Cheap Apartments for Rent near Ely, IA from $400 (50 Rentals)

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

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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Southview Apartments
1 to 2 Bedroom Apartments

Southview Apartments

2155 Westdale Dr SWCedar Rapids, IA 52404
Corporate Housing
  • Utilities Included

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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CR Legacy
3 to 4 Bedroom Apartments

CR Legacy

100-200 66th Ave SWCedar Rapids, IA 52404
  • Utilities Included
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North Ridge
2 Bedroom Apartments

North Ridge

1820 A Ave NECedar Rapids, IA 52402
Corporate Housing
  • Utilities Included
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1810 A Ave NE
1 Bedroom Apartments

1810 A Ave NE

1810 A Ave NECedar Rapids, IA 52402
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1716 D Ave NE
1 to 2 Bedroom Apartments

1716 D Ave NE

1716 D Ave NECedar Rapids, IA 52402
  • Utilities Included
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Westcove North
2 Bedroom Apartments

Westcove North

3507 Queen Dr SWCedar Rapids, IA 52404
  • Utilities Included
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Commonwealth
Studio to 2 Bedroom Apartments

Commonwealth

1400 2nd Ave SWCedar Rapids, IA 52403
Senior Living
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Geneva Tower
Studio to 1 Bedroom Apartments

Geneva Tower

310 5th Ave SECedar Rapids, IA 52401
Senior Living
  • 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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Anderson Greene I
1 to 3 Bedroom Apartments

Anderson Greene I

53 Miller AveCedar Rapids, IA 52404
  • Utilities Included
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Westcove
2 Bedroom Apartments

Westcove

3615 Queen Dr SWCedar Rapids, IA 52404
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Miller Avenue Estates
1 to 4 Bedroom Apartments

Miller Avenue Estates

64 Miller Ave SWCedar Rapids, IA 52404
  • Utilities Included

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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Showing Results 1-50, Page 1 of 1

Ely, IA Local Guide

Cheapest Available Ely Apartments for Rent and Nearby

 

The cheapest available apartment rental in Ely, IA is a 1 Bed unit found at Village in the Young's Hill neighborhood priced from $635. C Street Townhomes in the Young's Hill neighborhood has the second lowest priced unit, which is a 2 Beds apartment currently listed from $725. Here is today’s list of the most affordable Ely apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Village1 Bedroom1BR,1BA$635
C Street Townhomes2 bedrrom -side by side townhome2BR,2BA$725
Northview Apartments1BR/1.0BA1BR,1BA$755
Geneva Tower1 Bedroom MKT0611BR,1BA$885
Annex on the SquareCurrent 60%Studio,1BA$985
Union at Wiley2 Bed 2 Bath2BR,1BA$995
Commonwealth2BR 2 Bedroom 50%2BR,2BA$1,050
NewBo LoftsLayout 1ADA1BR,1BA$1,225
Vive Senior ApartmentsTwo Bedroom2BR,1BA$1,237
Penn Street Place2 Bedroom2BR,2BA$1,500

Best Value Apartments for Rent in Ely, IA and Nearby

As of August 15, 2026 the best value apartment in the Ely area is the $1.80 price per square foot Corner Windows Model at Penn Street Place in the in the Old Mill Creek neighborhood starting from $1,700. The second greatest value Ely apartment is the 2BR 2 Bedroom 50% Model at Commonwealth starting at $1,050 with a $1.15 price per square foot in the Young's Hill neighborhood. Here is today’s list of the best values for Ely apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Penn Street PlaceCorner Windows2BR,2BA$1.80
Commonwealth2BR 2 Bedroom 50%2BR,2BA$1.15
Vive Senior ApartmentsTwo Bedroom2BR,1BA$1.41
C Street Townhomes2 bedrrom -side by side townhome2BR,2BA$0.84
Union at Wiley2 Bed 2 Bath2BR,1BA$1.16
NewBo LoftsLayout 1B1BR,1BA$1.80
Northview Apartments1BR/1.0BA1BR,1BA$1.21
Annex on the SquareCurrent 60%Studio ,1BA$1.59
Geneva Tower1 Bedroom 0011BR,1BA$2.04
Village2 Bedroom2BR,1BA$11.25

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

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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 Ely, IA Rentals by Map

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See the most popular apartments and homes in Ely, IA

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Frequently Asked Questions about Cheap Ely Apartments

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

The lowest price for a Cheap One Bedroom Ely Apartment is $635 at Village.

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

Today's best deal for a Cheap Two Bedroom Apartment in Ely is starting from $675 at Village.

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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First Apartment Regrets: Real Renters Share What They'd Do Differently

Written by: Robin Stewart

Hindsight is 20/20. Live and Learn. With age comes wisdom. We’re familiar with all those expressions, and all of them apply to lessons first-time renters learn.

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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.