Cheap Homes for Rent in Downtown Mount Prospect Neighborhood of Mount Prospect, IL from $1,400 (6 Rentals)

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Search the lowest-cost Homes available for rent right now in the Downtown Mount Prospect area of Mount Prospect.

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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Downtown Mount Prospect, Mount Prospect, IL Local Guide

Cheapest Available Downtown Mount Prospect Apartments for Rent

 

The cheapest available apartment rental in the Downtown Mount Prospect area of Chicago, IL is a 1 Bed unit found at The Eclipse at 1450 priced from $1,452. Residences at Arlington Heights has the second lowest priced unit, which is a 1 Bed apartment currently listed from $1,505. Here are the most affordable Downtown Mount Prospect apartments for rent in Chicago, IL:

Apartment ListingModel NameBed/BathPriced From
The Eclipse at 1450Willow1BR,1BA$1,452
Residences at Arlington HeightsThe Woodfield1BR,1BA$1,505
The ElementBirch1BR,1BA$1,509

Best Value Apartments for Rent in Downtown Mount Prospect, IL

As of May 30, 2025 the best value apartment in the Downtown Mount Prospect area is the $1.87 price per square foot 651 Beau Ct Model at 651 Beau Ct, Unit # 3 in the in the Downtown Mount Prospect neighborhood starting from $2,800. The second greatest value Downtown Mount Prospect apartment is the Lincoln - Renovated Model at Orion Arlington Lakes starting at $1,978 with a $1.87 price per square foot in the Downtown Mount Prospect neighborhood. Here is today’s list of the best values for Downtown Mount Prospect apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
651 Beau Ct, Unit # 3651 Beau Ct3BR,2BA$1.87
Orion Arlington LakesLincoln - Renovated1BR,1BA$1.87
Buckinghama3-buck1BR,1BA$2.15
Mount Prospect Greens2x1AR - Renovated Evanston2BR,1BA$2.14
488 E 5th Ct, Unit B488 E 5th Ct1BR,1BA$1.63
Orion ParkViewLaSalle1BR,1BA$2.41
ReNew Des Plaines NorthDes Plaines North - 1x11BR,1BA$2.13
The Eclipse at 1450Willow1BR,1BA$2.06
The ElementBirch1BR,1BA$2.32
Residences at Arlington HeightsThe Woodfield1BR,1BA$2.51

Quick Rent Budget Calculator

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Frequently Asked Questions about Downtown Mount Prospect

What type of rentals are currently available in Downtown Mount Prospect?

There are currently 187 Apartments for Rent in Downtown Mount Prospect, IL with pricing that ranges from $1,245 to $8,075. There are also 23 Single Family Homes for rent, Condos, and Townhome rentals currently available in Downtown Mount Prospect ranging from $1,490 to $6,888.

What is the current price range for Rental Homes in Downtown Mount Prospect?

Today's rental pricing for Homes for Rent, Condos and Townhomes in Downtown Mount Prospect ranges from $1,490 to $6,888 with an average monthly rent of $2,413.

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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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.

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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.