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Apartments for Rent in Chicago, IL under $700

20 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
    109
    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
    127
    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
    147
    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 kitchen with black cabinets and white appliances and a refrigerator
    Today

    8920 S. Loomis, Chicago, IL 60020
    Income Restricted
    1 BED Ask for Pricing
  • the building where the apartment is located
    140
    Today

    6800 S. Normal Avenue, Chicago, IL 60621
    Income Restricted
    STUDIO $650
    2 BEDS $650+
  • A logo for Green Street Property Management.
    29
    Today

    1722 W Hastings, CHICAGO, IL 60608
    STUDIO $200
  • a kitchen with white appliances and wooden cabinets
    10
    Today

    1527 N. Wicker Park Avenue, Chicago, IL 60622
    Income Restricted
    STUDIO Ask for Pricing
  • A kitchen with wooden cabinets and a black refrigerator.
    Today

    6221 S. Vernon Avenue, Chicago, IL 60637
    Income Restricted
    1 BED Ask for Pricing
  • Interactive banner bedroom
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  • A kitchen with wooden cabinets and a white stove top oven.
    5
    1 day ago

    7104 S Crandon Ave., Chicago, IL 60649
    STUDIO $610
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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 17 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 $500

Are you looking for a smart space where you can easily combine comfort with convenience? You will surely find the property that perfectly fits your needs with this variety of options. RentCafe offers you 11 apartments for rent in Chicago, IL from 7 modern buildings, so you’ll certainly find something suitable for you. If you want to live alone or with your partner, you might want to look for a studio or browse through our selection of 1 bedroom apartments. If you need more space but you don’t want to spend more than necessary on a monthly rent, check out our 2 bedroom or 3 bedroom apartments for less than $500, and make the most out of your budget.

Finding the best rental near you

Chicago, IL is an amazing place to call home, with several rentals under $500 for you to choose from. There are many options and filters you can apply to your search to make the process easier and to find your next apartment faster and more efficiently. Asking yourself ‘are there any cheap apartments near me’? With our helpful filters, you can easily find the home of your dreams that also fits within your budget. With rent prices as low as $200 in Chicago, IL, you can find affordable and appealing apartments that match your requirements. Sort your search by ‘Rent’ ascending to see the cheapest ones at the top of the list. As soon as you find your perfect apartment, make sure to contact the property to check for availability or apply online directly on RentCafe.

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