Cheap Apartments for Rent in the University Village Neighborhood of Chicago, IL from $700 (44 Rentals)

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

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

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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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1809 S Carpenter St
Studio Apartments

1809 S Carpenter St

1809 S Carpenter StChicago, IL 60608
  • Utilities Included
  • Smoke Free

Know Your Rights - How Discrimination Laws Impact Landlords and Tenants

Read our practical guide to landlord and tenant rights. Understand protected classes, reasonable accommodations, and legal exceptions to prevent housing discrimination.

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1810 S Throop St
1 Bedroom Apartments

1810 S Throop St

1810 S Throop StChicago, IL 60608
  • Utilities Included
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1912 S Throop St
1 to 2 Bedroom Apartments

1912 S Throop St

1912 S Throop StChicago, IL 60608
  • Utilities Included
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111 S Peoria St
Studio to 3 Bedroom Apartments

111 S Peoria St

111 S Peoria StChicago, IL 60607
Furnished
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1603 S Wood St
1 Bedroom Apartments

1603 S Wood St

1603 S Wood StChicago, IL 60608

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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1413 W Taylor St
3 Bedroom Apartments

1413 W Taylor St

1413 W Taylor StChicago, IL 60607
  • Utilities Included
  • Smoke Free
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1659 W 21st St
1 to 2 Bedroom Apartments

1659 W 21st St

1659 W 21st StChicago, IL 60608
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Lexington 90
1 to 2 Bedroom Apartments

Lexington 90

1409 W Lexington StChicago, IL 60607
Showing Results 1-44, Page 1 of 1

Cheapest Available University Village Apartments for Rent

 

The cheapest available apartment rental in the University Village area of Chicago, IL is a 3 Beds unit found at Letterman Chicago priced from $1,075. 768 W. Jackson has the second lowest priced unit, which is a Studio apartment currently listed from $1,415. Here are the most affordable University Village apartments for rent in Chicago, IL:

Apartment ListingModel NameBed/BathPriced From
Letterman ChicagoMac - 3x23BR,2BA$1,075
768 W. JacksonStudioStudio,1BA$1,415
Roosevelt SquareStudioStudio,1BA$1,450
The DuncanM-A24 - 100% AMI AROStudio,1BA$1,495
Bishop Street LoftsTwo Bedroom Loft2BR,1BA$1,800
The RosieB1Studio,1BA$1,881
Sage West LoopX12Studio,1BA$2,016
Atrio ApartmentsS1 (11 & 13)Studio,1BA$2,083

Best Value Apartments for Rent in University Village, IL

As of May 23, 2025 the best value apartment in the University Village area is the $1.50 price per square foot 1034 W 20th Pl Model at 1034 W 20th Pl, Unit 3 in the in the University Village neighborhood starting from $3,000. The second greatest value University Village apartment is the 238 S Ashland Ave Model at 238 S Ashland Ave, Unit TH2 starting at $3,900 with a $2.17 price per square foot in the Near West Side neighborhood. Here is today’s list of the best values for University Village apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
1034 W 20th Pl, Unit 31034 W 20th Pl2BR,1.5BA$1.50
238 S Ashland Ave, Unit TH2238 S Ashland Ave3BR,2BA$2.17
229 S Racine Ave, Unit 1229 S Racine Ave2BR,2BA$2.06
Tailor LoftsMonroe4BR,4BA$0.87
1338 W Cullerton St3 bd 2 ba3BR,2BA$2.29
1752 W 18th Pl3 Bedrooms3BR,2BA$2.29
814 W 18th St, Unit 3M814 W 18th St2BR,1BA$2.15
Letterman ChicagoBetty - 3x23BR,2BA$1.26
Bishop Street LoftsOne Bedroom1BR,1BA$2.11
1854 W 21st Pl, Unit 41854 W 21st Pl2BR,1BA$2.22

Getting Around the University Village Neighborhood in Chicago, IL

Walk Score®

87 / 100

Very Walkable

Most errands can be accomplished on foot

Bike Score®

94 / 100

Biker's Paradise

Daily errands can be accomplished on a bike

Transit Score®

69 / 100

Good Transit

Many nearby public transportation options

What Are Walk Score®, Transit Score®, and Bike Score® Ratings?

  • Walk Score® measures the walkability of any address.
  • Transit Score® measures access to public transit.
  • Bike Score® measures the bikeability of any address.

Frequently Asked Questions about Cheap University Village Apartments

What is a cheap apartment in University Village?

A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in University Village is under $2,083.

What is the price of a cheap apartment in University Village?

The cheapest apartment in University Village is Roosevelt Square which is listed at $1,650, while the average apartment in University Village costs $2,975.

What types of apartments are the cheapest in University Village?

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 33 regular apartments in University Village 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 University Village?

Cheap apartments in University Village have an average cost of $406 which is $2,569 cheaper than the average rent for all rentals in University Village.

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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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.

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The Freedom of Short-Term Leases: Exploring the Advantages for Renters

Written by: Bobbi Jackson

If you’re looking to relocate right now, a popular solution that may best fit your current rental needs is a short-term lease.

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Navigating the Rental Market: Tips for First-Time Renters

Written by: Sandy Baker

Making the decision to rent is exciting and terrifying at the same time. For many people, there are a lot of unknowns.