Cheap Homes for Rent in South Loop Neighborhood of Chicago, IL from $1,400 (58 Rentals)

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

property at 321 W 24th St

$1,375 - $1,400

2 Bedroom Rentals

Available Now

321 W 24th St

ChicagoIL60616
property at 431 S Dearborn St

$1,500 - $2,275

Studio To 1 Bedroom Rentals

Available Now

431 S Dearborn St

ChicagoIL60605

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 320 E 21st St

$2,100 - $3,200

1 To 2 Bedroom Rentals

Available Now

320 E 21st St

ChicagoIL60616
property at 1808 S Michigan Ave

$2,150

Total Monthly Price

Total Monthly Price

Base Rent
$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

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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property at 1464 S Michigan Ave

$2,300 - $3,000

Total Monthly Price

Total Monthly Price

Base Rent
$2,300 - $3,000
Total Monthly Price
$2,300 - $3,000

1 To 2 Bedroom Condos for Rent

Available Now

1464 S Michigan Ave

ChicagoIL60605
property at 1133 S State St

$2,300 - $2,650

Total Monthly Price

Total Monthly Price

Base Rent
$2,300 - $2,650
Total Monthly Price
$2,300 - $2,650

1 Bedroom, 1.5 Bath Condo for Rent

Available Now

1133 S State St

ChicagoIL60605
property at 1400 S Michigan Ave

$2,300

Total Monthly Price

Total Monthly Price

Base Rent
$2,300
Total Monthly Price
$2,300

Studio, 1 Bath Condo for Rent

Available Now

1400 S Michigan Ave, Unit 27G, Unit 27G

1400 S Michigan Ave
ChicagoIL60605
property at 161 W Harrison St

$2,300

Total Monthly Price

Total Monthly Price

Base Rent
$2,300
Total Monthly Price
$2,300

1 Bedroom, 1 Bath Condo for Rent

Available Now

161 W Harrison St, Unit 504, Unit 504

161 W Harrison St
ChicagoIL60605

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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property at 800 S Clark St

$2,320 - $3,745

Total Monthly Price

Total Monthly Price

Base Rent
$2,320 - $3,745
Total Monthly Price
$2,320 - $3,745

Studio To 2 Bedroom Condos for Rent

Available Now

800 S Clark St

ChicagoIL60605
property at 733 S Wells St

$2,330 - $3,600

Total Monthly Price

Total Monthly Price

Base Rent
$2,330 - $3,600
Total Monthly Price
$2,330 - $3,600

Studio To 2 Bedroom Condos for Rent

Available May 25

733 S Wells St

ChicagoIL60607
property at 1400 S Michigan Ave

$2,350 - $3,500

Total Monthly Price

Total Monthly Price

Base Rent
$2,350 - $3,500
Total Monthly Price
$2,350 - $3,500

1 To 2 Bedroom Condos for Rent

Available Now

1400 S Michigan Ave

ChicagoIL60605
property at 1717 S Prairie Ave

$2,350

Total Monthly Price

Total Monthly Price

Base Rent
$2,350
Total Monthly Price
$2,350

1 Bedroom, 1 Bath Condo for Rent

Available Now

1717 S Prairie Ave, Unit 1307, Unit 1307

1717 S Prairie Ave
ChicagoIL60616
property at 883 S Clark St

$2,371

1 Bedroom, 1 Bath Rentals

Available Now

883 S Clark St

ChicagoIL60605

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

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
ELEVEN THIRTYTier 6/12 (Studio)Studio,1BA$1,975
1407 on MichiganS7Studio,1BA$1,980
Carriage House Lofts1 BED 1 BATH1BR,1BA$2,005

Best Value Apartments for Rent in South Loop, IL

As of April 22, 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 2 BED 2 BATH Model at Carriage House Lofts starting at $2,926 with a $2.26 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 BATH2BR,2BA$2.26
731 Plymouth by 3L Living2 Bedroom East2BR,1BA$2.18
680 S Federal St, Unit Apt 808680 S Federal St1BR,1BA$2.25
Student | The Flats East West3x23BR,2BA$1.23
260 W 24th Pl, Unit BR260 W 24th Pl2BR,1BA$1.61
The ShelbyA21BR,1BA$2.87
1401 S. StateA13-R1BR,1BA$3.08
777 South StateOne Bedroom1BR,1BA$2.84
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 275 Apartments for Rent in South Loop, IL with pricing that ranges from $849 to $27,303. There are also 191 Single Family Homes for rent, Condos, and Townhome rentals currently available in South Loop ranging from $1,400 to $12,000.

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 $1,400 to $12,000 with an average monthly rent of $4,244.

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 $1,825 to $27,303, while Three Bedroom Homes, Condos, and Townhomes for rent range from $3,250 to $7,300. Four Bedroom Single-Family rentals are also available starting from $6,000 and Four Bedroom Apartments start at $879.

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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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.

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A Renters Guide for Tips on Writing Your Notice for Not Renewing Your Apartment

Written by: Bob Mallory

Packing up everything you own to move is so stressful for many that ending your apartment lease can feel like a small or unimportant task. Ending your lease involves more than simply turning over your keys on the last day.