Apartments for Rent in Chicago, IL under $500
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5 units availableStudio $500Base rent221 W. Alexander Street, Chicago, IL 60616Apply online • Pet friendly -
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4 units availableStudio $100Base rent244 W. Alexander Street, Chicago, IL 60616Apply online • Pet friendly -
Ask for PricingIncome restricted4.0 (6)15 E 112Th Pl, Chicago, IL 60628Apply online • In unit laundry • Air conditioner
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Ask for pricing3.5 (3)2020 N. Bissell St., Chicago, IL 60614Pet friendly • In unit laundry • Dishwasher
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Ask for pricing3622 N. Marshfield Ave., Chicago, IL 60613Pet friendly • Dishwasher • Patio/Balcony
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Ask for pricing3.5 (2)2656-58 W. Iowa St., Chicago, IL 60622Pet friendly • Parking • Dishwasher
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Ask for pricing1727-29 N. Halsted St., Chicago, IL 60614Dishwasher • Air conditioner • Washer/Dryer
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Ask for pricing4.0 (5)1947 N. Cleveland Ave., Chicago, IL 60614Cat friendly • Dishwasher • Hardwood Floors
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Studio $100Base rentPL 2845 West 24Th Boulevard, Chicago, IL 60623Pet friendly • Air conditioner -
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4 bd $225+Base rent1233 N. Hoyne Ave., Chicago, IL 60622Cat friendly -
Studio $194+Base rent6716 South Clyde Avenue, Chicago, IL 60649Pet friendly • Hardwood Floors
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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 1 Aug 2026.
What are the best apartments in Chicago, IL?
The best apartments in Chicago, IL are: Shoreham and Tides, The Montrose, North Harbor Tower, Presidential Towers and The Elle Apartments.
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.
Renting apartments in Chicago, IL under $500
Searching for apartments for rent in Chicago, IL under $500 is not an easy task, but luckily you have come to the right place. Whether you are a student on a budget, a young professional on the move, or simply a frugal person, RentCafe can help you find what you are looking for. Just make sure you know what you consider non-negotiable and what you can compromise on. Your new home is just a few clicks away. In Chicago, IL, where the average rent is $500 per month, there are 19 units available for less than $500. Click on any of these units to see pictures, floor plans, amenities and more. After you have picked your favorite, you can contact the property to check availability. Considering that you are trying to spend as little as possible, looking at 1 bedroom apartments and studio apartments might be a good idea.
We’ll help you find the cheapest rental near you
Finding a nice cheap apartment is by no means impossible. You just have to be patient. Your “apartments near me under $500” search can bear fruit sooner than you think if you look carefully and check our site often. You never know when discount deals and special offers might pop up. Keep in mind that you are not the only one looking for an affordable apartment in Chicago, IL. Choose “Save Search” to receive the latest apartments available directly to your inbox. This way, you will be able to stay one step ahead of the competition. With the cheapest apartments in Chicago, IL going for $194 per month, there are great deals waiting to be discovered. Feeling lucky? Expand your search to 2 bedroom apartments and 3 bedroom apartments as well for more space.