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Apartments for Rent in Chicago, IL under $500

Apartments for Rent in Chicago, IL under $500. 14 Rentals Available
14 Rentals Available
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Frequently asked questions

When were prices and availability in Chicago, IL last updated?

Prices and availability in Chicago, IL were last updated on 22 Jun 2026.

What are the best apartments in Chicago, IL?
What type of rental buildings are in Chicago, IL?

In Chicago 54% of the housing is rented out compared to 46% of homes are owned, according to the most recent Census Bureau estimates. 27% of Chicago's apartments are found in large buildings of 50 units or more, 66% are located in smaller apartment complexes with less than 50 units, and 6% are single-family rentals.

Your search for apartments in Chicago, IL under $500 stops here

Finding apartments for rent in Chicago, IL for less than $500 has never been so easy! At RentCafe nice cheap apartments are just one click away. There are currently 14 available units in Chicago, IL, renting for under $500. On average, $300 can get you 1,150 Sqft in this area. Be sure to search for the apartment that is best for you. Under “More”, check the amenities that you consider a must-have, and don’t forget to look at the pet policy. Fitness enthusiasts can even check the Fitness Center box. Whether you are looking for studio apartments, 1 bedroom apartments, 2 bedroom apartments or 3 bedroom apartments, you are sure to find one that will make you want to move in right away.

We’ll help you find the best rental near you

Having to compromise on either price or location can turn your “apartments near me under $500” search into a nightmare. At RentCafe we recognize the importance of both. Therefore, we offer a variety of filters that can help you find exactly what you want. Sorting the results by rent, ascending, will make the cheapest units show up first on the list. Try it out! You will find that right now the cheapest apartment under $500 in Chicago, IL goes for $140 per month. If some of the results are outside the area of your choice, you can go to the left side of the screen and draw a radius or a polygon around your location. Now you will only see results that are relevant to you.