Cheap Apartments for Rent in the Southwest Chicago Neighborhood of Chicago, IL from $500 (1,233 Rentals)

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

The Windy City Price Tag: Your Complete Guide to the Cost of Living in Chicago

Chicago may cost more than the national average, but with the right neighborhood, a smart transit strategy, and a few local insider tips, living well in the Windy City is more achievable than you might think. Our local expert breaks down everything from rent and groceries to transportation and healthcare so you can plan your move with confidence.

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property at 7922 S Wood St

$950 - $1,550

Studio To 2 Bedroom Rentals

Available Now

7922 S Wood St

ChicagoIL60620

Renters Insurance 101: What It Is, What It Covers, and Why You Need It

From theft to fire to water damage, the unexpected can happen to any renter. Discover why renters insurance is one of the smartest and most affordable investments you can make as a tenant.

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Southwest Chicago, Chicago, IL Local Guide

Cheapest Available Southwest Chicago Apartments for Rent

 

The cheapest available apartment rental in the Southwest Chicago area of Chicago, IL is a 4 Beds unit found at Coleman Place At Legends South priced from $170. 1155 W 83rd St has the second lowest priced unit, which is a Studio apartment currently listed from $700. Here are the most affordable Southwest Chicago apartments for rent in Chicago, IL:

Apartment ListingModel NameBed/BathPriced From
Coleman Place At Legends SouthThe Wells4BR,2BA$170
1155 W 83rd StStudioStudio,1BA$700
Highlands Tudor Manor - 55+ CommunityStudioStudio,1BA$700
6246 S. King Dr.EfficienciesStudio,1BA$710
5445 Ingleside By 3L LivingLarge Co-Living Single RoomStudio,1BA$712
5540 Hyde Park by 3L LivingEfficiency Studio - NorthStudio,1BA$724
5748 Blackstone By 3L LivingNo Kitchenette with Shared BathroomStudio,1BA$726
7903 S EvansStudio ApartmentStudio,1BA$745
Jarrell Washington Park0 Beds, 1 BathsStudio,1BA$750
7849-7853 S Coles Ave853-3NStudio,1BA$750

Best Value Apartments for Rent in Southwest Chicago, IL

As of August 05, 2026 the best value apartment in the Southwest Chicago area is the $0.67 price per square foot 5519 S Throop St Model at 5519 S Throop St, Unit 1 in the in the Englewood neighborhood starting from $1,650. The second greatest value Southwest Chicago apartment is the 7942 S Lafayette Ave Model at 7942 S Lafayette Ave, Unit The South Side Estate starting at $1,950 with a $0.84 price per square foot in the Chatham neighborhood. Here is today’s list of the best values for Southwest Chicago apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
5519 S Throop St, Unit 15519 S Throop St3BR,1BA$0.67
7942 S Lafayette Ave, Unit The South Side Estate7942 S Lafayette Ave3BR,1BA$0.84
7809 S Marshfield Ave, Unit 7809 South Marshfield #17809 S Marshfield Ave2BR,1BA$0.56
6329 S Loomis Blvd, Unit 26329 S Loomis Blvd3BR,1BA$0.65
8452 S Burnham Ave, Unit 8452 S. Burnham8452 S Burnham Ave2BR,1BA$0.61
Prairie Park ApartmentsThree Bedroom 60% AMI3BR,2BA$0.87
1402 W Flournoy St, Unit Anupama Sri Kota1402 W Flournoy St2BR,1BA$0.63
8010 S Marshfield Ave, Unit 1 - First Floor8010 S Marshfield Ave2BR,1BA$0.87
IronwoodTwo Bedroom 120%2BR,1BA$0.91
2823 E 77th St, Unit Apartment2823 E 77th St3BR,1BA$1.00

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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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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Real Estate and Rental Term Glossary | ApartmentHomeLiving.com Renter University

From the letter A all the way to the letter Z, the Real Estate and Rental Term Glossary from the content team at ApartmentHomeLiving.com provides our visitors and shoppers with a little clarity and helpful guidance in navigating the real estate world through definitions and explainers for the top subjects and terms that someone may come across during the leasing, buying, or selling process.

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Quick Rent Budget Calculator

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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Pet Friendly Lifestyle
Southwest Chicago, Chicago, IL

Ranked #10

Among cities in Illinois for Apartment listings with Pet Friendly Amenities.

Pet Friendliness Lifestyle Score

4.0
Pet Friendly

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Best Local Schools in
Southwest Chicago, Chicago, IL

School data provided by Great Schools

Lifestyle Ratings

ApartmentHomeLiving brings you our detailed rental analysis called 'Lifestyle Ratings' - a comparison of rentals and neighborhoods across the USA, and customized analysis for South Chicago, IL. LifeStyle Ratings are the best way to sort through finding a place to live - beyond price and floorplan. This takes in many factors including rankings of the best places for the best proximity to parks and outdoor amenities, luxury amenities, transit availability, pet-friendly communities, places that make kids happy, and how walkable or bikeable each community and area is. Use Lifestyle Search in the site filter options on this page - and find your Perfect place!

Frequently Asked Questions about Cheap Southwest Chicago Apartments

What is a cheap apartment in Southwest Chicago?

A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in Southwest Chicago is under $750.

What is the price of a cheap apartment in Southwest Chicago?

The cheapest apartment in Southwest Chicago is 1155 W 83rd St which is listed at $800, while the average apartment in Southwest Chicago costs $2,115.

What types of apartments are the cheapest in Southwest Chicago?

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 194 regular apartments in Southwest Chicago 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 Southwest Chicago?

Cheap apartments in Southwest Chicago have an average cost of $479 which is $1,636 cheaper than the average rent for all rentals in Southwest Chicago.

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 The Windy City Price Tag: Your Complete Guide to the Cost of Living in Chicago article

The Windy City Price Tag: Your Complete Guide to the Cost of Living in Chicago

Written by: Nicole Harms

When choosing a place to live, there are many things you must consider. Your employer, your shopping preferences, and even schools are all important to think about. Yet cost of living is also important to know and plan for.

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Best Places to Live Near Chicago: 5 Cities That Keep the Windy City Accessible

Written by: Nicole Harms

I’m Nicole, you’re ApartmentHomeLiving.com Local Expert for Chicago. There’s no denying I love the Windy City. Yet there’s also no denying that rental homes in Chicago can be pricy, small, and hard to find.

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Moving to a new city is always an exciting time, especially one as vibrant and diverse as Chicago. With world-class museums, a breathtaking lakefront, and numerous employment opportunities, there’s much to love about this city.

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Explore the Windy City (But Watch for Falling Ice) - An Insider's Guide to Renting in Chicago

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From Lake Shore Drive to the O’Hare Airport, the city of Chicago is a study in diversity, resilience, and culture.

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