Cheap Apartments for Rent near Elwood, IL from $800 (27 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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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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1014 Shagbark Rd
2 Bedroom Apartments

1014 Shagbark Rd

1014 Shagbark RdNew Lenox, IL 60451
  • Utilities Included
Showing Results 1-27, 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. Tudor Park Apartments in the Downtown neighborhood has the second lowest priced unit, which is a 2 Beds apartment currently listed from $1,209. 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
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
24138 - 24158 W Main St24138 W Main St Unit 1022BR,1BA$1,650
HighPoint Community ApartmentsMaple 11BR,1BA$1,680
Sixteen30S1Studio,1BA$1,688
The BluffsS1Studio,1BA$1,744
Springs at LockportStudio Grand OverlookStudio,1BA$1,749

Best Value Apartments for Rent in Elwood, IL and Nearby

As of July 26, 2026 the best value apartment in the Elwood area is the $0.91 price per square foot 3BR/1.5BA Model at Bellarmine Estates in the in the Sunset Point neighborhood starting from $2,195. The second greatest value Elwood apartment is the 3BR/3.5BA Model at Alice Mae Townhomes starting at $3,399 with a $1.55 price per square foot in the Orland Crossing 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.
Bellarmine Estates3BR/1.5BA3BR,1.5BA$0.91
Alice Mae Townhomes3BR/3.5BA3BR,3.5BA$1.55
Redwood LockportForestwood2BR,2BA$2.12
Reserve at RomeovilleHighlands-G2BR,2BA$2.09
Pheasant Run Apartmentssc3s1.53BR,1.5BA$1.82
Stone FallsTwo Bedroom, Luxury Package2BR,1BA$1.38
Village Place ApartmentsOak1BR,1BA$2.29
Tudor Park ApartmentsThree Bedroom One Bathroom3BR,1BA$1.64
The BluffsS1Studio ,1BA$2.44
Willow Run of Crest Hill1 bedroom1BR,1BA$2.27

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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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 Elwood, IL Rentals by Map

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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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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.

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

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.