Cheap Apartments for Rent near Elwood, IL from $895 (37 Rentals)

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

Rent According to Income: A Look at Income-Restricted Rentals

Find income-restricted rentals and housing subsidies. Explore government programs designed to help low-income families secure stable, affordable housing.

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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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Pine Ridge
1 to 2 Bedroom Apartments

Pine Ridge

1112 Parkwood DrJoliet, IL 60432
  • Utilities Included
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811 Covey Ln
1 Bedroom Apartments

811 Covey Ln

811 Covey LnCoal City, IL 60416

How I Find the Perfect Rental for My Clients: A Real Estate Pro's Guide

Finding the right apartment starts with three things: location, cost, and amenities. Get the insider perspective from a real estate professional on how to nail all three.

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1014 Shagbark Rd
2 Bedroom Apartments

1014 Shagbark Rd

1014 Shagbark RdNew Lenox, IL 60451
  • Utilities Included

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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Showing Results 1-37, Page 1 of 1

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. Ravine Woods Apartments in the Downtown neighborhood has the second lowest priced unit, which is a 1 Bed apartment currently listed from $1,100. 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
Ravine Woods Apartments1 Bedroom B1BR, 1BA$1,100
Tudor Park ApartmentsTwo Bedroom One Bathroom2BR, 1BA$1,209
Bays Tower ApartmentsStudio1BR, 1BA$1,250
The Woodlands of Crest HillStudio RenovatedStudio, 1BA$1,289
Willow Run of Crest Hill1 bedroom1BR, 1BA$1,359
The Port1G1BR, 1BA$1,500
24138 - 24158 W Main St24138 W Main St Unit 1022BR, 1BA$1,650
Sixteen30S1Studio, 1BA$1,710
Springs at LockportStudio Grand OverlookStudio, 1BA$1,738

Best Value Apartments for Rent in Elwood, IL and Nearby

As of September 22, 2026 the best value apartment in the Elwood area is the $2.09 price per square foot Capewood Model at Redwood Lockport in the Maple Hill neighborhood starting from $3,389. The second greatest value Elwood apartment is the B2 Model at Orland Ridge Towns and Villas in the Meadow Park neighborhood starting at $3,179 with a $2.31 price per square foot. 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.
Redwood LockportCapewood2BR, 2BA$2.09
Orland Ridge Towns and VillasB22BR, 2BA$2.31
Parkview Estates2BR/1.5BA2BR, 1.5BA$1.75
Village Place ApartmentsCypress2BR, 2BA$2.20
Pheasant Run Apartmentssc3s1.53BR, 1.5BA$1.83
Stone FallsTwo Bedroom, Luxury Package2BR, 1BA$1.38
Seasons at Plainfield1E1BR, 1BA$2.16
Tudor Park ApartmentsThree Bedroom One Bathroom3BR, 1BA$1.64
Willow Run of Crest Hill1 bedroom1BR, 1BA$2.27
Ravine Woods Apartments1 Bedroom B1BR, 1BA$2.20

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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Navigating the Rental Market: Tips for First-Time Renters

Entering the rental market? Learn these simple tips and strategies to avoid common pitfalls and make confident choices. Rent with peace of mind.

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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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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!

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Frequently Asked Questions about Cheap Elwood Apartments

What is the Cheapest Studio apartment in Elwood?

Currently the most affordable Cheap Studio Apartment in Elwood is at The Woodlands of Crest Hill listed at $1,289.

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

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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Rent According to Income: A Look at Income-Restricted Rentals

Written by: Robin Stewart

The idea of affordable housing can be subjective. Every individual is in a different place financially and vocationally. What one may easily afford could be a struggle for someone else.

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How Commercial-to-Residential Property Conversions Help the Housing Crisis

Written by: Robin Stewart

Many housing markets throughout America share a common complaint: a lack of affordable rental properties.

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Exploring Rental Options: Apartments, Townhomes, and Lofts - Oh My!

Written by: Robin Stewart

Where do you see yourself? When you think of home, sweet home, are you in a 3/2 apartment? Dreaming of a tall townhome? Maybe an industrial loft heavy on cool vibes is on your visioning board.

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Practical Tips for Renters: How to Identify a Great Rental and Avoid Red Flags

Written by: Robin Stewart

Renters want to find a great apartment, the right place for them, one that checks all the boxes of location, rental cost, amenities, safety, and more.