Cheap Apartments for Rent in Elwin, IL from $400 (27 Rentals)

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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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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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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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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.

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Showing Results 1-27, 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 $410. 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$410
RESERVE AT LAKEVIEWOne Bedroom One Bathroom1BR,1BA$421
Roosevelt School Apartments1 Bedroom1BR,1BA$461
Rider Place1 Bedroom1BR,1BA$500
The Quarry ApartmentsBasaltStudio,1BA$600
Whispering Pines Apartments1 Bed, 1 Bath - Essential1BR,1BA$600
Stones Crossing ApartmentsNice one bedroom efficiency apartment1BR,1BA$625
Decatur Flats Apartments1BR/1.0BA1BR,1BA$725
Cobblestone ApartmentsCobblestone 1BD1BR,1BA$750
Lincoln Tower Apartments1 Bed 1 Bath1BR,1BA$799

Best Value Apartments for Rent in Elwin, IL and Nearby

As of January 11, 2026 the best value apartment in the Elwin area is the $1.00 price per square foot 2Bed/2Bth Model at Parkstone Villas in the starting from $1,250. The second greatest value Elwin apartment is the Walk to work. Capitol View. WIFI Included. Model at Safe Harbor Properties starting at $925 with a $1.03 price per square foot in the Downtown Springfield neighborhood. 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.
Parkstone Villas2Bed/2Bth2BR,2BA$1.00
Safe Harbor PropertiesWalk to work. Capitol View. WIFI Included.2BR,1BA$1.03
Timber CoveThe Whitehall2BR,1BA$0.98
3TENB12BR,1BA$0.99
Lincoln Senior Flats2 Bed 1 Bath2BR,1BA$0.97
Cobblestone ApartmentsCobblestone 2BD2BR,1BA$1.06
Roosevelt School Apartments1 Bedroom1BR,1BA$0.61
Decatur Flats Apartments1BR/1.0BA1BR,1BA$1.01
RESERVE AT LAKEVIEWOne Bedroom One Bathroom1BR,1BA$0.69
Rider Place1 Bedroom1BR,1BA$0.92

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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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

What is the Cheapest Studio apartment in Elwin?

Currently the most affordable Cheap Studio Apartment in Elwin is at Roosevelt School Apartments listed at $469.

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

The lowest price for a Cheap One Bedroom Elwin Apartment is $410 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 Roosevelt School Apartments and starts from $613.

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

decorative image for A Renters Guide for Tips on Writing Your Notice for Not Renewing Your Apartment article

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.

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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.

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Apartment Common Area Rules: What Renters Need to Know

Written by: Christine Leonard, Esq.

Back in the day when I rented one of my first apartments, the property didn’t even have laundry in the building. Now, rental properties are often competing against each other to provide the best amenities.

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How to Negotiate Your Apartment Lease and Save Money

Written by: Christine Leonard, Esq.

Everything is a negotiation in real estate!