Cheap Homes for Rent in Downtown Mount Prospect Neighborhood of Mount Prospect, IL from $1,300 (11 Rentals)

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

property at 810 E Shady Way

810 E Shady Way

Arlington HeightsIL60005
Showing Results 1-11, Page 1 of 1

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 Orion ParkView priced from $1,349. Mount Prospect Greens has the second lowest priced unit, which is a 1 Bed apartment currently listed from $1,359. Here are the most affordable Downtown Mount Prospect apartments for rent in Chicago, IL:

Apartment ListingModel NameBed/BathPriced From
Orion ParkViewMonroe1BR,1BA$1,349
Mount Prospect Greens1x1B - The Arlington1BR,1BA$1,359
The Eclipse at 1450Willow1BR,1BA$1,361
The ElementBirch1BR,1BA$1,504
Huntington Square1A-2171BR,1BA$1,600

Best Value Apartments for Rent in Downtown Mount Prospect, IL

As of November 11, 2025 the best value apartment in the Downtown Mount Prospect area is the $2.64 price per square foot 3 Bed A Model at 10 North Main in the in the Westgate neighborhood starting from $3,665. The second greatest value Downtown Mount Prospect apartment is the Sheridan - Renovated Model at Orion Arlington Lakes starting at $2,264 with a $1.90 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.
10 North Main3 Bed A3BR,2BA$2.64
Orion Arlington LakesSheridan - Renovated2BR,2BA$1.90
Mount Prospect Greens2x1A - Evanston2BR,1BA$1.98
Orion ParkViewWells - Renovated2BR,2BA$2.69
Central Park EastA21BR,1BA$2.92
488 E 5th Ct, Unit B488 E 5th Ct1BR,1BA$1.75
The Eclipse at 1450Willow1BR,1BA$1.93
The ElementBirch1BR,1BA$2.31
Huntington Square1A-2171BR,1BA$2.46
4 North ApartmentsStudioStudio ,1BA$2.90

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Pet Friendly Lifestyle
Downtown Mount Prospect, Mount Prospect, IL

Ranked #2

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

Pet Friendliness Lifestyle Score

3.5
Pet Friendly

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Best Local Schools in
Downtown Mount Prospect, Mount Prospect, IL

School data provided by Great Schools

Frequently Asked Questions about Downtown Mount Prospect

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

There are currently 185 Apartments for Rent in Downtown Mount Prospect, IL with pricing that ranges from $1,250 to $6,482. There are also 43 Single Family Homes for rent, Condos, and Townhome rentals currently available in Downtown Mount Prospect ranging from $1,350 to $5,400.

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 $1,350 to $5,400 with an average monthly rent of $2,894.

How much are larger Three and Four Bedroom Rentals in Downtown Mount Prospect?

For those who are looking for larger living arrangements, Three Bedroom Apartments in Downtown Mount Prospect range from $1,781 to $6,056, while Three Bedroom Homes, Condos, and Townhomes for rent range from $2,275 to $4,395. Four Bedroom Single-Family rentals are also available starting from $3,500 and Four Bedroom Apartments start at $6,482.

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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Apartment Common Area Rules: What Renters Need to Know

Written by: Christine Leonard, Esq.

Back in the day when I rented one of my first apartments, the property didn’t even have laundry in the building. Now, rental properties are often competing against each other to provide the best amenities.

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How to Negotiate Your Apartment Lease and Save Money

Written by: Christine Leonard, Esq.

Everything is a negotiation in real estate! 

decorative image for The Rental Move-In Inspection Checklist: A Guide for Renters article

The Rental Move-In Inspection Checklist: A Guide for Renters

Written by: Trey Huguley

The move-in inspection checklist is a crucial tool for both tenants and landlords. This checklist, provided by the team at ApartmentHomeLiving.com, helps document the condition of an apartment at the time of move-in.