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Apartments for Rent in Chicago, IL under $500

12 Rentals Available
Apartments for Rent in Chicago, IL under $500. 12 Rentals Available
  • a kitchen with stainless steel appliances and a granite counter top
    Today

    3622 N. Marshfield Ave., Chicago, IL 60613
    1 BED Ask for Pricing
  • a living room with a couch and a ceiling fan
    Today

    2656-58 W. Iowa St., Chicago, IL 60622
    1 BED Ask for Pricing
    2 BEDS Ask for Pricing
  • a leather chair in a living room next to a window
    Today

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

    1727-29 N. Halsted St., Chicago, IL 60614
    2 BEDS Ask for Pricing
  • the house has been remodeled to look like a 1930s house
    Today

    2247 W Giddings, Chicago, IL 60625
    STUDIO $75
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  • a large brick building on the corner of a street
    Today

    1206-10 W 83Rd, Chicago, IL 60620
    2 BEDS $500
  • a kitchen with a counter top and a brick wall
    Today

    4807-4811 N. St. Louis, Chicago, IL 60625
    2 BEDS Ask for Pricing
  • a kitchen with white appliances and wooden cabinets
    Today

    1527 N. Wicker Park Avenue, Chicago, IL 60622
    Income Restricted
    STUDIO $492+
8-0-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 22 Feb 2026.

What are the best apartments in Chicago, IL?

The best apartments in Chicago, IL are: 2533 W. Augusta Blvd., 2950 North Sheridan, 8951 S Ada St, 2801 W Logan and Mulligan School 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.

Apartments in Chicago, IL under $500

Balancing snug and cheap is no joke when it comes to renting a place to live. “Are there any apartments near me under $500?” is a great question to start from. Knowing your budget means you’re one step ahead and on the right track. We’ve taken care of the rest and found 12 apartments for rent in Chicago, IL on which you’ll spend less than $500. A small, cheap rental means you’ll have to budget your living space as well. The great news is that keeping it simple pays off in more than one way. The cost of utilities is likely to run low, and you get the added benefit of not having to spend too much time cleaning up the whole place. Smaller apartments are more likely to be closer to the city center, so there are potential cuts to your transportation costs too. And here’s one more very special secret to add to your book-of-perks: you’re less likely to overshop when you know your space is limited.

Rentals near you under $500

Our goal is to help you find cheap apartments that live up to your dreams without crushing your budget. It may be a long shot to go looking for 3 bedroom apartments or even 2 bedroom for less than $500. The average rental size in Chicago, IL is 811 Sqft, but the $500 limit will probably narrow your search to places with a smaller square footage. Go through our listings and be on the look-out for a hassle-free studio or a 1 bedroom apartment. We trust you’ll turn it into a cozy home which is also budget-friendly to the core.

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