Cheap Apartments for Rent near Elk Rapids, MI from $498 (40 Rentals)

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

property at 853 E Front St
$950 - $1,350

Total Monthly Price

Base Rent$950 - $1,350
Total Monthly Price$950 - $1,350
1 To 2 Bedroom Homes for Rent
Available Oct 27
Furnished

853 E Front St

Traverse CityMI49686
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Rent According to Income: A Look at Income-Restricted Rentals

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

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property at 2276 S M-37
$1,200
1 Bedroom, 1 Bath Townhome for Rent
Available Now
Furnished

2276 S M-37, Unit B

2276 S M-37
Traverse CityMI49685
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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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Victories Square
Studio to 2 Bedroom Apartments

Victories Square

1899 Migizi WayPetoskey, MI 49770
  • Utilities Included
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Brookside Commons
1 to 3 Bedroom Apartments

Brookside Commons

4155 Sprucewood DrTraverse City, MI 49684
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122 Hancock St
Studio to 3 Bedroom Apartments

122 Hancock St

122 Hancock StManistee, MI 49660
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Stargate Motel
2 to 3 Bedroom Apartments

Stargate Motel

4646 S Straits HwyIndian River, MI 49749
  • Utilities Included
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Inland Lakes Motel
1 to 2 Bedroom Apartments

Inland Lakes Motel

1225 S Grandview Beach RdIndian River, MI 49749
Corporate Housing
  • 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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Garfield Oaks
1 to 2 Bedroom Apartments

Garfield Oaks

3011 Garfield Rd NTraverse City, MI 49686
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Liv Arbors
1 to 5 Bedroom Apartments

Liv Arbors

2955 Leggett DrTraverse City, MI 49685
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Totem Lodges
1 to 3 Bedroom Apartments

Totem Lodges

4846 S Straits HwyIndian River, MI 49749
  • Utilities Included

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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Showing Results 1-40, Page 1 of 1

Elk Rapids, MI Local Guide

Cheapest Available Elk Rapids Apartments for Rent and Nearby

 

The cheapest available apartment rental in Elk Rapids, MI is a 1 Bed unit found at Riverview Terrace in the Downtown Traverse City neighborhood priced from $50. Ruth Park in the Downtown Traverse City neighborhood has the second lowest priced unit, which is a 2 Beds apartment currently listed from $498. Here is today’s list of the most affordable Elk Rapids apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Riverview Terrace1 Bedroom R1BR, 1BA$50
Ruth Park2x12BR, 1BA$498
Brookside Commons2 Bedroom C2BR, 1BA$583
Parkview ApartmentsOne bedroom1BR, 1BA$694
Oak Terrace1 BEDROOM1BR, 1BA$796
Buena Vista EstatesTwo Bed One Bath2BR, 1BA$1,100
Lighthouse Gardens Apartments1Br1BR, 1BA$1,146
Aspen VillageNew Double-Wide3BR, 1BA$1,200
Annika Place1 Bedroom 1 Bath1BR, 1BA$1,290
Studio's at The VicKingStudio, 1BA$1,299

Best Value Apartments for Rent in Elk Rapids, MI and Nearby

As of September 20, 2026 the best value apartment in the Elk Rapids area is the $1.60 price per square foot Empire Model at Liv East Bay starting from $3,065. The second greatest value Elk Rapids apartment is the Longitude Model at Ridge45 Apartments starting at $1,805 with a $1.63 price per square foot. Here is today’s list of the best values for Elk Rapids apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Liv East BayEmpire4BR, 2.5BA$1.60
Ridge45 ApartmentsLongitude2BR, 2BA$1.63
Townhouse LaneTownhouse Ln2BR, 1.5BA$1.29
Brookside Commons2 Bedroom A2BR, 1BA$1.37
Village Glen ApartmentsTwo Bed Two Bath2BR, 2BA$1.46
Alger Apartments2 Bedroom - 1 Bath2BR, 1BA$1.43
Ruth Park2x12BR, 1BA$0.58
Parkview ApartmentsOne bedroom1BR, 1BA$0.95
Oak Terrace1 BEDROOM1BR, 1BA$1.38
Riverview Terrace1 Bedroom R1BR, 1BA$0.10

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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Navigating the Rental Market: Tips for First-Time Renters

Entering the rental market? Learn these simple tips and strategies to avoid common pitfalls and make confident choices. Rent with peace of mind.

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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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Best Local Schools in
Elk Rapids, MI

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

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Frequently Asked Questions about Cheap Elk Rapids Apartments

How much is rent for a Cheap One Bedroom Elk Rapids Apartment?

The lowest price for a Cheap One Bedroom Elk Rapids Apartment is $50 at Riverview Terrace.

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

Today's best deal for a Cheap Two Bedroom Apartment in Elk Rapids is starting from $498 at Ruth Park.

What is the most affordable Elk Rapids Three Bedroom Apartment?

The best deal on a cheap Elk Rapids Three Bedroom Apartment rental is at Aspen Village and starts from $1,200.

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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How Commercial-to-Residential Property Conversions Help the Housing Crisis

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Many housing markets throughout America share a common complaint: a lack of affordable rental properties.

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Exploring Rental Options: Apartments, Townhomes, and Lofts - Oh My!

Written by: Robin Stewart

Where do you see yourself? When you think of home, sweet home, are you in a 3/2 apartment? Dreaming of a tall townhome? Maybe an industrial loft heavy on cool vibes is on your visioning board.

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Practical Tips for Renters: How to Identify a Great Rental and Avoid Red Flags

Written by: Robin Stewart

Renters want to find a great apartment, the right place for them, one that checks all the boxes of location, rental cost, amenities, safety, and more.