Cheap Homes for Rent in The Loop Neighborhood of Chicago, IL from $1,600 (48 Rentals)

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

property at 300 N State St

300 N State St

ChicagoIL60654

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 8 W Monroe St

8 W Monroe St

ChicagoIL60603

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

Entering the rental market? Learn these simple tips and strategies to avoid common pitfalls and make confident choices. Rent with peace of mind.

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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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The Loop, Chicago, IL Local Guide

Cheapest Available The Loop Apartments for Rent

 

The cheapest available apartment rental in the The Loop area of Chicago, IL is a Studio unit found at Marina City priced from $1,800. MDA Apartments has the second lowest priced unit, which is a Studio apartment currently listed from $1,895. Here are the most affordable The Loop apartments for rent in Chicago, IL:

Apartment ListingModel NameBed/BathPriced From
Marina CityStudioStudio,1BA$1,800
MDA ApartmentsS3N - ModernStudio,1BA$1,895
320 N. Michigan1 Bed/1 Bath1BR,1BA$1,995
Millennium Park Plaza1 Bedroom1BR,1BA$2,095
The AlfredC11Studio,1BA$2,180
Shoreham and TidesCONVERTIBLE 09 - THE SHOREHAM1BR,1BA$2,185
North Harbor TowerV1Studio,1BA$2,260
Millennium on LaSalles27Studio,1BA$2,279
Millie on MichiganConvertible 04Studio,1BA$2,322

Best Value Apartments for Rent in The Loop, IL

As of July 26, 2025 the best value apartment in the The Loop area is the $3.44 price per square foot 2 Bed/2 Bath Den-B2D Model at Env Chicago in the in the Magnificent Mile neighborhood starting from $6,975. The second greatest value The Loop apartment is the B3PH Model at Fisher Building Apartments starting at $3,670 with a $2.45 price per square foot in the Chicago Loop neighborhood. Here is today’s list of the best values for The Loop apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Env Chicago2 Bed/2 Bath Den-B2D2BR,2BA$3.44
Fisher Building ApartmentsB3PH2BR,1.5BA$2.45
77 E Lake St, Unit 277 E Lake St2BR,2BA$3.75
Linea Apartments1E1BR,1BA$3.53
215 West Apartments1 bedroom / 1 bath (T02)1BR,1BA$3.52
Millennium on LaSalles27Studio ,1BA$3.28
Marquee at Block 37Studio x 21Studio ,1BA$3.64
The AlfredC11Studio ,1BA$3.51
17 E Adams St, Unit 117 E Adams StStudio ,1BA$3.84
Marina CityStudioStudio ,1BA$3.60

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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Frequently Asked Questions about The Loop

What type of rentals are currently available in The Loop?

There are currently 83 Apartments for Rent in The Loop, IL with pricing that ranges from $1,495 to $18,083. There are also 141 Single Family Homes for rent, Condos, and Townhome rentals currently available in The Loop ranging from $1,600 to $30,000.

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

Today's rental pricing for Homes for Rent, Condos and Townhomes in The Loop ranges from $1,600 to $30,000 with an average monthly rent of $7,634.

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

For those who are looking for larger living arrangements, Three Bedroom Apartments in The Loop range from $3,350 to $18,083, while Three Bedroom Homes, Condos, and Townhomes for rent range from $3,350 to $12,635. Four Bedroom Single-Family rentals are also available starting from $10,000 and Four Bedroom Apartments start at $10,000.

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.

decorative image for Roommate Matching: Finding the Right Fit and Avoiding Pitfalls article

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.