Cheap Apartments for Rent in the South Loop Neighborhood of Chicago, IL from $800 (34 Rentals)

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

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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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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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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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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561 W 18th St
1 Bedroom Apartments

561 W 18th St

561 W 18th StChicago, IL 60616
Student Housing
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2001 S State St
2 to 3 Bedroom Apartments

2001 S State St

2001 S State StChicago, IL 60616
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Vesta Lofts Apartments
Studio to 3 Bedroom Apartments

Vesta Lofts Apartments

125 E 21st StChicago, IL 60616
  • Utilities Included

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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ELEVEN THIRTY
Studio to 2 Bedroom Apartments

ELEVEN THIRTY

1130 S Michigan AveChicago, IL 60605
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AMLI 900
Studio to 3 Bedroom Apartments

AMLI 900

900 S Clark StChicago, IL 60605
Showing Results 1-34, 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 McCormick CoLiving priced from $1,147. Prairie CoLiving has the second lowest priced unit, which is a 1 Bed apartment currently listed from $1,350. Here are the most affordable South Loop apartments for rent in Chicago, IL:

Apartment ListingModel NameBed/BathPriced From
McCormick CoLivingEnsuite4BR,3BA$1,147
Prairie CoLivingPrivate bedroom with en-suite bathroom1BR,1BA$1,350
Park Michigan - 1212 S Michigan AveStudio 1ba 03Studio,1BA$1,597
21st Street Lofts by 3L LivingOne Bed Loft - E1BR,1BA$1,739
2101 MichiganStudioStudio,1BA$1,744
30 East RooseveltER_1x11BR,1BA$1,750
777 South StateConvertible StudioStudio,1BA$1,755
Eleven40S3Studio,1BA$1,782
1935 S Canalport AveApartment 3 Bedroom3BR,2BA$1,825

Best Value Apartments for Rent in South Loop, IL

As of December 13, 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 2 BED 2 BATH LOFT STYLE Model at Carriage House Lofts starting at $2,616 with a $2.24 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 Lofts2 BED 2 BATH LOFT STYLE2BR,2BA$2.24
240 W 24th St, Unit 2R240 W 24th St3BR,1BA$1.62
Wells Place Apartments2 Bed 2 Bath B12BR,2BA$2.64
2310 S Canal St, Unit 2032310 S Canal St2BR,1BA$2.15
731 Plymouth by 3L Living2 Bedroom East2BR,1BA$2.17
680 S Federal St, Unit Apt 808680 S Federal St1BR,1BA$2.25
777 South StateTwo Bedroom Two Bathrooms2BR,2BA$2.93
1401 S. StateA14-R1BR,1BA$2.89
The ShelbyA21BR,1BA$2.86

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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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!

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 McCormick CoLiving which is listed at $1,255, while the average apartment in South Loop costs $31,557.

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 59 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 $401 which is $31,156 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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Renting with Roommates: Realistic Expectations for Shared Lease

Written by: Christine Leonard, Esq.

Given the high costs for housing, I have found that many people are looking for a roommate to share expenses. These arrangements can increase opportunities for more desirable and larger spaces.

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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.

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How to Negotiate Your Apartment Lease and Save Money

Written by: Christine Leonard, Esq.

Everything is a negotiation in real estate! 

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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.