Cheap Apartments for Rent in Elwood, IL from $600 (20 Rentals)

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

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Pine Ridge
1 to 2 Bedroom Apartments

Pine Ridge

1112 Parkwood DrJoliet, IL 60432
  • 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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Elwood, IL Local Guide

Cheapest Available Elwood Apartments for Rent and Nearby

 

The cheapest available apartment rental in Elwood, IL is a 1 Bed unit found at Stone Falls in the Sunset Point neighborhood priced from $949. The Woodlands of Crest Hill in the Rockdale Junction neighborhood has the second lowest priced unit, which is a Studio apartment currently listed from $1,135. Here is today’s list of the most affordable Elwood apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Stone FallsOne Bedroom, Base Package1BR,1BA$949
The Woodlands of Crest HillWhite OakStudio,1BA$1,135
Tudor Park ApartmentsTwo Bedroom One Bathroom2BR,1BA$1,209
Bays Tower ApartmentsStudio1BR,1BA$1,250
Ravine Woods Apartments2 Bedroom - North2BR,1BA$1,425

Best Value Apartments for Rent in Elwood, IL and Nearby

As of July 31, 2025 the best value apartment in the Elwood area is the $1.49 price per square foot 3BR/3.5BA Model at Alice Mae Townhomes in the in the Orland Crossing neighborhood starting from $3,272. The second greatest value Elwood apartment is the Two Bed Townhouse CTH Model at Orland Ridge Towns and Villas starting at $3,115 with a $2.40 price per square foot in the Meadow Park neighborhood. Here is today’s list of the best values for Elwood apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Alice Mae Townhomes3BR/3.5BA3BR,3.5BA$1.49
Orland Ridge Towns and VillasTwo Bed Townhouse CTH2BR,2.5BA$2.40
Lincoln Station RowhomesC32BR,2BA$2.34
Stone FallsTwo Bedroom, Luxury Package2BR,1BA$1.38
Ravine Woods Apartments2 Bedroom - North2BR,1BA$1.58
HighPoint Community ApartmentsCascade and Autumn1BR,1BA$2.20
Timber Pointe ApartmentsElm1BR,1BA$2.30
Willow Run of Crest Hill1 bedroom with Den1BR,1.5BA$1.85
Sixteen30A11BR,1BA$2.25
Tudor Park ApartmentsThree Bedroom One Bathroom3BR,1BA$1.64

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

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Getting Around Elwood, IL

Walk Score®

7 / 100

Car-Dependent

Almost all errands require a car

Bike Score®

30 / 100

Somewhat Bikeable

Minimal bike infrastructure

Transit Score®

2 / 100

Minimal Transit

It may be possible to get on a bus

What Are Walk Score®, Transit Score®, and Bike Score® Ratings?

  • Walk Score® measures the walkability of any address.
  • Transit Score® measures access to public transit.
  • Bike Score® measures the bikeability of any address.

Frequently Asked Questions about Cheap Elwood Apartments

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

The lowest price for a Cheap One Bedroom Elwood Apartment is $949 at Stone Falls.

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

Today's best deal for a Cheap Two Bedroom Apartment in Elwood is starting from $1,209 at Tudor Park Apartments.

What is the most affordable Elwood Three Bedroom Apartment?

The best deal on a cheap Elwood Three Bedroom Apartment rental is at Tudor Park Apartments and starts from $1,309.

Expert Rental Resources

Helpful Apartment Articles, How-To's and Tips

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.

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The Ultimate Long-Distance Moving Checklist: Tips from a Real Estate Pro

Written by: Christine Leonard, Esq.

Hard truth. Moving is never easy. I’ve done it all – from local moves to cross-country relocations From packing to unpacking the last box, I have found moving to be an exhausting, expensive and stressful experience every time.

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Cash or credit? Understanding the Importance of Credit Score in Real Estate and Renting

Written by: Christine Leonard, Esq.

Throughout the day, think about all the times that you have to pay for something. So many of us reach automatically for a credit card or even our phone for a quick payment.

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Roommate Matching: Finding the Right Fit and Avoiding Pitfalls

Written by: Cheryl Bowman

A fantastic way to save money and enjoy a built-in community is to share an apartment. However, a bad roommate situation can turn your dream rental into a nightmare.

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The Art of the Rental Viewing: What to look for during a property tour

Written by: Marie Brown

You’ve scrolled through countless listings, walked through a blur of rentals, and finally found what feels like the one. The pictures? Fantastic. The neighborhood seems just right.