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Cheap Apartments for Rent in Magnificent Mile

1,546 Rentals
.
  7. Building Photo - 18 E. Elm
    STUDIO
    $1,395

    18 E. Elm

    18 E Elm St, Chicago, IL 60611
  20. Wake up to this gorgeous view! - Columbus Plaza
    STUDIO
    $1,766+
    1 BED
    $1,988+
    2 BEDS
    $3,558+
    3 BEDS
    $4,741+

    Columbus Plaza

    233 E Wacker Dr, Chicago, IL 60601
Showing 42 of 460 results, Page 1 of 11

Chicago at a Glance

Average Rent

N/A
(All bedrooms and property types)
0

School Rating

out of 10 Rating
Learn more about
Schools in Chicago
98

Some Transit

out of 100 TransitScore® Rating
Learn more about
Transportation in Chicago
81

Somewhat Bikeable

out of 100 BikeScore® Rating
Learn more about
Transportation in Chicago

Cheap Apartments in Magnificent Mile Neighborhood in Chicago, IL

When looking for cheap apartments in Magnificent Mile, Apartment Finder is your deal-hunting partner. Whether you’re looking for a studio, a one-bedroom, or a two-bedroom apartment, you want the best place at the right price. We have a great selection of budget-friendly apartments for rent, and we’ll show you which apartments offer the best value when compared to other apartments in Magnificent Mile.

Finding a rental that fits your budget without compromising on quality can seem like a challenge, but Apartment Finder makes it easy to discover cheap apartments with all the features you want. To find an apartment you can afford, try looking in less popular neighborhoods outside of the city center. Timing is everything when searching for rentals that are affordable, so look at different times of the day, different days of the week and (if you can wait) certain months like December through March. When you find an apartment with a great price, don’t hesitate! Cheap apartments tend to go very quickly.

Affordability doens't have to equal sacrifice. While it’s important to be flexible, you might not have to give up as much as you think. You can find a cheap apartment for rent, complete with must-have amenities such as paid utilities and an in-unit washer and dryer. Click on any of these properties to see photos and floor plans, read reviews, check out the rent calculator, and learn more about the neighborhood with information on nearby parks, shopping malls, and transit stops. With 460 cheap apartments available in Magnificent Mile, Apartment Finder is the place to find your next rental.

Top Budget-Friendly Neighborhoods in Chicago

(For 1 bedroom apartments)

Getting Around Chicago

Transportation

100

Walker’s Paradise

out of 100 WalkScore® Rating
You might be able to get out and walk when living in this area. Some errands can be accomplished on foot, but for others you need a car.
81

Very Bikeable

out of 100 BikeScore® Rating
You might be able to find places to ride your bike in this area, but you'll most likely want your car for most errands.
98

Rider’s Paradise

out of 100 TransitScore® Rating
You'll likely want a car when living in this area since it has few transit options.
Scores provided by Walk Scoreⓘ

Education

Data provided by GreatSchools.org 2025 © 2025. All rights reserved.

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