Cheap Homes for Rent in South Loop Neighborhood of Chicago, IL from $1,500 (69 Rentals)

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

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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property at 871 S Clark St

871 S Clark St

ChicagoIL60605

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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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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property at 712 S Wells St

712 S Wells St

ChicagoIL60607

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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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. Mccormick Coliving has the second lowest priced unit, which is a 4 Beds apartment currently listed from $1,108. 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
Mccormick ColivingPrivate Bedroom in Shared 4 Bed 3 Bath (D)4BR,3BA$1,108
21st Street Lofts by 3L LivingStudio - BStudio,1BA$1,412
820 Michigan by 3L LivingStudio EastStudio,1BA$1,749
Astoria TowerStudio 08AStudio,1BA$1,894
ImprintLoft Studio EStudio,1BA$1,915
Park Michigan - 1212 S Michigan AveStudio 1ba 03Studio,1BA$1,930
The Regal Apartments1 Bedroom Floor Plan A41BR,1BA$2,055
Straits RowT1Studio,1BA$2,099

Best Value Apartments for Rent in South Loop, IL

As of August 14, 2025 the best value apartment in the South Loop area is the $3.04 price per square foot 732 S Clark St Model at 732 S Clark St, Unit PH in the in the South Loop neighborhood starting from $4,940. The second greatest value South Loop apartment is the 3 BED 2 BATH Model at Carriage House Lofts starting at $3,299 with a $2.21 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.
732 S Clark St, Unit PH732 S Clark St2BR,2.5BA$3.04
Carriage House Lofts3 BED 2 BATH3BR,2BA$2.21
Wells Place Apartments2 Bed 2 Bath B52BR,2BA$2.76
731 Plymouth by 3L Living3 Bedroom East3BR,1.5BA$2.66
320 E 21st St, Unit 503320 E 21st St2BR,1BA$2.75
680 S Federal St, Unit Apt 808680 S Federal St1BR,1BA$2.25
1948 S Desplaines St, Unit 11948 S Desplaines St2BR,1BA$1.68
The ShelbyA31BR,1BA$2.56
The Regal Apartments1 Bedroom Floor Plan A41BR,1BA$2.62
30 East RooseveltER_1x11BR,1BA$3.03

Frequently Asked Questions about South Loop

What type of rentals are currently available in South Loop?

There are currently 282 Apartments for Rent in South Loop, IL with pricing that ranges from $1,150 to $15,895. There are also 249 Single Family Homes for rent, Condos, and Townhome rentals currently available in South Loop ranging from $1,500 to $13,200.

What is the current price range for Rental Homes in South Loop?

Today's rental pricing for Homes for Rent, Condos and Townhomes in South Loop ranges from $1,500 to $13,200 with an average monthly rent of $4,506.

How much are larger Three and Four Bedroom Rentals in South Loop?

For those who are looking for larger living arrangements, Three Bedroom Apartments in South Loop range from $1,699 to $14,540, while Three Bedroom Homes, Condos, and Townhomes for rent range from $1,900 to $7,900. Four Bedroom Single-Family rentals are also available starting from $8,500 and Four Bedroom Apartments start at $1,235.

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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The Ultimate Long-Distance Moving Checklist: Tips from a Real Estate Pro

Written by: Christine Leonard, Esq.

Hard truth. Moving is never easy. I’ve done it all – from local moves to cross-country relocations From packing to unpacking the last box, I have found moving to be an exhausting, expensive and stressful experience every time.

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Cash or credit? Understanding the Importance of Credit Score in Real Estate and Renting

Written by: Christine Leonard, Esq.

Throughout the day, think about all the times that you have to pay for something. So many of us reach automatically for a credit card or even our phone for a quick payment.

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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.