Affordable Venues for Rent in Chicago, IL

Affordable Venues Rental Guide

Can I organize a party on a budget?

Wondering if it's possible to organize a party on a tight budget? The short answer is: yes! Chicago is an eclectic and budget-friendly city in comparison with other big U.S cities, and it has plenty of affordable spaces you can rent for your event. So don’t let things like a limited budget scare you because you’re in the right place when it comes to planning an amazing event! 

If you’re a bit lost on how to organize on a budget, don’t worry! There are a few ways to carry out your preparations without spending a fortune and below we’ve listed some of them that can help you stay within your financial limits while enjoying the whole planning process. Trust us, all of your preparations will go smoothly after you skim through it and get the idea of what to focus on. So make sure to check it out!

Track your expenses - First thing’s first, set your budget. It’s one of the most important factors in influencing the type of venue you will go for. Calculate how much you can spend on venue rental, food and drinks, decorations, and things you’ve planned to incorporate into your party. Once you’re done with that, make sure to write your calculations down so you can go back to them whenever possible and check whether the costs match your budget expectations. 

Be flexible with dates - Flexibility can save extra money in your pocket. Not sure how? Here’s a short explanation! Having a few dates picked allows you to compare the prices and check whether there is a cheaper (but still great) option available. You will have one hundred percent assurance that you’ve picked the venue out of your price range. Generally, we also recommend checking when venues have low seasons, and whether they slash their rates at off-peak times and weekdays, as prices during a high season, such as holidays and weekends tend to be much higher.  

Don’t rush with finding a venue - Think of the main goal of your event and what parts of it will need a better investment. Is it going to be dinner with your friends to kick back and chill? A business conference? Maybe a wedding party? Then take some time to pick a few venues you like the most and compare their offers based on their location, catering options, and interior. Ask venue managers directly about food packages, equipment, services, extras that you need and they have on offer, as it’s possible they might be included in the price rental. But also, don’t hesitate to inquire about any late costs and unexpected fees and thoroughly read the contract before signing to know if it included everything you’ve agreed on.   

Do the decorations yourself when possible - If you would like to add some decorations to set the tone to your event, why not make them yourself! There are plenty of super-easy “how to’s” on the internet you can use to your advantage and make the event a unique and personalized experience for your guests. Also, try to engage your family and friends to help you out, as it guarantees a fun time while also getting them a little bit more excited for the event!  

Limit your guest list - To save some money and stay within your budget consider hosting a smaller and more intimate event. So, don’t come up with a long list of people, as any additional person is an extra cost (we know it sounds a bit harsh!). Try to include on your list only those participants that you’re close with. A guest list will also come in handy during your venue hunt. As controlling your budget is the main priority, you wouldn’t like to waste money on a too-big space when a smaller and cheaper one could accommodate everyone and make them feel comfortable. So always check if your first-choice venue is the right fit for your guest number. 

Don’t over deliver on food and drinks - Do you have your guest list ready? Then you can roughly estimate how much food and drinks you need. This will help you to serve the right amount of everything to make everyone satisfied and not overspend on food your guests won’t manage to eat. When it comes to alcoholic beverages, think of serving a signature drink! Not only will this help you save some dollars, but also make the event more personalized! As many venues have a long list of drinks to choose from, think about what type of drink your guests will enjoy the most and go for it! 

In short, hosting an event on a budget is possible, especially in Chicago! All you have to do is take into consideration some key elements during your organization process and you’ll be all ready to host a successful event. And with Tagvenue, it will be even easier! So why not get started today? Hop on our platform and make your pick out of the wide range of affordable venues!

FAQs about Affordable Venues in Chicago, IL

How much does it cost to rent an affordable venue in Chicago?

The final costs of a venue rental depend on the size, location, and amenities the venue offers. But generally, expect restaurants, bars, and clubs to charge between $30 to $100 per person. Prices for blank canvas venues range between $500 to $1000. (All data from Tagvenue.com.)

Where can I find affordable venues in Chicago?

Try your luck outside the core center in neighboring areas. On our part, we can recommend the areas of River North, as well as West Town that hide various and fantastic spaces for event rentals. If you won't do anything there, try searching for the recently opened venues, as often they offer competitive prices to gain recognition.

Can you recommend any affordable venues in Chicago?

Sure! Here’s a list of our favs:

Entire Bar at The Country Club - This pub will provide all you need for your event to be successful and memorable! The Southern-inspired vibe will wow your guests while crafted cocktails will get everyone in the right mood. 

Ravinia Brewing Company Chicago - A fantastic, artsy space where you can cherish the fresh air while having the time of your life! It’s perfect for any occasion, from birthday parties, outdoor laid-back weddings, to corporate events. 

SkyDeck at Lacuna Events by LM - A modern and chic space will add some elegance to your cocktail event and the breathtaking views over Downtown will make your guests feel like in a movie.

Are there any cheap wedding venues in Chicago?

If you want to host a wedding on a budget, then head over to West Town! It’s home to many fantastic venues in different styles. So for sure you’ll find just what you need there to wow your guests and mark this special day as memorable.