Cheap Homes for Rent in Downtown Mount Prospect Neighborhood of Mount Prospect, IL from $1,400 (9 Rentals)

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

$1,400

1 Bedroom, 1 Bath Home for Rent

Available Now

1845 White Chapel Dr

Mount ProspectIL60056

$1,600

1 Bedroom, 1 Bath Condo for Rent

Available May 19

715 W Central Rd

Mount ProspectIL60056

$1,650

2 Bedroom, 1 Bath Condo for Rent

Available May 1

1910 W Hatherleigh Ct

Mount ProspectIL60056

View Me

$1,7002 Bedroom Apartments Available May 9

398 N 3rd Ave, Unit 4

398 N 3rd AveDes Plaines, IL 60016

Affordability

What Does “Rent Burdened” Mean? How Much Rent Is Too Much

Learn the official definition (spending 30% or more of your gross income on housing) and how to calculate your exact rent-to-income ratio. This guide offers expert tips on factoring in total housing costs (including utilities and fees) and budgeting accurately to avoid unnecessary financial strain.

Read Article

$1,900

2 Bedroom, 1 Bath Rentals

Available May 1

707 Falcon Dr

Arlington HeightsIL60005

$2,025

Total Monthly Price

2 Bedroom, 2 Bath Condo for Rent

Available May 1

1206 E Fairview St, Unit 103, Unit 103

1206 E Fairview St

Arlington HeightsIL60005

$2,050

2 Bedroom, 2 Bath Condo for Rent

Available May 1

703 Falcon Dr

Arlington HeightsIL60005

$2,100

2 Bedroom, 2 Bath Condo for Rent

Available Now

140 E Northwest Hwy

Des PlainesIL60016

Your Guide to Co-Signers: The Risks, Rewards, and Everything in Between

Thinking about getting a co-signer for your rental application? We break down what a co-signer is, the potential benefits, and the serious risks for both parties. Find out if it's the right choice for you.

Read Article

$2,100

2 Bedroom, 1 Bath Condo for Rent

Available Now

750 W Dempster St

Mount ProspectIL60056

Showing Results 1-9, Page 1 of 1

Downtown Mount Prospect, Mount Prospect, IL Local Guide

Homes for rent in Downtown Mount Prospect, IL

How much does it cost to rent a home in Downtown Mount Prospect?

Bedroom	Average Rent	Cheapest Rent	Highest Rent
Downtown Mount Prospect 2 Bedroom Homes for Rent	$2,400	$1,650	$3,700
Downtown Mount Prospect 3 Bedroom Homes for Rent	$3,573	$2,750	$4,695
Downtown Mount Prospect 4 Bedroom Homes for Rent	$3,966	$3,500	$4,900

Browse Homes for Rent in this Neighborhood

There are currently 9 rentals with your search options within a 2 mile radius of the Downtown Mount Prospect Neighborhood of Mount Prospect, IL.

Explore Mount Prospect

Downtown Mount Prospect, Mount Prospect, IL Local Guide

Nearby Mount Prospect neighborhoods
Nearby Cities
ZIP codes
Local Counties
School Districts

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 Dryden Homes- 1-21 N Dryden Pl priced from $1,295. The Eclipse at 1450 has the second lowest priced unit, which is a 1 Bed apartment currently listed from $1,400. Here are the most affordable Downtown Mount Prospect apartments for rent in Chicago, IL:

Apartment Listing	Model Name	Bed/Bath	Priced From
Dryden Homes- 1-21 N Dryden Pl	One Bedroom	1BR,1BA	$1,295
The Eclipse at 1450	Willow	1BR,1BA	$1,400
The Element	1 Bed 1 Bath Cottonwood A Renovated	1BR,1BA	$1,425

Best Value Apartments for Rent in Downtown Mount Prospect, IL

As of April 23, 2026 the best value apartment in the Downtown Mount Prospect area is the $2.56 price per square foot 318 Model at Lions Park Row in the in the Westgate neighborhood starting from $4,695. The second greatest value Downtown Mount Prospect apartment is the 726 Dempster St Model at 726 Dempster St, Unit 5 starting at $1,990 with a $1.81 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 Listing	Model Name	Bed/Bath	Price Per Sq.Ft.
Lions Park Row	318	3BR,2.5BA	$2.56
726 Dempster St, Unit 5	726 Dempster St	2BR,1BA	$1.81
Mount Prospect Greens	2x1AP - Partial Renovated Evanston	2BR,1BA	$2.01
Orion ParkView	Wells - Renovated	2BR,2BA	$2.32
488 E 5th Ct, Unit B	488 E 5th Ct	1BR,1BA	$1.75
Buckingham	a1a-buck	1BR,1BA	$2.57
The Eclipse at 1450	Willow	1BR,1BA	$1.99
The Element	1 Bed 1 Bath Cottonwood A Renovated	1BR,1BA	$2.19
Huntington Square	1A	1BR,1BA	$2.54
Dryden Homes- 1-21 N Dryden Pl	One Bedroom	1BR,1BA	$2.07

10 Hidden Costs of Renting You Should Budget for Before Signing a Lease

Avoid financial stress when renting. Learn about the 10 most common hidden costs—from pet fees to utilities—you must budget for before you sign a lease.

Read Article

Don't Settle: How to Negotiate Your Apartment Lease and Save Money

Discover the insider tips from an attorney and real estate agent on how to negotiate your next apartment lease. Find out what's on the table and what's not, so you can save money and get the best terms possible.

Read Article

The Ultimate Long-Distance Moving Checklist: Tips from a Real Estate Pro

Moving is tough, especially long-distance. Learn how to minimize stress & expenses with proven strategies from a real estate pro, covering everything from logistics to finances.

Read Article

Cash or credit? Understanding the Importance of Credit Score in Real Estate and Renting

Discover how your credit score impacts your ability to lease or buy a home. Learn how credit scores are determined, how to check yours, and strategies to improve it for real estate success.

Read Article

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.

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

Lions Park Elementary School

Mount Prospect School District 57

Public School - Grades K-5 (454)

10 out of 10

Prospect High School

Township Hsd 214 School District

Public School - Grades 9-12 (2263)

10 out of 10

Lincoln Middle School

Mount Prospect School District 57

Public School - Grades 6-8 (780)

4 out of 10

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 187 Apartments for Rent in Downtown Mount Prospect, IL with pricing that ranges from $1,350 to $4,695. There are also 29 Single Family Homes for rent, Condos, and Townhome rentals currently available in Downtown Mount Prospect ranging from $1,400 to $4,900.

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 $1,400 to $4,900 with an average monthly rent of $2,859.

Expert Rental Resources

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.

Helpful Local Expert Guides

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.

Top Student Friendly Neighborhoods to Rent Near Colleges in Chicago

Written by: Nicole Harms

With world-class museums lining its streets, Chicago is a place people go to learn. It’s not surprising, therefore, that it’s also home to multiple colleges and universities with national and global reputations.

Best Neighborhoods to Rent in Near Chicago's Top Employers

Written by: Nicole Harms

Whenever life takes me into the city, I’m always impressed with the sheer amount of industry and commerce that it holds. With all of that commerce comes a wide range of employment options.