Cheap Apartments for Rent in Elma, IA from $400 (39 Rentals)

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

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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Parkview Place
$1,110
Total Monthly Price12 Month Lease Term

Total Monthly Price

Base Rent
$995
Required Monthly Fees
$115
Total Monthly Price
$1,110
1 Bedroom Apartments Available May 1

Parkview Place

303 27th St SWAustin, MN 55912
  • Verified
  • Utilities Included
  • 3D Tour

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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131 S Vine St
1 to 2 Bedroom Apartments

131 S Vine St

131 S Vine StWest Union, IA 52175
  • Utilities Included
property at 121 Clinton St

$650

Total Monthly Price12 Month Lease Term

Total Monthly Price

Base Rent
$650
Total Monthly Price
$650

2 Bedroom, 1 Bath Home for Rent

Available Now

121 Clinton St

AustinMN55912
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Grant Village
1 Bedroom Apartments

Grant Village

815-843 6th St SWMason City, IA 50401
Senior Living
  • Utilities Included
property at 121 Main St S

$1,000

Total Monthly Price

Total Monthly Price

Base Rent
$1,000
Total Monthly Price
$1,000

Studio, 1 Bath Condo for Rent

Available Now

121 Main St S

Grand MeadowMN55936

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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property at 1306 9th Ave SW

$1,150

Total Monthly Price12 Month Lease Term

Total Monthly Price

Base Rent
$1,150
Total Monthly Price
$1,150

2 Bedroom, 1 Bath Home for Rent

Available Jun 1

1306 9th Ave SW

AustinMN55912
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Elma, IA Local Guide

Cheapest Available Elma Apartments for Rent and Nearby

 

The cheapest available apartment rental in Elma, IA is a 1 Bed unit found at Shalom Tower II priced from $405. Key Apartments has the second lowest priced unit, which is a Studio apartment currently listed from $500. Here is today’s list of the most affordable Elma apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Shalom Tower IITower I Efficiency1BR,1BA$405
Key ApartmentsEfficiencyStudio,1BA$500
18 S Adams AveOne Bedroom1BR,1BA$525
Key West ApartmentsStudioStudio,1BA$550
The Meadows ApartmentsOtter Creek 1Bd1BR,1BA$620
105 Main St S1-bedroom1BR,1BA$675
The River Apartments & TownhomesStudioStudio,1BA$720
Brentwood Estates ApartmentsSpacious One-Bedroom Apartment – Comfortable, P...1BR,1BA$795
City Center Kent Apartments1 Bedroom1BR,1BA$800
The Manor1bd 1 bth1BR,1BA$820

Best Value Apartments for Rent in Elma, IA and Nearby

As of April 27, 2026 the best value apartment in the Elma area is the $1.03 price per square foot 3 Bedroom 1.5 Bathrooms Model at Pebble Creek Apartments in the starting from $1,150. The second greatest value Elma apartment is the 3 bedroom/2bath Model at Rolling Meadows Apartments starting at $975 with a $0.96 price per square foot . Here is today’s list of the best values for Elma apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Pebble Creek Apartments3 Bedroom 1.5 Bathrooms3BR,1.5BA$1.03
Rolling Meadows Apartments3 bedroom/2bath3BR,2BA$0.96
The Meadows2 Bedroom 1 Bathroom2BR,1BA$1.28
Shalom Tower IITower II - One Bedroom1BR,1BA$0.73
Thunder Ridge ApartmentsConveniently Located 2 Bedroom/1 Bathroom Apart...2BR,1BA$1.34
Northern Place ApartmentsOne Bedroom1BR,1BA$1.31
Brentwood Estates ApartmentsSpacious One-Bedroom Apartment – Comfortable, P...1BR,1BA$1.32
The Meadows ApartmentsOtter Creek 1Bd1BR,1BA$1.03
City Center Kent Apartments1 Bedroom1BR,1BA$1.33
18 S Adams AveOne Bedroom1BR,1BA$0.95

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

Explore Elma, IA Rentals by Map

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Frequently Asked Questions about Cheap Elma Apartments

What is the Cheapest Studio apartment in Elma?

Currently the most affordable Cheap Studio Apartment in Elma is at Key Apartments listed at $500.

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

The lowest price for a Cheap One Bedroom Elma Apartment is $405 at Shalom Tower II.

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

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

What is the most affordable Elma Three Bedroom Apartment?

The best deal on a cheap Elma 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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Expert Solutions for Creating the Perfect Work-From-Home Apartment Layouts

Written by: Lauren Harrington

This article is based on first-hand experience managing apartment communities and helping renters adapt to their spaces after moving in.

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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.

decorative image for 18 Must-Ask Rental Tour Questions That Reveal the Truth about a Property article

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.