Cheap Apartments for Rent near Elwin, IL from $400 (45 Rentals)

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

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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Rider Place
1 to 3 Bedroom Apartments

Rider Place

9 Wills PlArcola, IL 61910
  • Utilities Included

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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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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Butler Place
2 Bedroom Apartments

Butler Place

3100 Butler StSpringfield, IL 62703
  • Utilities Included
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Pine Woods Apartments
1 to 3 Bedroom Apartments

Pine Woods Apartments

1665 Seven Pines RdSpringfield, IL 62704
  • 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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Showing Results 1-45, Page 1 of 1

Elwin, IL Local Guide

Cheapest Available Elwin Apartments for Rent and Nearby

 

The cheapest available apartment rental in Elwin, IL is a 1 Bed unit found at Lincoln Senior Flats priced from $400. RESERVE AT LAKEVIEW has the second lowest priced unit, which is a 1 Bed apartment currently listed from $421. Here is today’s list of the most affordable Elwin apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Lincoln Senior Flats1 Bed 1 Bath1BR,1BA$400
RESERVE AT LAKEVIEWOne Bedroom One Bathroom1BR,1BA$421
Westport ApartmentsOne Bedroom1BR,1BA$484
Country Place-Moweaqua I & ll1 Bedroom1BR,1BA$497
Roosevelt School ApartmentsStudioStudio,1BA$502
Stones Crossing ApartmentsNice one bedroom efficiency apartment1BR,1BA$600
Whispering Pines Apartments1 Bed, 1 Bath - Essential1BR,1BA$600
The Hickox CollectionThe HickoxStudio,1BA$657
Cobblestone ApartmentsCobblestone 1BD1BR,1BA$750
Timber CoveThe Yawl1BR,1BA$780

Best Value Apartments for Rent in Elwin, IL and Nearby

As of July 15, 2026 the best value apartment in the Elwin area is the $0.90 price per square foot Townhome Model at Ravenwood Townhomes in the starting from $895. The second greatest value Elwin apartment is the Townhouse Model at The Boulevard Townhomes starting at $975 with a $1.04 price per square foot . Here is today’s list of the best values for Elwin apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Ravenwood TownhomesTownhome2BR,1.5BA$0.90
The Boulevard TownhomesTownhouse2BR,1.5BA$1.04
Safe Harbor Properties2 Bdr 1 Bath with Balcony. Capitol View.2BR,1BA$1.08
Oakwood EstatesTwo Bedroom One Bath2BR,1BA$0.87
3TEN Apartments2 Bed 1 Bath2BR,1BA$1.05
Lincoln Senior Flats2 Bed 1 Bath2BR,1BA$0.97
Cobblestone ApartmentsCobblestone 2BD2BR,1BA$1.06
Westport ApartmentsOne Bedroom1BR,1BA$0.71
Country Place-Moweaqua I & ll1 Bedroom1BR,1BA$0.76
RESERVE AT LAKEVIEWOne Bedroom One Bathroom1BR,1BA$0.69

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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Quick 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.

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

Explore Elwin, IL Rentals by Map

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See the most popular apartments and homes in Elwin, IL

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Frequently Asked Questions about Cheap Elwin Apartments

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

The lowest price for a Cheap One Bedroom Elwin Apartment is $400 at Lincoln Senior Flats.

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

Today's best deal for a Cheap Two Bedroom Apartment in Elwin is starting from $507 at RESERVE AT LAKEVIEW.

What is the most affordable Elwin Three Bedroom Apartment?

The best deal on a cheap Elwin Three Bedroom Apartment rental is at Westport Apartments and starts from $665.

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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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.

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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.

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Pet-Friendly Renting: Everything You Need to Know Before You Move

Written by: Christine Leonard, Esq.

For so many of us, pets are the best companions and a big part of our lives. For this reason, a pet-friendly house or apartment is often a very important - and nonnegotiable - part of a move.