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Apartments for Rent in Chicago, IL under $500

11 Rentals Available
  • A living room with a fireplace and leather chairs. A tall red brick building with a clock on the top floor.
    Today

    4536-40 N Magnolia Ave, Chicago, IL 60640
    Income Restricted
    STUDIO $382+
    A living room with a fireplace and leather chairs. A tall red brick building with a clock on the top floor. A white gas stove is in a kitchen with wooden cabinets. A kitchen with wooden cabinets and a white fridge.
    Overview

    Sheridan Park affordable apartments for rent in Chicago, IL, offers affordable rates, practical amenities and a convenient location. Whether you want to relax, exercise, or explore the surroundings, you'll find everything you need and more inside our community. Outside of our welcoming community, you'll enjoy easy access to public transportation and a rich variety of shopping, dining and recreation. Sheridan Park sets the standard for affordable living in Chicago, Illinois. When you select one of our studio, 1, or 2-bedroom affordable apartments, you get a place to proudly call home. Each one of our floor plans has been thoughtfully designed and is fully equipped with hardwood flooring, mirrored closet doors and spacious layouts. To complete your experience, our community offers an on-site laundry, Business center and Elevator, as well as an attentive management and maintenance team happy to assist you. Sheridan Park is part of Chicago's affordable housing program. Applicants must meet eligibility requirements to qualify. Apply today to see if you qualify for this affordable housing opportunity.

    Amenities
    • Hardwood Floors
  • a leather chair in a living room next to a window
    111
    Today

    1948-54 W. Berteau Ave. & 4201-03 N. Damen Ave., Chicago, IL 60618
    1 BED Ask for Pricing
  • a kitchen with wooden cabinets and stainless steel appliances
    129
    Today

    5713-15 N. Kenmore Ave., Chicago, IL 60660
    2 BEDS Ask for Pricing
  • a living room with a couch and a coffee table
    254
    Today

    3622 N. Marshfield Ave., Chicago, IL 60613
    1 BED Ask for Pricing
  • an aerial view of a red brick building on a street
    148
    Today

    2237-2239 E 81St St, Chicago, IL 60617
    STUDIO $300
  • A kitchen with wooden cabinets and a white refrigerator.
    Today

    4536-40 N Magnolia Ave, Chicago, IL 60640
    Income Restricted
    STUDIO $382+
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  • A large, old building with a red gate in front.
    6
    Today

    1233 N. Hoyne Ave., Chicago, IL 60622
    4 BEDS $225+
  • A logo for Green Street Property Management.
    29
    Today

    1722 W Hastings, CHICAGO, IL 60608
    STUDIO $200
7-0-city
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Getting around in Chicago, IL

86 /100
Very Walkable
65 /100
Good Transit
64 /100
Bikeable
Walk Score®: 86, Transit Score®: 65, Bike Score®: 64

Frequently asked questions

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

Prices and availability in Chicago, IL were last updated on 23 Nov 2025.

What are the best apartments in Chicago, IL?

The best apartments in Chicago, IL are: The Montrose, Presidential Towers, North Harbor Tower, Shoreham and Tides and The Elle Apartments.

What type of rental buildings are in Chicago, IL?

In Chicago, 54% of the residents are renting compared to 46% owning a home, according to data from the U.S. Census Bureau. Large-scale apartment buildings with more than 50 units represent 26% of Chicago’s rentals, 67% are small-scale complexes with under 50 units, and 6% are single-family rentals.

Renting apartments in Chicago, IL under $400

Searching for apartments for rent in Chicago, IL under $400 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 $987 per month, there are 11 units available for less than $400. 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 $400” 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 $200 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.

Finding a home nearby is easier than you think. Check out our Apartments Near Me page and take your pick!