Cheap Homes for Rent in University Village Neighborhood of Chicago, IL from $700 (28 Rentals)

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Search the lowest-cost Homes available for rent right now in the University Village 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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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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Cheapest Available University Village Apartments for Rent

 

The cheapest available apartment rental in the University Village area of Chicago, IL is a Studio unit found at 768 W. Jackson priced from $1,395. Bishop Street Lofts has the second lowest priced unit, which is a 2 Beds apartment currently listed from $1,800. Here are the most affordable University Village apartments for rent in Chicago, IL:

Apartment ListingModel NameBed/BathPriced From
768 W. JacksonStudioStudio,1BA$1,395
Bishop Street LoftsTwo Bedroom Loft2BR,1BA$1,800
The RosieA15Studio,1BA$1,804
Sage West LoopX12Studio,1BA$2,049
Atrio ApartmentsA1 (6 & 12)1BR,1BA$2,061

Best Value Apartments for Rent in University Village, IL

As of July 29, 2025 the best value apartment in the University Village area is the $0.26 price per square foot 1907 S Racine Ave Model at 1907 S Racine Ave, Unit # 02F in the in the University Village neighborhood starting from $2,550. The second greatest value University Village apartment is the 229 S Racine Ave Model at 229 S Racine Ave, Unit 1 starting at $3,295 with a $2.06 price per square foot in the West Loop 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.
1907 S Racine Ave, Unit # 02F1907 S Racine Ave2BR,2BA$0.26
229 S Racine Ave, Unit 1229 S Racine Ave2BR,2BA$2.06
1823 W 17th St, Unit 1F1823 W 17th St3BR,2BA$2.07
1752 W 18th Pl3 Bedrooms3BR,2BA$2.30
1431 W Flournoy St, Unit G1431 W Flournoy St2BR,1BA$1.75
1716 W Cermak Rd, Unit 11716 W Cermak Rd3BR,1BA$1.80
1948 S Desplaines St, Unit 11948 S Desplaines St2BR,1BA$1.68
Bishop Street LoftsOne Bedroom1BR,1BA$2.11
1720 S Clinton St, Unit Coach House1720 S Clinton St1BR,1BA$1.88
1439 W 17th St, Unit 1R1439 W 17th St1BR,1BA$2.42

Frequently Asked Questions about University Village

What type of rentals are currently available in University Village?

There are currently 524 Apartments for Rent in University Village, IL with pricing that ranges from $800 to $11,097. There are also 277 Single Family Homes for rent, Condos, and Townhome rentals currently available in University Village ranging from $860 to $6,400.

What is the current price range for Rental Homes in University Village?

Today's rental pricing for Homes for Rent, Condos and Townhomes in University Village ranges from $860 to $6,400 with an average monthly rent of $2,261.

How much are larger Three and Four Bedroom Rentals in University Village?

For those who are looking for larger living arrangements, Three Bedroom Apartments in University Village range from $1,075 to $11,097, while Three Bedroom Homes, Condos, and Townhomes for rent range from $975 to $6,400. Four Bedroom Single-Family rentals are also available starting from $860 and Four Bedroom Apartments start at $1,040.

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.

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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.

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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.