Cheap Apartments for Rent near Elgin, IA from $500 (36 Rentals)

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

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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131 S Vine St
1 to 2 Bedroom Apartments

131 S Vine St

131 S Vine StWest Union, IA 52175
  • Utilities Included

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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124-136 Earl St
1 to 2 Bedroom Apartments

124-136 Earl St

124-136 Earl StEvansdale, IA 50707

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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Westwood Apartments
2 Bedroom Apartments

Westwood Apartments

3270-3320 W 4th StWaterloo, IA 50701
  • Utilities Included

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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Elgin, IA Local Guide

Cheapest Available Elgin Apartments for Rent and Nearby

 

The cheapest available apartment rental in Elgin, IA is a 1 Bed unit found at The Meadows Apartments in the Southlawn Court neighborhood priced from $620. Meadow Ridge Apartments has the second lowest priced unit, which is a 1 Bed apartment currently listed from $625. Here is today’s list of the most affordable Elgin apartments for rent:

Apartment ListingModel NameBed/BathPriced From
The Meadows ApartmentsOtter Creek 1Bd1BR,1BA$620
Meadow Ridge Apartments1 BR/ 1 BA1BR,1BA$625
Russell LamsonStudioStudio,1BA$695
Le Chateau2BR/1.5BA2BR,1BA$795
Union at North Crossing1 Bed 1 Bath1BR,1BA$850
Edgemont Park ApartmentsOne Bedroom Apartment With Balcony At Top Rated...1BR,1BA$895
Leavitt Park Apartments - Waterloo, IA***FIRST MONTH FREE!*** 2 Bed 1 Bath | Leavitt ...2BR,1BA$920
Rolling Meadows Apartments3 bedroom/2bath3BR,2BA$975
Kinsale CondominiumsTwo Bedroom w/ Garage2BR,1BA$995
Prairie Bluff Apartments1B/1B1BR,1BA$1,000

Best Value Apartments for Rent in Elgin, IA and Nearby

As of July 22, 2026 the best value apartment in the Elgin area is the $0.85 price per square foot 3BR/2B Model at Lawler School Lofts in the starting from $1,017. The second greatest value Elgin apartment is the Two Bedroom (B2) Model at Arrow Ridge starting at $1,231 with a $1.04 price per square foot . Here is today’s list of the best values for Elgin apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Lawler School Lofts3BR/2B3BR,2BA$0.85
Arrow RidgeTwo Bedroom (B2)2BR,2BA$1.04
3714 Ravenwood Cir2 BR/ 2 BA2BR,2BA$1.10
Prairie Rapids2bed/1bath2BR,1BA$1.15
Rolling Meadows Apartments3 bedroom/2bath3BR,2BA$0.96
West Brook ApartmentsBrand New 2 Bedroom/2 Bathroom Units at West Br...2BR,2BA$1.15
Kinsale CondominiumsTwo Bedroom w/ Garage2BR,1BA$1.02
Le Chateau2BR/1.5BA2BR,1.5BA$0.85
Meadow Ridge Apartments1 BR/ 1 BA1BR,1BA$1.02
The Meadows ApartmentsOtter Creek 1Bd1BR,1BA$1.03

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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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 Elgin, IA Rentals by Map

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Frequently Asked Questions about Cheap Elgin Apartments

What is the Cheapest Studio apartment in Elgin?

Currently the most affordable Cheap Studio Apartment in Elgin is at Russell Lamson listed at $695.

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

The lowest price for a Cheap One Bedroom Elgin Apartment is $620 at The Meadows Apartments.

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

Today's best deal for a Cheap Two Bedroom Apartment in Elgin is starting from $750 at The Meadows Apartments.

What is the most affordable Elgin Three Bedroom Apartment?

The best deal on a cheap Elgin Three Bedroom Apartment rental is at The Meadows Apartments and starts from $850.

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.