.png)
Cheap apartments in Chicago exist, but $700 per month sits well below the citywide median of $1,913 (as of Q3 2026). Only 13 to 23 units under $700 appear at any given time, and just 4% of Chicago rentals fall under $1,000. Here is what budget renters can realistically expect neighborhood by neighborhood.
Chicago rent prices vary dramatically depending on which neighborhood you search. The citywide average for a one-bedroom apartment sits between $2,065 and $2,461 per month (as of Q3 2026), depending on the data source. Studios average around $1,666. Two-bedroom units run even higher, typically $2,500 or more in the city overall.
Those averages reflect the pull of high-rent neighborhoods near the Loop, Lincoln Park, and the Near North Side. Budget renters looking at the South Side and Far West Side find a completely different picture. A two-bedroom apartment for $700 is extremely rare in 2026, but individual units do appear in specific areas, particularly in older walk-up buildings or income-restricted housing. A more realistic budget for a two-bedroom in an affordable Chicago neighborhood is $900 to $1,400 per month (as of Q3 2026).
Rent in Chicago has increased roughly 35% since pre-pandemic levels. The city faces a shortage of approximately 120,000 affordable housing units, according to research from DePaul University's Institute for Housing Studies. That shortage makes every sub-$1,000 listing competitive.
See what is available in your budget across Chicago at app.brightplace.ai.
The cheapest rent in Chicago concentrates on the South Side, Far Southeast Side, and portions of the West Side. Several neighborhoods consistently post median rents under $1,100 (as of Q3 2026). Here is what brightplace found when reviewing affordability by neighborhood, described by transit access, grocery proximity, and parks.
South Deering: Average rent around $600 per month (as of Q3 2026). Accessible via CTA bus routes and the Metra Electric District line at the 87th Street station. Calumet Park sits along the eastern edge, offering lakefront green space.
West Pullman: Average rent approximately $650 per month (as of Q3 2026). Metra Electric District service at the 119th Street station. Grocery access includes stores along Halsted Street. Fernwood Park provides recreation space.
Austin (West Side): Some of Chicago's lowest rents. CTA Green Line and Blue Line stations serve the area. Grocery options include shops along Chicago Avenue and Madison Street. Columbus Park, one of Chicago's largest parks at 135 acres, anchors the western boundary.
Englewood: Average rent $1,042 per month (as of Q3 2026). CTA Green Line stops at Halsted and Ashland. The neighborhood has seen recent infrastructure investment, including the Englewood Line trail project. Kennedy-King College provides a community anchor.
Grand Crossing: Average rent $1,035 per month (as of Q3 2026). CTA bus service connects to the Red Line. Proximity to Jackson Park and the planned Obama Presidential Center site.
Chatham: Median rent $1,185 per month (as of Q3 2026). CTA Red Line access at the 87th Street station. An established commercial corridor along 79th Street includes grocery stores, restaurants, and services.
Far Southeast Side: Average rent around $875 per month (as of Q3 2026). CTA bus routes and Metra connections. Proximity to Calumet River green space and industrial employment centers.
Calumet Heights: Average rent $953 per month (as of Q3 2026). CTA bus service and proximity to the Metra Electric line. Stony Island Park and the Calumet Park field house are nearby.
Avalon Park: Average rent $998 per month (as of Q3 2026). CTA bus connections to the Red Line. Avalon Park itself is a neighborhood anchor with athletic fields. Grocery options along Stony Island Avenue.
Burnside: Average rent $998 per month (as of Q3 2026). CTA bus routes serve the area. Close to the Metra Rock Island line at 91st Street. Small-scale commercial activity along Cottage Grove Avenue.
One pattern renters notice: on the CTA Blue Line, neighborhoods get cheaper the further north and west you travel. The area around Irving Park station is frequently mentioned as a more affordable option with direct downtown access.
A $700 monthly rent in Chicago typically means a studio or a small one-bedroom in a walk-up building on the South or West Side. Expect 400 to 600 square feet, radiator heat, coin-operated laundry in the basement, and limited or no in-unit amenities. Parking is almost never included.
The catch is that $700 in rent is not $700 in total housing cost. brightplace data shows the real monthly expense looks closer to this:
Rent: $700 per month (as of Q3 2026).
Gas and electric: $120 to $185 per month during winter. Polar vortex months can push gas bills above $300. Ask whether heat is included before signing; many older radiator-heated buildings include heat in rent.
CTA transit pass: $85 per month (as of Q3 2026). This replaces the cost of car ownership for many renters.
Renter's insurance: $20 to $30 per month.
True monthly cost: $925 to $1,000 in spring and summer, $1,000 to $1,100 or more in winter.
The single biggest lever on housing cost is splitting a two-bedroom apartment. A $1,930 two-bedroom split with a roommate costs $965 each (as of Q3 2026), saving roughly $9,700 per year compared to renting a solo one-bedroom. For a detailed breakdown of what goes into your real housing budget beyond rent, see the brightplace guide on your true monthly cost of renting.
For context, $700 per month in Indianapolis or Columbus, Ohio gets a full one-bedroom apartment with in-unit laundry and parking included. In Kansas City, a similar budget covers a one-bedroom close to downtown. Chicago's $700 tier offers less space and fewer amenities, but you get access to the third-largest city's transit network, job market, and cultural infrastructure.
Income-restricted housing is one of the most realistic paths to rent under $700 in Chicago. These programs cap your rent at a percentage of your gross income, typically 30%.
Section 8 (Housing Choice Voucher): A federal program administered by the Chicago Housing Authority (CHA) that subsidizes rent in privately owned apartments. Qualification requires earning below 50% of the Area Median Income (AMI). Section 8 is a federal rental assistance program where the government pays a portion of your rent directly to your landlord.
Low-Income Housing Tax Credit (LIHTC): A federal tax incentive program that funds the construction of affordable apartment buildings. LIHTC properties set rents below market rate for tenants earning 30% to 60% of AMI. LIHTC stands for Low-Income Housing Tax Credit, the largest source of new affordable rental housing in the United States.
CHA public housing and mixed-income communities: The Chicago Housing Authority operates public housing and mixed-income developments across the city. CHA is the third-largest public housing authority in the nation, managing over 21,000 units and administering roughly 53,000 vouchers.
The city committed $300 million to 15 new affordable housing projects in 2026, with units targeting renters below 60% AMI. For federal rental assistance programs, visit the HUD rental assistance page.
Be honest with yourself about wait times. CHA voucher waitlists run months to years. Apply early, apply to multiple programs, and treat income-restricted housing as a long-term strategy rather than an immediate solution. For a full explanation of how these programs work, read brightplace's breakdown of what income-restricted means.
Learn more about affordable rental options in Chicago at brightplace.ai.
Budget-friendly neighborhoods in Chicago offer different tradeoffs depending on your priorities. Here is how several affordable areas compare, based on brightplace research (all rents as of Q3 2026).
South Deering: ~$600/mo average rent. Metra Electric access. Calumet Park lakefront. Tradeoff: limited restaurant and retail options within walking distance. Commute to the Loop runs 45 to 55 minutes by transit.
West Pullman: ~$650/mo average rent. Metra Electric service. Grocery along Halsted Street. Tradeoff: fewer CTA rail options; bus transfers add commute time. About 50 to 60 minutes to the Loop.
Austin: Sub-$1,000 units available. CTA Green and Blue Line access. Columbus Park (135 acres). Tradeoff: some blocks have limited grocery options; the Blue Line provides a 30-minute downtown commute from the Austin station.
Chatham: $1,185/mo median rent. CTA Red Line at 87th. Established 79th Street commercial corridor with grocery stores and restaurants. Tradeoff: higher rent than other South Side neighborhoods listed here, but stronger walkable retail.
Calumet Heights: $953/mo average rent. CTA bus plus Metra Electric nearby. Stony Island Park. Tradeoff: no direct CTA rail station; commute to Loop runs 40 to 50 minutes with a bus-to-rail transfer.
Avalon Park: $998/mo average rent. CTA bus connections to Red Line. Park with athletic fields. Tradeoff: transit requires at least one transfer. Fewer dining options than Chatham.
For renters who own pets in Chicago, brightplace also covers what Chicago neighborhoods work for pet owners. And if you are comparing Chicago's affordability against other cities, see how affordable places in Florida stack up.
Chicago renters have unusually strong legal protections under the Residential Landlord and Tenant Ordinance (RLTO). The RLTO is a Chicago city ordinance that governs landlord-tenant relationships, including security deposit rules, required disclosures, and tenant rights to withhold rent for habitability violations.
Security deposits: Illinois requires landlords to return your deposit within 30 to 45 days. Chicago's RLTO adds that landlords must pay interest on security deposits annually. Get this in writing.
Heating: Before you sign, ask if heat is included. Buildings with steam radiators or boiler systems often bundle heat into rent. If heat is not included, budget $120 to $185 per month for gas during winter (as of Q3 2026). That seasonal spike catches many first-year Chicago renters off guard.
Parking: Budget $100 to $200 per month if you need a parking spot (as of Q3 2026). Going car-free with a $85/month CTA pass saves hundreds. The CTA rail and bus system covers most of the city.
Move-in costs: Expect first month's rent plus security deposit at minimum. Some buildings add a move-in fee of $100 to $300 on top of that. If you are renting your first apartment, plan for $1,400 to $2,000 in upfront costs at the $700 rent level.
Scam detection: Budget apartments attract scam listings. Since 2020, approximately 65,000 rental scams have been reported in Chicago, with losses totaling $65 million. Never wire money for an apartment you have not visited in person. Verify the landlord owns the property through the Cook County Assessor's website. If the price looks too good and the listing pressures you to act fast, walk away. The Illinois Attorney General's tenant rights page outlines your legal protections.
Free resources: Chicago Apartment Finders and Apartment People are free services for renters (landlords pay the fee). You can also call 311 for housing questions or contact Illinois Legal Aid Online for free legal guidance on lease disputes.
If your credit is a concern, brightplace covers how to get an apartment with bad credit. For a walkthrough of the full renting process, see the brightplace guide on how to rent an apartment. And if you want to understand what percentage of income should go to rent, brightplace breaks down the 30% rule and when it makes sense to stretch it.
Curious what your paycheck actually covers in rent? brightplace explains rent affordability at $18 an hour in detail.
Yes, but options are extremely limited. Only 13 to 23 units under $700 are available at any given time across all of Chicago (as of Q3 2026). Sub-$700 rent typically means a studio or small one-bedroom on the Far South or West Side, or income-restricted housing through the CHA or a LIHTC property.
South Deering, West Pullman, and Austin consistently have Chicago's lowest rents. Average rents in these neighborhoods range from $600 to $950 per month (as of Q3 2026). Englewood, Grand Crossing, Calumet Heights, Avalon Park, and Burnside also fall under $1,100. Each offers CTA or Metra transit access.
Citywide, two-bedroom apartments average $2,500 or more per month (as of Q3 2026). In affordable South and West Side neighborhoods, two-bedroom units range from $900 to $1,400 per month. Splitting a two-bedroom with a roommate at $1,930 total costs $965 each, saving roughly $9,700 per year versus renting solo.
$700 covers a studio or small one-bedroom on the South or West Side. However, total housing costs run higher. Budget an additional $225 to $300 per month for utilities, a CTA pass at $85, and renter's insurance (as of Q3 2026). Your real monthly cost at $700 rent is closer to $925 to $1,100.
Using the 30% rule, a $2,065 per month apartment (city average) requires about $82,600 per year in gross income. For a $1,000 per month apartment in an affordable neighborhood, you need approximately $40,000 per year. About 45% of Chicago renters are cost-burdened, spending more than 30% of income on housing (as of Q3 2026).
Chicago is less expensive than New York, Los Angeles, or San Francisco, but the citywide average rent of $2,349 to $2,506 sits roughly $700 above the national average (as of Q3 2026). Affordable neighborhoods bring costs closer to Indianapolis or Columbus levels. Rent has risen 35% since pre-pandemic, outpacing many Midwestern peers.
Some Chicago properties offer move-in specials that waive or reduce security deposits. Illinois law caps deposits at 1.5 times monthly rent. Under the RLTO, landlords must pay annual interest on deposits they hold. Look for seasonal promotions, especially during winter months when vacancies increase.
The CTA operates eight rail lines and over 100 bus routes covering most of Chicago. Living near an L station makes car-free living practical for daily commutes. A monthly CTA pass costs $85 (as of Q3 2026). Skipping car ownership saves $400 to $600 per month in payments, insurance, gas, and parking. Budget renters benefit most.
Income-restricted apartments cap rent based on your earnings, typically at 30% of gross monthly income. Qualification requires earning below a set threshold, usually 50% to 80% of the Area Median Income. Programs include Section 8 vouchers through CHA and LIHTC properties. Wait times vary but often run several months to years.
Any rent under $1,000 per month qualifies as cheap in Chicago, where only 4% of available rentals fall below that threshold (as of Q3 2026). Apartments under $1,000 in Chicago concentrate on the South Side and Far West Side. Units at the $700 level represent less than 0.1% of all listed inventory citywide.
Never wire money or pay a deposit for an apartment you have not visited in person. Verify the landlord's ownership through the Cook County Assessor's office. Watch for listings priced far below neighborhood averages, pressure to sign immediately, and requests for cash-only payments. Since 2020, over 65,000 rental scams have been reported in Chicago.
Living in Chicago on $40,000 a year is possible but requires targeting neighborhoods with rents under $1,000 per month. At that salary, the 30% rule limits rent to about $1,000. After taxes, you keep roughly $2,800 per month. Rent of $700 to $950 plus $200 to $300 in utilities and transit leaves $1,550 to $1,900 for other expenses.
Start your Chicago apartment search at app.brightplace.ai.
Reviewed by brightplace Editorial Team. Last reviewed: September 2026.
We'll find a place that you'll actually love