Cheap Homes for Rent in South Loop Neighborhood of Chicago, IL from $1,200 (54 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 303 W 24th St

303 W 24th St

ChicagoIL60616

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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Navigating the Rental Market: Tips for First-Time Renters

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property at 124 W Polk St

124 W Polk St

ChicagoIL60605

Chicago's Best Affordable Neighborhoods

Learn about Chicago and the best places to live with original content written by our Chicago, IL Local Expert Nicole Harms

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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. 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$1,689
Park Michigan - 1212 S Michigan AveStudio 1ba 09Studio,1BA$1,855
731 Plymouth by 3L Living1 Bedroom West1BR,1BA$1,926
ELEVEN THIRTYTier 6/12 (Studio)Studio,1BA$1,929

Best Value Apartments for Rent in South Loop, IL

As of June 24, 2025 the best value apartment in the South Loop area is the $2.37 price per square foot 3 BED 2 BATH Model at Carriage House Lofts in the in the Near South Side neighborhood starting from $3,538. The second greatest value South Loop apartment is the Two Bedroom 05C Model at Astoria Tower starting at $3,699 with a $2.74 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$2.37
Astoria TowerTwo Bedroom 05C2BR,2BA$2.74
The ShelbyC22BR,2BA$2.69
Wells Place Apartments2 Bed 2 Bath B62BR,2BA$2.84
731 Plymouth by 3L Living3 Bedroom East3BR,1.5BA$2.84
680 S Federal St, Unit Apt 808680 S Federal St1BR,1BA$2.25
777 South StateTwo Bedroom One Bathroom2BR,1BA$2.72
240 W 24th St, Unit 2F240 W 24th St2BR,1BA$1.82
1150 S Michigan Ave, Unit 11150 S Michigan Ave1BR,1BA$2.93
561 W 18th StGarden Apartment Util Included 1bd 1 bath1BR,1BA$2.88

Frequently Asked Questions about South Loop

What type of rentals are currently available in South Loop?

There are currently 276 Apartments for Rent in South Loop, IL with pricing that ranges from $1,025 to $19,703. There are also 297 Single Family Homes for rent, Condos, and Townhome rentals currently available in South Loop ranging from $1,225 to $14,000.

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 $1,225 to $14,000 with an average monthly rent of $4,406.

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 $1,899 to $16,750, while Three Bedroom Homes, Condos, and Townhomes for rent range from $1,750 to $8,500. Four Bedroom Single-Family rentals are also available starting from $7,250 and Four Bedroom Apartments start at $1,025.

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.

decorative image for A Local Expert’s Guide To 10 Budget-Friendly Neighborhoods to Rent in Chicago article

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.

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

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.

decorative image for Know Your Budget: Calculating What You Can Realistically Afford When Renting article

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.