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5 Budget-Friendly Apartment Rental Options in Chicago’s Loop

Friday, November 21st, 2014

Finding apartments worth renting in Downtown Chicago can be an expensive proposition. With the development of so many new luxury high-rise rental complexes, prices are at an all-time high. Not so long ago, a $1500 budget would render endless possibilities in the downtown market; these days potential renters are lucky to find a one bedroom at that price point. Thousands of prospective residents flood the apartment rental markets in and around the Chicago Loop each year in hopes of securing a hot deal and they should not be discouraged! Regardless of your preferred downtown neighborhood there are a few faithful buildings providing budget friendly options all year round. From South Loop to River North we are highlighting some of these options just for you!

Park Michigan Apartments in the South Loop is the first on a list of budget friendly apartments. Conveniently located on Michigan Avenue just south of Roosevelt Road, Park Michigan is known for its spacious layouts and great commuter location. The apartment complex is a short walk from the Roosevelt L station, Jewel Osco, Trader Joe’s market, and many other neighborhood amenities. Great restaurants like Zapatista, Gioco, the Bongo Room and Scout Waterhouse & Kitchen are all easily accessible on foot. Rents range from $1300 – $2500 for studios through two bedroom apartments.

Prospective renters interested in residing in River North on a budget, need look no further! River North Park Apartments are located in the southwest corner of the Near North Side and provide options for the financially conscious. Having recently undergone renovations of the common areas and various apartments, there is a range of prices and apartment features suited to varying needs. Surrounding River North Park are hotspots such as Gilt Bar, Coco Pazzo, Gene & Georgetti Restaurant, Bull & Bear, Kinzie Chophouse and the renowned East Bank Club. Expect to see rents from $1300 – $2600 for studio apartments through two bedrooms.

Streeterville’s Axis apartments are a great option for renters trying to find spacious, upgraded apartments at affordable rents. These apartments have been renovated to include hardwood floors, stainless steel appliances, open kitchens and great layouts! Just a stone’s throw to the lakefront in one direction and Michigan Avenue in the other direction, Axis is a great location for the walker in you! Notable neighborhood amenities include Northwestern University and Hospital, Yolk, AMC Movie Theater, Treasure Island Grocery store and Kellogg School of Management. Rents vary from $1300 – $4000 for studios through large 2 bedroom loft apartment.

Known for its 900 square foot corner one-bedroom apartments, Elm Street Plaza is a fantastic option for budget conscious renters looking to live in the historic Gold Coast neighborhood. Rush Street dining and nightlife, Oak Street Beach, the Magnificent Mile, Table Fifty Two, the Zebra Lounge, Tavern on Rush and LuxBar are just a few places renters are easily able to spend their nights and weekends. Rental prices range from $1300 – $2800 for studio apartments through 2 bedrooms.

Perhaps one of the Chicago Loop’s best known rental apartment buildings is located in the Near West Side. Presidential Towers is comprised of four towers and houses over a thousand apartments. It is a great location for commuting given it’s proximity to Ogilvie Transportation Center, the Dan Ryan 90/94 Expressway, the Green and Pink L lines, and various bus routes. Renters enjoy the close proximity of Presidential Towers to West Randolph’s restaurant row and Halsted Street dining. Throughout the year Presidential Towers offers highly competitive rental prices with larger layouts and renovated options ranging from $1300 – $2400 for studios through 2 bedrooms.

There are so many great options for renters looking for location on a budget! The above are just a small selection of the options available. For more information and to schedule a tour contact one of the friendly agents at Downtown Apartment Company today!

Candis Hickman
Luxury Leasing Consultant