Find 12 studio apartments for rent in Chicago, IL. A studio apartment is an open-concept unit that combines the living area, bedroom, and kitchen into one room, with only bathrooms and closets separated by walls. Studios are typically less expensive than traditional apartments and take less energy to heat and cool. Many studios offer full kitchens, providing essential utilities in a compact, efficient space. If you opt for an efficiency apartment, your kitchen will be more compact with fewer full-sized appliances, but you will enjoy more living space. Finding cost-effective living options in Chicago, IL is made easier with 12 apartments for rent under $700. These budget-friendly rental options offer a variety of floor plans and amenities while adhering to your financial preferences. Opting for an apartment under $700 in Chicago means enjoying a balanced lifestyle where price does not compromise the quality of living.