Cheap Apartments for Rent in Ely, IA from $400 (49 Rentals)

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

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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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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CR Legacy
3 to 4 Bedroom Apartments

CR Legacy

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

Westcove North

3507 Queen Dr SWCedar Rapids, IA 52404
  • Utilities Included

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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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
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Westcove
2 Bedroom Apartments

Westcove

3615 Queen Dr SWCedar Rapids, IA 52404
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Annex on the Square
Studio to 2 Bedroom Apartments

Annex on the Square

501 4th Ave SECedar Rapids, IA 52401

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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Miller Avenue Estates
1 to 4 Bedroom Apartments

Miller Avenue Estates

64 Miller Ave SWCedar Rapids, IA 52404
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3000 Bever Ave SE
Studio to 3 Bedroom Apartments

3000 Bever Ave SE

3000 Bever Ave SECedar Rapids, IA 52403
Showing Results 1-49, 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
The Roosevelt2 Bedroom2BR,2BA$898
Union at Wiley2 Bed 2 Bath2BR,1BA$995
Annex on the SquareHertz 60%1BR,1BA$1,047
Commonwealth2BR 2 Bedroom 50%2BR,2BA$1,050
Vive Senior ApartmentsOne Bedroom1BR,1BA$1,096
NewBo LoftsLayout 1ADA1BR,1BA$1,225

Best Value Apartments for Rent in Ely, IA and Nearby

As of July 01, 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 Layout 2A Model at 1735 N Jones Blvd starting at $1,595 with a $1.72 price per square foot in the Old Mill Creek 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
1735 N Jones BlvdLayout 2A2BR,2BA$1.72
Commonwealth2BR 2 Bedroom 50%2BR,2BA$1.15
C Street Townhomes2 bedrrom -side by side townhome2BR,2BA$0.84
Union at Wiley2 Bed 2 Bath2BR,1BA$1.16
The Roosevelt1 Bedroom1BR,1BA$1.38
Annex on the SquareHalogen 60%1BR,1BA$1.56
NewBo LoftsLayout 1A1BR,1BA$1.86
Vive Senior ApartmentsOne Bedroom1BR,1BA$1.68
Northview Apartments1BR/1.0BA1BR,1BA$1.21

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 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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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.

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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.