Cheap Apartments for Rent near Allerton, IL from $500 (35 Rentals)

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

Rent According to Income: A Look at Income-Restricted Rentals

Find income-restricted rentals and housing subsidies. Explore government programs designed to help low-income families secure stable, affordable housing.

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Renters Insurance 101: What It Is, What It Covers, and Why You Need It

From theft to fire to water damage, the unexpected can happen to any renter. Discover why renters insurance is one of the smartest and most affordable investments you can make as a tenant.

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705 W Elm St
Studio to 4 Bedroom Apartments

705 W Elm St

705 W Elm StUrbana, IL 61801
Corporate Housing
  • Utilities Included
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302 W Locust St
1 Bedroom Apartments

302 W Locust St

302 W Locust StUrbana, IL 61801
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2204 Alpha Dr
1 Bedroom Apartments

2204 Alpha Dr

2204 Alpha DrDanville, IL 61832
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106 N gregory
1 Bedroom Apartments

106 N gregory

106 N Gregory StUrbana, IL 61801

How I Find the Perfect Rental for My Clients: A Real Estate Pro's Guide

Finding the right apartment starts with three things: location, cost, and amenities. Get the insider perspective from a real estate professional on how to nail all three.

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211 N Central
1 Bedroom Apartments

211 N Central

211 N Central AveUrbana, IL 61801
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202 E Crockett
2 Bedroom Apartments

202 E Crockett

202 Crockett StCatlin, IL 61817
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Windsor Duplexes
2 Bedroom Apartments

Windsor Duplexes

907 E Harding DrUrbana, IL 61801
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813 W Main
2 Bedroom Apartments

813 W Main

813 W Main StUrbana, IL 61801

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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608 E Chalmers
Studio to 4 Bedroom Apartments

608 E Chalmers

608 E Chalmers StChampaign, IL 61820
Student Housing
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Allerton, IL Local Guide

Cheapest Available Allerton Apartments for Rent and Nearby

 

The cheapest available apartment rental in Allerton, IL is a 1 Bed unit found at Brookhaven priced from $717. Urbana Estates has the second lowest priced unit, which is a 1 Bed apartment currently listed from $800. Here is today’s list of the most affordable Allerton apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Brookhaven1 Bed/ 1 Bath1BR,1BA$717
Urbana Estates1x1Urbana Estates1BR,1BA$800
2008 S Vawter St4 Beds4BR,2BA$800
Kobuck Apartments1204 Wesley Ave 1bd/1ba1BR,1BA$825
Town & Country ApartmentsGaslight1BR,1BA$982
Eastland ApartmentsStudio ApartmentStudio,1BA$995
Fairlawn Village1 Bedroom Standard1BR,1BA$1,000
Parkside2 Bedroom 1 Bath - 850 SF2BR,1BA$1,080
Aspen CourtThe Post Oak3BR,1BA$1,112
202 RaceBeautiful 2BD Condo in Downtown Urbana!2BR,1BA$1,182

Best Value Apartments for Rent in Allerton, IL and Nearby

As of July 26, 2026 the best value apartment in the Allerton area is the $0.60 price per square foot D1 Model at Campus Circle Urbana in the in the Downtown Champaign neighborhood starting from $839. The second greatest value Allerton apartment is the D3 Model at The Dean Campustown starting at $1,210 with a $0.93 price per square foot in the Downtown Champaign neighborhood. Here is today’s list of the best values for Allerton apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Campus Circle UrbanaD14BR,4BA$0.60
The Dean CampustownD34BR,4BA$0.93
Sterling on First4x2 Bronze4BR,2BA$1.15
Parkstone Villas2Bed/2Bth2BR,2BA$1.00
2008 S Vawter St3 Beds3BR,1BA$1.05
Campus OaksFloorplan A - Price per person4BR,2BA$0.75
Parkside2 Bedroom 1 Bath 850 SF Upgrade2BR,1BA$1.42
202 RaceBeautiful 2BD Condo in Downtown Urbana!2BR,1BA$1.44
519 E. Green St by Bankier Apartments509 E. Green St2BR,2BA$1.23
Urbana Estates1x1Urbana Estates1BR,1BA$1.22

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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Real Estate and Rental Term Glossary | ApartmentHomeLiving.com Renter University

From the letter A all the way to the letter Z, the Real Estate and Rental Term Glossary from the content team at ApartmentHomeLiving.com provides our visitors and shoppers with a little clarity and helpful guidance in navigating the real estate world through definitions and explainers for the top subjects and terms that someone may come across during the leasing, buying, or selling process.

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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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Remember the 3 Rules of Real Estate:
Location, Location, Location!

Explore Allerton, IL Rentals by Map

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See the most popular apartments and homes in Allerton, IL

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Frequently Asked Questions about Cheap Allerton Apartments

How much is rent for a Cheap One Bedroom Allerton Apartment?

The lowest price for a Cheap One Bedroom Allerton Apartment is $717 at Brookhaven.

What is the lowest price for a Cheap Two Bedroom Allerton Apartment for rent?

Today's best deal for a Cheap Two Bedroom Apartment in Allerton is starting from $800 at Brookhaven.

What is the most affordable Allerton Three Bedroom Apartment?

The best deal on a cheap Allerton Three Bedroom Apartment rental is at Urbana Estates and starts from $1,000.

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

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Rent According to Income: A Look at Income-Restricted Rentals

Written by: Robin Stewart

The idea of affordable housing can be subjective. Every individual is in a different place financially and vocationally. What one may easily afford could be a struggle for someone else.

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Renters Insurance 101: What It Is, What It Covers, and Why You Need It

Written by: Robin Stewart

Insurance seems to be a part of life. In some states, having insurance is the law, as is the case for automobile insurance. Renters are no exception.

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Apartment Occupancy Rates: Renter Attraction vs Renter Retention

Written by: Robin Stewart

There’s a tenet in marketing about client or customer attraction and retention. Studies and data have consistently shown it costs less to keep a current customer than to attract a new one.

decorative image for How I Find the Perfect Rental for My Clients: A Real Estate Pro's Guide article

How I Find the Perfect Rental for My Clients: A Real Estate Pro's Guide

Written by: Robin Stewart

Evaluating rental properties for clients draws many parallels to house-hunting. Whether an apartment, loft, townhouse, or other rental, finding the right place means finding “home” for your client.