Cheap Apartments for Rent in Algonquin, IL from $700 (44 Rentals)

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Search the lowest-cost Apartments available for rent right now in Algonquin.

What Does “Rent Burdened” Mean? How Much Rent Is Too Much

Learn the official definition (spending 30% or more of your gross income on housing) and how to calculate your exact rent-to-income ratio. This guide offers expert tips on factoring in total housing costs (including utilities and fees) and budgeting accurately to avoid unnecessary financial strain.

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Your Guide to Co-Signers: The Risks, Rewards, and Everything in Between

Thinking about getting a co-signer for your rental application? We break down what a co-signer is, the potential benefits, and the serious risks for both parties. Find out if it's the right choice for you.

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Roommate Matching: Finding the Right Fit and Avoiding Pitfalls

When searching for a roommate, follow this list of essential steps and set clear expectations to create a solid foundation for a harmonious living situation.

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The Art of the Rental Viewing: What to look for during a property tour

Touring a rental? This guide helps you know exactly what to look for, from safety features to hidden flaws, so you can confidently sign your lease or keep searching.

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Elgin Tower Lofts
1 to 2 Bedroom Apartments

Elgin Tower Lofts

100 E Chicago StElgin, IL 60120

Smart Renter's Guide: Calculating Affordable Rent & Housing Costs

Wondering how to determine your rental budget? This comprehensive guide covers everything from the 30% rule to hidden fees and effective budgeting strategies.

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property at 417 Silverstone Dr

$1,800

Total Monthly Price

Total Monthly Price

Base Rent
$1,800
Total Monthly Price
$1,800

2 Bedroom, 2 Bath Home for Rent

Available Now

417 Silverstone Dr

CarpentersvilleIL60110
property at 2115 Silverstone Dr

$1,800

Total Monthly Price

Total Monthly Price

Base Rent
$1,800
Total Monthly Price
$1,800

2 Bedroom, 2 Bath Home for Rent

Available Now

2115 Silverstone Dr

CarpentersvilleIL60110
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Algonquin, IL Local Guide

Cheapest Neighborhoods for Apartments in Algonquin, IL

Pricing Updated: 04/12/2026

Current apartment rentals in the Algonquin, IL area range in price from $1,235 to $17,896 with an overall median price of $9,558. The three Algonquin neighborhoods with the lowest median rent pricing are Square Barn Road School Campus at $1,300, Arrowhead at $1,335, and High Hill Farms at $1,659. Here is today’s list of the top 9 neighborhoods with the lowest median pricing for Algonquin Apartments for rent:

NeighborhoodMedian PriceMin PriceAvailable Units
Square Barn Road School Campus$1,950$1,30012
Arrowhead$2,777$1,33534
High Hill Farms$3,179$1,65929
Creek's Crossing$3,266$1,23524
Willoughby Farms$3,266$1,40015
Alta Vista$17,896$1,23510
Gaslight Terrace North$17,896$1,23517
Grand Reserve$17,896$1,69511
Waterford of Algonquin$17,896$1,23512

Cheapest Available Algonquin Apartments for Rent

 

The cheapest available apartment rental in Algonquin, IL is a 1 Bed unit found at 200 S Lincoln in the Waterford of Algonquin neighborhood priced from $1,400. Meadowdale Apartments in the Waterford of Algonquin neighborhood has the second lowest priced unit, which is a 2 Beds apartment currently listed from $1,450. Here is today’s list of the most affordable Algonquin apartments for rent:

Apartment ListingModel NameBed/BathPriced From
200 S Lincoln1BD/1BA1BR,1BA$1,400
Meadowdale Apartments2 Bedroom 1 Bath 810 sq ft2BR,1BA$1,450
Blackhawk Apartment HomesOne Bedroom - 723 sqft1BR,1BA$1,460
Darlington Court ApartmentsOne Bedroom/ One Bath1BR,1BA$1,477
Eden Prairie Apartments2 Bed 1 Bath A Level 32BR,1BA$1,545
311 Barrington Ave Lofts1 Bed Room1BR,1BA$1,550
Wing Park Residencewp-1bs1BR,1BA$1,550
WoodcreekApt B2BR,2BA$1,630
Crystal Lake Apartments1 Bedroom1BR,1BA$1,635
Randall VillageThe Monet1BR,1BA$1,695

Best Value Apartments for Rent in Algonquin, IL

As of April 12, 2026 the best value apartment in the Algonquin area is the $1.42 price per square foot Champion Single Wide Model at Oakbrook Estates- Senior 55+ Community in the in the East Suburban McHenry neighborhood starting from $1,700. The second greatest value Algonquin apartment is the Plan B Model at Brandy Drive Apartments starting at $1,900 with a $1.73 price per square foot in the Park Place neighborhood. Here is today’s list of the best values for Algonquin apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Oakbrook Estates- Senior 55+ CommunityChampion Single Wide3BR,2BA$1.42
Brandy Drive ApartmentsPlan B2BR,1.5BA$1.73
Haber Pointe Apartments2 Br / 2 Ba2BR,2BA$2.09
WoodcreekApt B2BR,2BA$1.55
Residence of Fairway GreensB6.BR2BR,2BA$1.90
311 Barrington Ave Lofts1 Bed Room1BR,1BA$1.75
Springs at Three Oaks1GC | 1 BR Grand Courtyard1BR,1BA$2.04
Eden Prairie Apartments2 Bed 1 Bath A Renovated Level 22BR,1BA$2.02
Meadowdale Apartments2 Bedroom 1 Bath 810 sq ft2BR,1BA$1.79
Blackhawk Apartment HomesOne Bedroom - 723 sqft1BR,1BA$2.04

10 Hidden Costs of Renting You Should Budget for Before Signing a Lease

Avoid financial stress when renting. Learn about the 10 most common hidden costs—from pet fees to utilities—you must budget for before you sign a lease.

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Don't Settle: How to Negotiate Your Apartment Lease and Save Money

Discover the insider tips from an attorney and real estate agent on how to negotiate your next apartment lease. Find out what's on the table and what's not, so you can save money and get the best terms possible.

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The Ultimate Long-Distance Moving Checklist: Tips from a Real Estate Pro

Moving is tough, especially long-distance. Learn how to minimize stress & expenses with proven strategies from a real estate pro, covering everything from logistics to finances.

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Cash or credit? Understanding the Importance of Credit Score in Real Estate and Renting

Discover how your credit score impacts your ability to lease or buy a home. Learn how credit scores are determined, how to check yours, and strategies to improve it for real estate success.

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How much rent can you afford?

The common "Rule of Thumb" is that rent should be no more than 30% of your income. How much is that? Enter your monthly income and click "Calculate My Budget" to find out.

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Algonquin, IL

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Frequently Asked Questions about Cheap Algonquin Apartments

What is the price of a cheap apartment in Algonquin?

The cheapest apartment in Algonquin is 200 S Lincoln which is listed at $1,400, while the average apartment in Algonquin costs $9,558.

What types of apartments are the cheapest in Algonquin?

Student, low-income, and by-the-bed apartments are typically the cheapest rentals in most cities, though they require qualifying criteria to rent. There are 14 regular apartments in Algonquin that we think qualify as ‘cheap apartments’ that do not have special requirements to apply to rent.

How do the prices of cheap apartments compare to the average apartment in Algonquin?

Cheap apartments in Algonquin have an average cost of $891 which is $8,667 cheaper than the average rent for all rentals in Algonquin.

Expert Rental Resources

The rental experts at ApartmentHomeLiving.com provide you with top advice, tools, and tips for understanding the leasing process and finding the perfect rental. Here are a few helpful rental and leasing articles from our experts to guide you on your search.

Articles, How-To's, and Tips

decorative image for What Does “Rent Burdened” Mean? How Much Rent Is Too Much article

What Does “Rent Burdened” Mean? How Much Rent Is Too Much

Written by: Lauren Harrington

This article draws from first-hand renter experiences and recurring financial challenges reported after moving in.

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Maximizing Your Refund: Essential Tax Tips for Renters

Written by: Christine Leonard, Esq.

Other than tax professionals, I can’t think of anyone who looks forward to tax season. For everybody else, April is a stressful month to collect information and meet deadlines.

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18 Must-Ask Rental Tour Questions That Reveal the Truth about a Property

Written by: Lauren Harrington

Renting your next home can feel thrilling and overwhelming at the same time.

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A Renters Guide for Tips on Writing Your Notice for Not Renewing Your Apartment

Written by: Bob Mallory

Packing up everything you own to move is so stressful for many that ending your apartment lease can feel like a small or unimportant task. Ending your lease involves more than simply turning over your keys on the last day.