Finding Cheap Apartments in Chicago: Your Ultimate Guide

If you're on the hunt for an affordable apartment in Chicago, you've come to the right place. Chicago's rental market can be tricky to navigate, but with the right knowledge and Domu’s up-to-date listings, you can snag a great deal and become a local in no time.

In this guide, we share our insider tips on rental costs, where you can find an affordable apartment, and things to look out for to bring those monthly bills down even further.

 

The Real Cost of “Cheap” Apartments

Finding a cheap apartment in Chicago goes beyond just having a low monthly rent. While that is the largest piece of the pie to consider when it comes to saving, there’s also:

  • Utilities: Some apartments include utilities, others don't. Always ask what's covered.
  • Application Fees: These can range from $25 to $100 per application.
  • Move-in Costs: This could be a security deposit or a move-in fee.
  • Parking Fees: If you have a car, factor in whether parking is included or extra.
  • Pet Fees: If you have furry friends, be prepared for additional deposits or ‘pet rent.’

Your credit score also plays a big role in your apartment search. Here's why it matters:

  • Landlords use it to assess your financial reliability.
  • A higher score might give you negotiating power for better terms.
  • Lower scores might mean higher security deposits or the need for a co-signer.

Knowing your score before you start your apartment search is vital, and you can get a free credit report annually from each of the three major credit bureaus (Experian, TransUnion, and Equifax).

For a more detailed explanation on credit scores, how they can help/hurt your rental process, and tips on how to improve your number, check out our article “What Credit Score is Needed to Rent an Apartment”.

 

Utilities

With Chicago’s hot summers and freezing winters, keeping yourself comfortable can be costly. In some apartments, certain utilities like heat or water might be included in your rent, while others leave everything up to you.

Typically, you'll need to cover electricity, which can vary widely depending on your usage and the apartment's energy efficiency. Gas is another common utility, especially if you have a gas stove or heating system. In older buildings, you might encounter higher heating costs in winter, so ask about average utility bills before signing a lease. Some landlords can provide estimates based on previous tenants' usage. Internet and cable are usually your responsibility too, though some condos throw them in with the cost of rent.

Remember, "cheap rent" can quickly become expensive if you're shouldering high utility costs, so factor these into your budget when apartment hunting. Always clarify with your potential landlord exactly which utilities are included in the rent and which you'll need to set up and pay for yourself.

 

Application Fees

When applying for an apartment in Chicago, you'll likely encounter application fees. These typically range from $25 to $100 per application. Landlords use this fee to cover the cost of background checks, credit reports, and processing your application. It's non-refundable, so apply wisely. If you're looking at multiple apartments, these fees can add up quickly, though some landlords might waive the fee if you can provide recent screening reports yourself.

Always ask about the exact amount before applying and what the fee covers to avoid surprises.

 

Move-in Costs

In Chicago, you'll encounter either security deposits or move-in fees, rarely both. Security deposits are refundable and usually equal to one month's rent. They're held by the landlord to cover potential damages or unpaid rent. You should get this back when you move out if you leave the apartment in good condition.

Move-in fees, on the other hand, are non-refundable one-time payments, typically lower than a security deposit. They've become more common in Chicago as they're less regulated and easier for landlords to manage. Unlike security deposits, move-in fees can't be used to cover damages when you leave.

Always clarify which one you're paying and understand your rights regarding each.

 

Parking Fees

In a city like Chicago, parking can be a significant expense. Many apartments don't include parking in the rent, especially in more populated neighborhoods. If you have a car, ask about parking options and costs upfront.

Street parking is available in some areas but be aware of permit requirements and restrictions. If you don't need a car regularly (and with Chicago’s robust public transportation network, many find it easier to live without one), consider using public transit or car-sharing services instead to save money.

 

Pet Fees

If you're a pet owner, be prepared for additional costs when renting in Chicago. Many landlords charge pet fees, which can come in several forms:

  • A pet deposit is a one-time, often refundable fee to cover potential damages.
  • Pet rent is a monthly fee added to your rent, typically ranging from $20 to $50 per pet.
  • Some landlords might charge a one-time, non-refundable pet fee.

These fees can vary widely, so always ask for details before assuming your furry friend is welcome. Disclosing your pets upfront is a must if you want to avoid issues later on. Also, be aware that some buildings have restrictions on pet types, breeds, or sizes.

 

Lease Term Length and Cost

One more thing to consider is that the length of your lease can significantly impact your rental costs. Landlords love longer leases as they provide more stability and reduce turnover costs. As a result, you might be able to negotiate a lower monthly rent for a longer lease term. For example, a 15-month or 18-month lease might come with a discount compared to a standard 12-month lease.

If you’re financially able, some landlords even offer discounts for paying multiple months upfront, which could lead to savings over the long term. However, be cautious about committing to a long-term lease if you're unsure about your future plans, as breaking a lease early can be costly.

If you want to dive into the details when it comes to the costs of living in Chicago, head over to our “Guide to Moving to Chicago” article, where we break down the costs, quirks, and perks of living in this dynamic metropolis.

 

Timing Your Chicago Apartment Hunt: Seasonal Strategies for Savings

In Chicago, when you look for an apartment can be just as important as where you look. Winter months, from November through March, often offer the best deals. Fewer people move during this time, so landlords are more likely to negotiate with you for lower-than-posted rates. Spring and summer see more competition and higher prices as the winter thaw begins.

If you find a vacant apartment, especially in the winter, you're in a strong position to negotiate rent, application fees, and move-in costs. During these negotiations, demonstrate that you are a good tenant (quiet, friendly, and pays rent on time) to help make your case. Landlords are often willing to offer better terms to reliable tenants who they believe will take good care of their property and cause minimal issues.

 

Affordable Apartment Types for Budget-Savvy Renters

When searching for affordable housing in Chicago, consider these cost-effective options that balance quality living with lower rents:

Garden Apartments: Garden apartments, typically located partially below ground level, offer unique advantages for budget-conscious renters. They often provide more square footage at a lower price point compared to above-ground apartments, and their semi-subterranean layout works as a natural insulator, potentially reducing your utility costs. With Chicago's ever-changing weather, this means cooler temps during sweltering summers and added insulation during frigid winters.

However, one drawback is that garden apartments usually have less natural light and could be prone to moisture issues. During your walkthrough, keep an eye out for proper ventilation (bathroom fans, oven vents, etc) and waterproofing before signing a lease.

Vintage Walk-ups: Chicago's iconic vintage walk-up buildings, often dating back to the early 20th century, are a blessing for living affordably. While you can find updated rentals with central air and tankless water heaters, some may lack modern amenities which usually means lower rent. Fortunately, preserving history is important in Chicago, and many still have their original architectural features, like hardwood floors, crown molding, and built-in shelving that add character to your living space.

When seeking out these types of apartments, be sure to ask about recent renovations, the building's maintenance history, and even things like the age of window AC units. This way, you’re not stuck in the summer with a malfunctioning 20-year-old window box!

Despite potential drawbacks, vintage walk-ups remain a popular choice for renters seeking affordability and classic Chicago style. Check out our selection of vintage apartments for some great deals.

Coach Houses: Coach houses, originally built for horse-drawn carriages and later converted into living spaces, offer a unique apartment situation. These standalone structures, usually located behind the main house, often come with bonus features like small yards or patios and have an air of independence.

Due to their location away from the street and not having to share walls with neighbors, coach houses tend to be quieter than traditional apartments. They often have interesting layouts and architectural details but might have limited natural light or unusual floor plans due to their original purpose. Always check for (or ask about) proper insulation and heating, as these converted spaces can sometimes be less energy-efficient than purpose-built apartments.

If this sounds like your ideal future home, browse our coach houses for rent to find your perfect hideaway.

Apartments with Shared Laundry: While everyone’s dream list has in-unit washers and dryers, opting for an apartment with shared laundry facilities instead can significantly reduce your monthly rent. While this means planning your laundry schedule and potentially dealing with busy machines during peak times, the cost savings on rent can be substantial over the course of a lease.

When considering an apartment with shared laundry, ask about the number of machines available, their age and condition, and typical wait times. Some buildings have digital systems to alert you when machines are available, making the shared laundry experience much more convenient.

 

Finding Roommates: Splitting Costs for Bigger Savings

Sharing an apartment with roommates can save you a lot of money while giving you plenty of space to spread out. Instead of renting a small studio apartment, you could be living in a spacious three-bedroom for less money per person.

However, finding the right roommates is everything. This part is key to making sure your cost-saving plan doesn't turn into a sitcom-worthy disaster. Start by tapping into your network; friends of friends, college alumni, and even that cool coworker you chat with at the coffee machine - they might be looking for a place, too. If that doesn't pan out, there are plenty of roommate-finding apps and websites out there. Just be smart about it! Meet up in a public place first, come prepared with questions, and listen to your intuition.

When you're scoping out potential roommates, think beyond just "Do they seem nice?" Ask them about their income, their habits and hobbies, and other important details for day-to-day living. Once you've found your crew, sit down and hash out the details. Who's paying what? How are you splitting utilities? Is your roomie's significant other practically living there rent-free? Get it all out in the open now to avoid awkward conversations later.

Side note: In Chicago, there is no such thing as a “roommate,” technically. Every person living in an apartment is considered a co-tenant and needs to be on the lease. You can read more about that here.

 

Location, Location, Location

In Chicago, every neighborhood has something unique to offer. So, while cost is important, finding a place in your favorite neighborhood could mean the difference between absolutely loving Chicago, and simply thinking “Chicago is the best.”

That said, even within a single neighborhood, your exact location can significantly impact your rental costs.

 

Location Strategies for Savings

Busy Streets and Intersections: Apartments on busy main roads or commercial streets are often cheaper than those in the quieter residential core of a neighborhood. If you don't mind the urban buzz, this could save you serious cash.

Lower Floors: Higher floors with great views come at a premium, so stick to lower levels for savings. While you might not get those Ista-worthy views of the lake, with what you save renting a first-floor apartment, you can take as many trips to the rooftop bar as you want.

Near Public Transportation: Living close to the El or Metra can be noisy, but it's often cheaper and saves on transportation costs. The trade-off between noise and savings could be worth it, especially if you commute for work.

Neighborhood Borders: Apartments located on the edges of popular neighborhoods often offer lower rents while still providing access to the area's amenities. For example, living on the border of Lakeview and Uptown might give you Lakeview perks at Uptown prices.

Older Buildings: In popular neighborhoods, older buildings without recent renovations often have lower rents than their newly updated counterparts. You might sacrifice some modern amenities but save on monthly costs while still enjoying the neighborhood's benefits.

Distance from Popular Attractions: Within a neighborhood, apartments further from major attractions (like popular parks, shopping areas, or entertainment districts) tend to be cheaper. A few extra minutes of walking could be worth the extra spending money.

Building Size: Larger apartment buildings or complexes within a neighborhood often offer lower rents compared to smaller, boutique buildings. They might lack some charm but can provide significant savings.

 

Affordable Neighborhoods on Domu: More Bang for Your Buck

Let's face it, finding an affordable apartment in Chicago can feel like searching for a needle in a haystack. But don't worry, as local experts, we're here to guide you through some of Chicago's hidden gems.

Here's a peek at some areas where you might just find your dream apartment without emptying your wallet:

 

Albany Park: Ever wanted to travel the world without leaving Chicago? Albany Park's got you covered with its global mix of cultures and cuisines, all while keeping your rent check in check.

Arcadia Terrace: If you're after that suburban feel without actually fleeing to the 'burbs, Arcadia Terrace might be your spot. It's quiet, it's cozy, and it won't drain your wallet.

Avondale: Avondale's like that cool, artsy friend who's surprisingly down-to-earth. You'll find vintage charm, up-and-coming hotspots, and rents that won't make you cry.

Belmont Cragin: Looking for a place where you can actually fit a cat in your apartment? Belmont Cragin offers space to breathe without breaking the bank.

Bridgeport: Once home to five Chicago mayors, Bridgeport's now the place for artists and foodies on a budget. It's like living in a history book, but with better tacos.

Bronzeville: Bronzeville's got soul, and we're not just talking about the music. This historic African American neighborhood is on the up and up, with prices still on the friendly side.

East Garfield Park: Home to the gorgeous Garfield Park Conservatory and some serious community spirit. It's a diamond in the rough, with rents to match.

Edgewater: Beach views without the beach prices? That's Edgewater in a nutshell. You might even have enough left over for a beach umbrella.

Hermosa: True to its name ("beautiful" in Spanish), Hermosa's a looker that won't break your heart or your budget. It's like finding that perfect vintage coat at a thrift store price.

Humboldt Park: Imagine Central Park, but with better food and cheaper rent. This neighborhood offers a slice of nature in the city and won't eat up your whole paycheck.

Irving Park: Irving Park is like that reliable friend who's always there for you, with a side of historic charm. It's got green spaces, old-school architecture, and plenty of shopping and dining to enjoy.

Little Village: Welcome to the heart of Mexican-American Chicago, where the tacos are cheap and the apartments are too. It's like a never-ending fiesta for your taste buds and your wallet.

Near West Side: Home to students, medical professionals, and folks who like being close to downtown without the downtown prices. It's bustling, it's diverse, and it's close to some other great neighborhoods.

North Lawndale: North Lawndale's got more beautiful Greystones than you can shake a stick at. It's a neighborhood on the rise, with prices that are still down to earth.

Pilsen: Pilsen is a trendy neighborhood with plenty to offer. It's colorful, it's cultural, and it's still (surprisingly) affordable.

Portage Park: Imagine a slice of suburban paradise dropped right into the city. With a massive park, a small-town vibe, and prices that'll make you do a double-take, this is a great place to put down roots.

Rogers Park: Beach bums on a budget, listen up – Rogers Park is calling your name. It's like a bohemian beach town plopped right onto Chicago's north side.

Tri-Taylor: Tri-Taylor might be small, but it packs a punch with historic row houses and proximity to the Medical District. It's the kind of place where you can still find a deal if you look hard enough.

Uptown: Once the playground of Chicago's jazz greats, Uptown's still got that cool factor – just with more affordable price tags. It's like living in a time capsule, but with better plumbing.

West Ridge: Also known as West Rogers Park, this neighborhood is like Chicago's own United Nations. It’s diverse, it's friendly, and it's got rents that won't make you want to flee the country.

 

Affordable Alternative Neighborhoods: Living Large on a Budget

Dreaming of a swanky neighborhood but your wallet's saying "no way"? Don't fret! Here are some budget-friendly alternatives that'll give you that premium feel without the premium price:

Remember, choosing a neighborhood is about finding a place that feels like home. Each of these areas has its own unique flavor, community vibe, and set of amenities. We encourage you to explore them - walk the streets, chat with locals, and try the coffee shops. You might just fall in love with a neighborhood you never expected.

And hey, while affordability is great, make sure you're also considering factors like safety, commute times, and access to necessities. Your home should be a place where you feel comfortable and secure, not just a good deal.

 

Affordable Housing in Chicago: A Growing Challenge

Chicago's housing market has become increasingly challenging for renters in recent years, with the affordability crisis hitting many residents hard. Since the onset of the COVID-19 pandemic, rents have been moving steady upwards, climbing over 5% a year.

This steep increase has left many Chicagoans struggling to keep up. In fact, a significant portion of renters in the city now find themselves spending over half of their income on housing alone (!), a situation that financial experts consider severely cost-burdened. While the idea of rent control has been floated as a potential solution, it's currently not a viable option in Chicago due to state laws prohibiting such measures. (For more details on the rent control situation, check out our in-depth article.)

As the gap between wages and housing costs continues to widen, finding affordable living options in the Windy City has become a pressing concern for a lot of people. This situation makes it that much more important to be savvy and well-informed when searching for rental properties.

 

Navigating Chicago's Rental Landscape

Finding an affordable apartment in Chicago might seem out of reach, but with the right information and strategies at your fingertips, it's far from impossible. From exploring budget-friendly neighborhoods to considering different apartment types, and from timing your search strategically to negotiating effectively, there are numerous ways to make this charming city your home without dipping into your 401k.

If you’re ready to start your search for the perfect affordable Chicago apartment, head over to our neighborhoods page and start browsing. Whether you're dreaming of a cozy studio in Uptown or a spacious shared apartment in Pilsen, we have all the latest listings.

Start your search now and make your Chicago dreams a reality!