Cheap Homes for Rent in South Loop Neighborhood of Chicago, IL from $1,000 (59 Rentals)

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

property at 40 E 9th St

$1,600 - $2,200

Studio To 2 Bedroom Rentals

Available Now

40 E 9th St

ChicagoIL60605
property at 899 S Plymouth Ct

$1,750 - $2,400

Studio To 1 Bedroom Rentals

Available Now

899 S Plymouth Ct

ChicagoIL60605

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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property at 871 S Clark St

$1,919

Studio, 1 Bath Rentals

Available Now

871 S Clark St

ChicagoIL60605

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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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 883 S Clark St

$2,155

1 Bedroom, 1 Bath Rentals

Available Now

883 S Clark St

ChicagoIL60605

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 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 1 Bed apartment currently listed from $1,739. 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 LivingOne Bed Loft - E1BR,1BA$1,739
2101 MichiganStudioStudio,1BA$1,744
30 East RooseveltER_1x11BR,1BA$1,750
820 Michigan by 3L LivingStudio EastStudio,1BA$1,814
CoevalS1.LStudio,1BA$1,825
1935 S Canalport AveApartment 3 Bedroom3BR,2BA$1,825
AMLI 900ClassicStudio,1BA$1,929
Park Michigan - 1212 S Michigan AveConv 03 05 07 09Studio,1BA$1,983

Best Value Apartments for Rent in South Loop, IL

As of January 21, 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 100 E 14th St Model at 100 E 14th St, Unit 304 starting at $3,289 with a $2.06 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
100 E 14th St, Unit 304100 E 14th St3BR,2BA$2.06
1464 S MICHIGAN, Unit 15071464 S MICHIGAN2BR,2BA$1.96
731 Plymouth by 3L Living2 Bedroom East2BR,1BA$2.17
680 S Federal St, Unit Apt 808680 S Federal St1BR,1BA$2.25
240 W 24th St, Unit 2R240 W 24th St3BR,1BA$1.68
Carriage House Lofts1 BED 1 BATH1BR,1BA$2.40
Student | The Flats East West3x23BR,2BA$1.23
The ShelbyA21BR,1BA$2.86
777 South StateOne Bedroom1BR,1BA$2.84

Frequently Asked Questions about South Loop

What type of rentals are currently available in South Loop?

There are currently 281 Apartments for Rent in South Loop, IL with pricing that ranges from $1,350 to $16,557. There are also 250 Single Family Homes for rent, Condos, and Townhome rentals currently available in South Loop ranging from $1,080 to $12,300.

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 $1,080 to $12,300 with an average monthly rent of $3,771.

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 $1,680 to $16,557, while Three Bedroom Homes, Condos, and Townhomes for rent range from $1,650 to $7,300. Four Bedroom Single-Family rentals are also available starting from $1,080 and Four Bedroom Apartments start at $8,784.

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

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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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

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

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.

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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!