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4501 North Greenview Avenue
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2349-59 W. Jarvis/7335-37 N. Western
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Student Housing - The Flats East West
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Private Bedroom in Delightful Logan Square Home With Incredible Views
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176-178 N. Humphrey Ave.
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405-407 Washington Blvd.
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1228-1230 N. Austin Blvd.
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The Jonquil Terrace
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1257-59 S Kildare Ave
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5100-04 W Madison St
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310 N Menard
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5870 W Lake St
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509-13 Main St
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816 Simpson St
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The Sherwin at Jarvis Square
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1472 W Erie Street
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2957-9 N. Milwaukee/3001 N. Central Park
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5054-5064 N Wolcott Ave
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Lakeside Terrace
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2501-05 Lincoln
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5504-12 S Wabash Ave
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5234-5244 S. Ingleside Avenue
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301-313 N. Oak Park Ave.
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Apartments Under $500 in Chicago, IL

1 of 1 Result
16
$ Ask - 1,280
Rockwell Manor
2600 W. Montrose/4400-14 N. Rockwell St. Chicago, IL
1 BR | Available Now
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Cat Friendly
Dishwasher
United Center
1 - 1 of 1 Results
Apartments in Chicago, IL
1 of 2,237 Results
20
$2,250 - 2,900
Warren
1609 W Warren Blvd Chicago, IL
2 BR | Ask for Availability
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Dog Friendly
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Air Conditioning
Covered Parking
9
$1,150
Kenilworth Gardens Building
1639-1651 West Touhy Avenue / 7121-7125 N Paulina Street Chicago, IL
1 BR | Available Now
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Heat Included
Dog Friendly
Cat Friendly
Storage
Disability Access
25
3D Tour
$2,074 - 35,524
Sentral Michigan Avenue
5.0
808 S Michigan Ave Chicago, IL
Studio - 4 BR | Available Now
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Furnished
Dog Friendly
Cat Friendly
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Air Conditioning
8
$1,250
4501 North Greenview Avenue
4501-4509 N Greenview Ave Chicago, IL
Studio | Jul. 10, 2023
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Dog Friendly
Cat Friendly
Storage
Disability Access
Dishwasher
5
$2,800
1412 W Morse
Chicago, IL
2 BR | Jul. 1, 2023
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Dog Friendly
Cat Friendly
Storage
Disability Access
Dishwasher
8
$1,025
2349-59 W. Jarvis/7335-37 N. Western
Chicago, IL
Studio | Jun. 10, 2023
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Dog Friendly
Cat Friendly
Air Conditioning
Storage
Disability Access
49
$956 - 2,036
PER
ROOM
Student Housing - The Flats East West
Deal
4.2
829 S Wabash Ave Chicago, IL
Studio - 3 BR | Available Now
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Furnished
Student
Air Conditioning
Fitness Center
Dishwasher
18
3D Tour
$950
PER
ROOM
Private Bedroom in Delightful Logan Square Home With Incredible Views
Deal
2837 W Lyndale St Chicago, IL
1 BR | Jul. 3, 2023
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Logan Square
18
$1,869
176-178 N. Humphrey Ave.
176 N Humphrey Ave Oak Park, IL
2 BR | Aug. 31, 2023
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Austin
5
$1,215
405-407 Washington Blvd.
405 Washington Blvd Oak Park, IL
1 BR | Jun. 30, 2023
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Austin
22
$1,119 - 1,419
1228-1230 N. Austin Blvd.
1228 N. Austin Blvd. Oak Park, IL
1 - 2 BR | Jun. 30, 2023
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Heat Included
Dog Friendly
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Austin
4
$1,295 - 1,500
The Jonquil Terrace
1649-1655 W. Jonquil 7651-7659 N. Paulina St Chicago, IL
Studio - 1 BR | Available Now
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8
$1,175
1257-59 S Kildare Ave
1257 S Kildare Ave Chicago, IL
2 BR | Available Now
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North Lawndale
12
$970 - 1,280
5100-04 W Madison St
5100 W Madison St Chicago, IL
2 - 3 BR | Available Now
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Austin
11
$1,575
310 N Menard
310 N Menard Chicago, IL
2 BR | Available Now
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Austin
11
$1,515
5870 W Lake St
5870 W Lake St Chicago, IL
2 BR | Available Now
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Austin
16
$1,295
The Sheridan Pratt
6758 N Sheridan Rd Chicago, IL
Studio | Jun. 9, 2023
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Heat Included
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9
$1,500
509-13 Main St
Evanston, IL
2 BR | Jul. 1, 2023
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Nichols
10
$1,085
816 Simpson St
Evanston, IL
1 BR | Jun. 15, 2023
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Southeast Evanston
20
$1,275 - 1,650
The Sherwin at Jarvis Square
1608 W Sherwin Ave Chicago, IL
Studio - 1 BR | Available Now
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24
$1,995
1472 W Erie Street
1472 W Erie St Chicago, IL
2 BR | Aug. 1, 2023
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Surface Parking
In Unit Laundry
15
$1,575
2957-9 N. Milwaukee/3001 N. Central Park
3001 N Central Park Chicago, IL
1 BR | Aug. 1, 2023
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Dog Friendly
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Avondale
23
$1,195 - 1,795
5054-5064 N Wolcott Ave
Deal
5054 N Wolcott Ave Chicago, IL
Studio | Jul. 1, 2023
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Dog Friendly
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Surface Parking
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Lincoln Square
10
3D Tour
$1,350 - 2,400
Lakeside Terrace
7645 N Sheridan Rd Chicago, IL
Studio - 3 BR | Available Now
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Dog Friendly
Cat Friendly
Virtual Tour
Air Conditioning
In Unit Laundry
14
$2,600
2501-05 Lincoln
2501 N Lincoln Ave Chicago, IL
3 BR | Jul. 1, 2023
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Dog Friendly
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Air Conditioning
Covered Parking
Surface Parking
16
$1,250 - 1,650
The 1521 Sherwin
1521 W Sherwin Ave Chicago, IL
Studio - 1 BR | Available Now
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Heat Included
Dog Friendly
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Fitness Center
Storage
6
$1,700 - 2,075
Paramour
3.7
4850 Drexel Boulevard Chicago, IL
1 - 2 BR | Available Now
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Dog Friendly
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Air Conditioning
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6
$880 - 1,120
5504-12 S Wabash Ave
5504 S Wabash Ave Chicago, IL
2 - 3 BR | Available Now
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Washington Park
5
$1,800 - 2,700
5234-5244 S. Ingleside Avenue
5234 5244 S. Ingleside Avenue Chicago, IL
2 - 3 BR | Jun. 19, 2023
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Dog Friendly
Cat Friendly
Air Conditioning
Balcony, Deck, Patio
Storage
13
$1,179 - 1,539
301-313 N. Oak Park Ave.
301 N Oak Park Ave Oak Park, IL
Studio - 1 BR | Jun. 30, 2023
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Dog Friendly
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Austin
1 - 30 of 2,237 Results
  1. Home
  2. Chicago
  3. Apartments Under $500

How much does it cost to rent an apartment in Chicago?

Chicago Apartments
Bed Type Average Rent Range
Studio $1,330 $810 - $2,370
1BR $1,870 $910 - $3,140
2BR $2,160 $1,000 - $4,550
3BR $2,700 $1,220 - $7,400
4+BR $3,790 $1,250 - $9,700
Frequently Asked Questions

How many apartments are available in Chicago, IL on Rentable.co?

Rentable.co has over 184,115 apartments available in Chicago.

What is the average rent for a studio apartment in Chicago, IL?

The average rent for a studio apartment in Chicago is around $1,330 per month.

What is the average rent for a one-bedroom apartment in Chicago, IL?

The average rent for a one-bedroom apartment in Chicago is around $1,870 per month.

What is the average rent for a two-bedroom apartment in Chicago, IL?

The average rent for a two-bedroom apartment in Chicago is around $2,160 per month.

How expensive is living in Chicago, IL?

Based on average rent prices in Chicago, to afford a studio apartment you would need an annual salary of $53,000 to live comfortably.

How many apartments under $500 are available in Chicago, IL on Rentable.co?

Rentable.co has 1 apartments under $500 available for rent in Chicago.

Which neighborhoods have the most apartments under $500 for rent in Chicago, IL?

  1. River North
  2. Lincoln Park
  3. The Loop
  4. Hyde Park
  5. Douglas

Asset 2
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Apartments by Affordability
Apartments Under $700
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Chicago:
June Rent Report

Welcome to the June 2023 Chicago Apartment Report. In this assessment of the local rental market, Rentable data scientists and rental experts break down the June 2023 key findings and figures for the Chicago rental landscape.

Our experts analyze the pricing trends — one-bedroom, two-bedroom, year-over-year and month-over-month — in Chicago and surrounding areas and provide comparisons to the entire metro area, nearby cities and some of the most desirable and expensive cities in the United States. Take a look at the last 12 months of Chicago average rent prices in the chart below.

Monthly Rent Report

Chicago Rent Prices Increase From May to June

Chicago rent prices increased over the last month. From May to June, the city experienced a 0.27% increase for the price of a one-bedroom apartment. The rent price for a Chicago one-bedroom apartments currently stands at $1,862.0.

When we take a look at the two-bedroom comparison from May to June, Chicago experienced a 0.94% increase for the price of a two-bedroom apartment. The rent price for a Chicago two-bedroom apartments currently stands at $2,138.0.

June Prices: Chicago vs. Surrounding Areas

Rent Prices in Chicago and Surrounding Areas

Rent prices have increased in Chicago over the last month. But how have the surrounding areas fared when it comes to the recent volatility in apartment prices? Rent prices in 5 of the Chicago suburbs increased last month. On the other hand, 2 local areas experienced a decrease in the price of a one-bedroom apartment.

More key findings include:

  • Rent increased in Evanston, IL, Naperville, IL, Arlington Heights, IL, Lombard, IL, Schaumburg, IL .

  • Rent decreased in Oak Park, IL, Downers Grove, IL.

  • 7 suburbs are currently priced lower than the city of Chicago.

June 2023 Pricing Trends: Chicago vs. National Comparisons

Chicago Rent Prices More Affordable Than Major Cities

Rent growth in Chicago over the past year has been on the rise. When compared to major cities nearby, along with some of the most expensive cities in the country, Chicago average rent prices appear to be relatively affordable for local residents.

The price for a Chicago one-bedroom apartment remains vastly more affordable than four of the largest cities in the United States — New York City, Washington, D.C. San Francisco and Los Angeles. And pricing compares quite similarly to nearby Midwest cities.

For more information about Chicago and surrounding area rent prices, take a look at the complete data set below.

Data set for Chicago and suburbs

1 BR June 1 BR M/M % Change 2 BR June 2 BR M/M % Change
Chicago, IL $1,857.0 -0.22% $2,118.0 -0.38%
Evanston, IL $1,446.0 1.69% $1,763.0 0.57%
Oak Park, IL $1,205.0 -0.66% $1,679.0 1.39%
Naperville, IL $1,497.0 0.54% $1,805.0 0.39%
Arlington Heights, IL $1,494.0 3.18% $1,682.0 4.67%
Lombard, IL $1,715.0 1.78% $2,117.0 -2.22%
Downers Grove, IL $1,589.0 -1.06% $1,668.0 0.06%
Schaumburg, IL $1,730.0 5.94% $2,021.0 2.02%

Methodology

Each month, using over 1 million Rentable listings across the United States, we calculate the median 1-bedroom and 2-bedroom rent prices by city, state, and nation, and track the month-over-month percent change. To avoid small sample sizes, we restrict the analysis for our reports to cities meeting minimum population and property count thresholds.