1809 E Washington St
JolietIL60433
Cheap Homes for Rent in Elwood, IL from $1,300 (7 Rentals)
Search the lowest-cost Homes available for rent right now in Elwood.
25731 W Bridge St
ChannahonIL60410
144 1st
WilmingtonIL60481
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.
138 S 1st St
WilmingtonIL60481
204 E Washington St
JolietIL60433
121 Davis Ave
RockdaleIL60436
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.
224 E Cass St
JolietIL60432
Showing Results 1-7, Page 1 of 1
Elwood, IL Local Guide
Sunrise over field by Claire Y. Martin is licensed under CC BY 2.0
How much does it cost to rent a home in Elwood?
| Bedroom | Average Rent | Cheapest Rent | Highest Rent |
|---|---|---|---|
| Elwood 2 Bedroom Homes for Rent | $2,059 | $1,350 | $3,200 |
| Elwood 3 Bedroom Homes for Rent | $2,607 | $1,575 | $3,385 |
| Elwood 4 Bedroom Homes for Rent | $3,290 | $2,250 | $4,000 |
Browse Top Homes for Rent in Elwood
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Elwood, IL Local Guide
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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. 811 Covey Ln has the second lowest priced unit, which is a 1 Bed apartment currently listed from $1,200. Here is today’s list of the most affordable Elwood apartments for rent:
| Apartment Listing | Model Name | Bed/Bath | Priced From |
|---|---|---|---|
| Stone Falls | One Bedroom, Base Package | 1BR,1BA | $949 |
| 811 Covey Ln | 1x1 | 1BR,1BA | $1,200 |
| Tudor Park Apartments | Two Bedroom One Bathroom | 2BR,1BA | $1,209 |
Best Value Apartments for Rent in Elwood, IL and Nearby
As of May 21, 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 2BR/2.0BA Model at Timber Ridge Estates Building 8 starting at $2,230 with a $1.92 price per square foot in the Breckenridge Cameo neighborhood. Here is today’s list of the best values for Elwood apartments based on price per square foot:
| Apartment Listing | Model Name | Bed/Bath | Price Per Sq.Ft. |
|---|---|---|---|
| Alice Mae Townhomes | 4BR/3.5BA | 4BR,3.5BA | $1.72 |
| Timber Ridge Estates Building 8 | 2BR/2.0BA | 2BR,2BA | $1.92 |
| Village Place Apartments | Hickory | 2BR,1BA | $2.11 |
| Remington Apartment Homes | FULFILLMENT | 2BR,2BA | $2.19 |
| Stone Falls | Two Bedroom, Luxury Package | 2BR,1BA | $1.38 |
| 811 Covey Ln | 1x1 | 1BR,1BA | $1.33 |
| Reserve at Romeoville | Glen | 1BR,1BA | $2.25 |
| Tudor Park Apartments | Three Bedroom One Bathroom | 3BR,1BA | $1.64 |
| The Port | 1E | 1BR,1BA | $2.31 |
| Willow Run of Crest Hill | 1 bedroom | 1BR,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.
Read Article
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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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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See the most popular apartments and homes in Elwood, IL
Frequently Asked Questions about Elwood
What type of rentals are currently available in Elwood?
There are currently 45 Apartments for Rent in Elwood, IL with pricing that ranges from $895 to $4,784. There are also 34 Single Family Homes for rent, Condos, and Townhome rentals currently available in Elwood ranging from $1,350 to $4,000.
What is the current price range for Rental Homes in Elwood?
Today's rental pricing for Homes for Rent, Condos and Townhomes in Elwood ranges from $1,350 to $4,000 with an average monthly rent of $2,382.
How much are larger Three and Four Bedroom Rentals in Elwood?
For those who are looking for larger living arrangements, Three Bedroom Apartments in Elwood range from $1,309 to $4,784, while Three Bedroom Homes, Condos, and Townhomes for rent range from $1,575 to $3,385. Four Bedroom Single-Family rentals are also available starting from $2,250 and Four Bedroom Apartments start at $3,778.
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
A Seasoned Property Manager's Step-by-Step Guide to Getting Your Deposit Back
Written by: Lauren Harrington
I’m going to talk with you as a seasoned property manager and friend. So, let’s start with your security deposit. I want you to think about this guide as insider information. You deserve your deposit back.
Expert Solutions for Creating the Perfect Work-From-Home Apartment Layouts
Written by: Lauren Harrington
This article is based on first-hand experience managing apartment communities and helping renters adapt to their spaces after moving in.
What Does “Rent Burdened” Mean? How Much Rent Is Too Much
Written by: Lauren Harrington
This article draws from first-hand renter experiences and recurring financial challenges reported after moving in.
Maximizing Your Refund: Essential Tax Tips for Renters
Written by: Christine Leonard, Esq.
Other than tax professionals, I can’t think of anyone who looks forward to tax season. For everybody else, April is a stressful month to collect information and meet deadlines.