
Cheap Apartments for Rent in Elmwood, IL from $600 (29 Rentals)
Search the lowest-cost Apartments available for rent right now in Elmwood.


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Willow Knolls Apartments

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Hollow Hills

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Woods + Meadow Apartments

Old Orchard Trace Apartments

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Willow Way

Timberlane Apartments
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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Nordic Villa Apartments

Hollybrook Apartments

Westporte Apartments

ASPEN BLUFF APARTMENTS

Brandywine Crossing Apartments

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Kellogg Place Apartments

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Forrest Edge Apartments
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.

Haymeadow Apartments

Forest Hill Apartments

Hillcrest Apartments

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Flats at Dunlap

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The Grove Apartments

Tiffany Pointe

103 E 2nd St
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.

301 N Carole Ave

119 Vanburen Ct

2203 W Howett St

5917 W Plank Rd

126 Amsler St

1825 S Kneer Ave

710 N Swords Ave
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.

3118 N Finnell Ave
Elmwood, IL Local Guide

How much does it cost to rent an apartment in Elmwood?
| Bedroom | Average Rent | Cheapest Rent | Highest Rent |
|---|---|---|---|
| Elmwood Studio Apartments | $868 | $700 | $1,200 |
| Elmwood 1 Bedroom Apartments | $1,039 | $775 | $1,577 |
| Elmwood 2 Bedroom Apartments | $1,213 | $850 | $1,841 |
| Elmwood 3 Bedroom Apartments | $1,330 | $1,100 | $1,917 |
Browse Top Apartments in Elmwood
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Elmwood, IL Local Guide
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Cheapest Available Elmwood Apartments for Rent and Nearby
 The cheapest available apartment rental in Elmwood, IL is a Studio unit found at Willow Knolls Apartments in the Northmoor Knolls neighborhood priced from $700. Hollow Hills in the Windchime neighborhood has the second lowest priced unit, which is a Studio apartment currently listed from $700. Here is today’s list of the most affordable Elmwood apartments for rent:
| Apartment Listing | Model Name | Bed/Bath | Priced From |
|---|---|---|---|
| Willow Knolls Apartments | Studio | Studio,1BA | $700 |
| Hollow Hills | Studio | Studio,1BA | $700 |
| Woods + Meadow Apartments | Studio Apartment in North Peoria | Studio,1BA | $725 |
| Willow Way | 1 bed 1 bath Unit 1 bldg 2 | 1BR,1BA | $800 |
| Nordic Villa Apartments | Loft | 1BR,1BA | $825 |
| Brandywine Crossing Apartments | 1 Bedroom G | 1BR,1BA | $850 |
| Hollybrook Apartments | 2 bedroom 1. 5 bath | 2BR,1BA | $850 |
| Westporte Apartments | WP1B | 1BR,1BA | $850 |
| Forrest Edge Apartments | 2 bed 1.5 bath | 2BR,1BA | $875 |
| Elm Haven Place | Security Deposit Special ONLY $500.00! | 1BR,1BA | $895 |
Best Value Apartments for Rent in Elmwood, IL and Nearby
As of February 12, 2026 the best value apartment in the Elmwood area is the $1.18 price per square foot 3 Bedroom 2 Bath Model at Eagle Point Apartments in the in the Northmoor Knolls neighborhood starting from $1,600. The second greatest value Elmwood apartment is the Three Bedrooms Two Bathroom Model at ASPEN BLUFF APARTMENTS starting at $1,150 with a $1.14 price per square foot in the Sunset Hills neighborhood. Here is today’s list of the best values for Elmwood apartments based on price per square foot:
| Apartment Listing | Model Name | Bed/Bath | Price Per Sq.Ft. |
|---|---|---|---|
| Eagle Point Apartments | 3 Bedroom 2 Bath | 2BR,2BA | $1.18 |
| ASPEN BLUFF APARTMENTS | Three Bedrooms Two Bathroom | 3BR,2BA | $1.14 |
| Flats at Dunlap | Two Bedrooms, Two Bathrooms | 2BR,2BA | $1.08 |
| Covington Place | 2 BR/1BA Renovated In Unit Wash/Dryer | 2BR,1BA | $1.20 |
| Hollybrook Apartments | 2 bedroom 1. 5 bath | 2BR,1.5BA | $0.90 |
| Forest Hill Apartments | 1x1 | 1BR,1BA | $1.12 |
| Hillcrest Apartments | 2 BR / 1 BA | 2BR,1BA | $1.12 |
| Nordic Villa Apartments | Loft | 1BR,1BA | $1.18 |
| Woods + Meadow Apartments | Studio Apartment in North Peoria | Studio ,1BA | $1.12 |
| Hollow Hills | Studio | Studio ,1BA | $1.08 |
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.
Read ArticleThe 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.
Read ArticleCash 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.
Read ArticleQuick Rent Budget Calculator
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.
Best Local Schools in Elmwood, IL
Elmwood Elementary School
Elmwood High School
Elmwood Junior High School
School data provided by Great Schools
Remember the 3 Rules of Real Estate:Location, Location, Location!
Explore Elmwood, IL Rentals by Map
See the most popular apartments and homes in Elmwood, IL
Frequently Asked Questions about Cheap Elmwood Apartments
What is the Cheapest Studio apartment in Elmwood?
Currently the most affordable Cheap Studio Apartment in Elmwood is at Willow Knolls Apartments listed at $700.
How much is rent for a Cheap One Bedroom Elmwood Apartment?
The lowest price for a Cheap One Bedroom Elmwood Apartment is $775 at Willow Knolls Apartments.
What is the lowest price for a Cheap Two Bedroom Elmwood Apartment for rent?
Today's best deal for a Cheap Two Bedroom Apartment in Elmwood is starting from $850 at Hollybrook Apartments.
What is the most affordable Elmwood Three Bedroom Apartment?
The best deal on a cheap Elmwood Three Bedroom Apartment rental is at Hollow Hills and starts from $1,100.
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

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.

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.

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.

Renting with Roommates: Realistic Expectations for Shared Lease
Written by: Christine Leonard, Esq.
Given the high costs for housing, I have found that many people are looking for a roommate to share expenses. These arrangements can increase opportunities for more desirable and larger spaces.