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Apartments for Rent in Chicago, IL under $500
11 Rentals Available

  • 1 day ago

    1948-54 W. Berteau Ave. & 4201-03 N. Damen Ave., Chicago, IL 60618
    1 BED Ask for Pricing
  • Today

    3622 N. Marshfield Ave., Chicago, IL 60613
    1 BED Ask for Pricing
  • 1 day ago

    2237-2239 E 81St St, Chicago, IL 60617
    STUDIO $300
  • 1 day ago

    1306-1310 W 78Th St, Chciago, IL 60620
    STUDIO $75
  • 1 day ago

    8244 - 8246 S Vernon, Chicago, IL 60619
    STUDIO $140
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  • 1 day ago

    1722 W Hastings, CHICAGO, IL 60608
    STUDIO $200+
  • Today

    2624 W. Devon, Chicago, IL 60659
    1 BED $1
  • 1 day ago

    5259 W Montrose, Chicago, IL 60641
    STUDIO $450+
  • Today

    1527 N. Wicker Park Avenue, Chicago, IL 60622
    Income Restricted
    STUDIO Ask for Pricing
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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 16 Mar 2025.

What are the best apartments in Chicago, IL?

The best apartments in Chicago, IL are: Inspire West Town, The Belmont by Reside, State & Chestnut, The Elle Apartments and 7251 at Waters Edge Apartment Homes.

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 $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 $575 per month, there are 11 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 $140 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!