Cheap Apartments for Rent in Elwood, IL from $800 (37 Rentals)

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

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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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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1014 Shagbark Rd
2 Bedroom Apartments

1014 Shagbark Rd

1014 Shagbark RdNew Lenox, IL 60451
  • Utilities Included
property at 224 E Cass St

$1,650 - $2,100

1 To 2 Bedroom Rentals

Available Now

224 E Cass St

JolietIL60432

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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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 $1,175. 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 North - C1BR,1BA$1,175
811 Covey Ln1x11BR,1BA$1,200
Tudor Park ApartmentsTwo Bedroom One Bathroom2BR,1BA$1,209
The Woodlands of Crest HillStudio CStudio,1BA$1,219
Bays Tower ApartmentsStudio1BR,1BA$1,250
The Birches Apartments1s1BR,1BA$1,300
Willow Run of Crest Hill1 bedroom1BR,1BA$1,359
The Port1G1BR,1BA$1,500
The View at Rock Run CollectionS1Studio,1BA$1,548

Best Value Apartments for Rent in Elwood, IL and Nearby

As of June 10, 2026 the best value apartment in the Elwood area is the $1.72 price per square foot 4BR/3.5BA Model at Alice Mae Townhomes in the in the Orland Crossing neighborhood starting from $3,778. The second greatest value Elwood apartment is the Willowood Model at Redwood Lockport starting at $3,024 with a $2.19 price per square foot in the Maple Hill 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 Townhomes4BR/3.5BA4BR,3.5BA$1.72
Redwood LockportWillowood2BR,2BA$2.19
Reserve at RomeovilleHighlands2BR,2BA$1.88
Remington Apartment HomesMotivation2BR,2BA$1.92
Pheasant Runsc3s1.53BR,1.5BA$1.77
Stone FallsTwo Bedroom, Luxury Package2BR,1BA$1.38
811 Covey Ln1x11BR,1BA$1.33
Village Place ApartmentsOak1BR,1BA$2.23
Tudor Park ApartmentsThree Bedroom One Bathroom3BR,1BA$1.64
Ravine Woods Apartments1 Bedroom North - C1BR,1BA$1.88

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 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 $1,219.

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

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.

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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.

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Creative Ways Developers Reimagine Retail Spaces as Residential Units

Written by: Robin Stewart

Adaptive reuse is when a commercial property is converted and repurposed. The real estate industry has embraced a growing number of these projects.

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Neighborhood and Market Insights: How to Choose the Right Area to Rent

Written by: Robin Stewart

Apartment-hunting can be a gargantuan task. Renters have a wish list of items—some luxuries, some necessities—but finding what you seek in the right place is perhaps the most important part of the journey.