 3L LivingStudio EastStudio,1BA$1,819
Park Michigan - 1212 S Michigan AveStudio 1ba 09Studio,1BA$1,850
ImprintStudio CStudio,1BA$1,901
731 Plymouth by 3L Living1 Bedroom West1BR,1BA$1,921
777 South StateOne Bedroom1BR,1BA$1,980

Best Value Apartments for Rent in South Loop, IL

As of June 13, 2025 the best value apartment in the South Loop area is the $2.38 price per square foot 3 BED 2 BATH Model at Carriage House Lofts in the in the Near South Side neighborhood starting from $3,553. The second greatest value South Loop apartment is the C2 Model at The Shelby starting at $3,229 with a $2.69 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.
Carriage House Lofts3 BED 2 BATH3BR,2BA$2.38
The ShelbyC22BR,2BA$2.69
Wells Place Apartments2 Bed 2 Bath B62BR,2BA$2.85
731 Plymouth by 3L Living3 Bedroom East3BR,1.5BA$2.84
Astoria TowerTwo Bedroom 10A2BR,2BA$2.91
680 S Federal St, Unit Apt 808680 S Federal St1BR,1BA$2.25
1150 S Michigan Ave, Unit 11150 S Michigan Ave1BR,1BA$2.93
1135 S Delano Ct E, Unit W3271135 S Delano Ct E1BR,1BA$3.19
777 South StateOne Bedroom1BR,1BA$2.73
561 W 18th StGarden Apartment Util Included 1bd 1 bath1BR,1BA$2.88

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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 $1,980.

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

The cheapest apartment in South Loop is 561 W 18th St which is listed at $1,150, while the average apartment in South Loop costs $7,500.

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 79 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 $426 which is $7,074 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.

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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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Roommate Matching: Finding the Right Fit and Avoiding Pitfalls

Written by: Cheryl Bowman

A fantastic way to save money and enjoy a built-in community is to share an apartment. However, a bad roommate situation can turn your dream rental into a nightmare.

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The Art of the Rental Viewing: What to look for during a property tour

Written by: Marie Brown

You’ve scrolled through countless listings, walked through a blur of rentals, and finally found what feels like the one. The pictures? Fantastic. The neighborhood seems just right.

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Know Your Budget: Calculating What You Can Realistically Afford When Renting

Written by: Lauren Harrington

Renting an apartment or house isn’t just about looking through online ads, choosing a few apartments or homes you want to tour, filling out an application, and putting down a deposit. Those things are all necessary and important.