Cheap Apartments for Rent in Forest Lake, IL from $1,000 (38 Rentals)

How Many Bedrooms?Done
Select your price rangeDone
to
Note: Properties with the Total Monthly Price badge include all required fees. Hover over the badge for details.
Lifestyle Matching SearchDone
Learn more about Lifestyle Search
By AmenitiesDone
By Community TypeDone
Features and AvailabilityDone
Done

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

close
View Me
Albion on Northwest
Rent Specials
$1,533 - $2,413
Total Monthly Price

Total Monthly Price

Base Rent
$1,533 - $2,413
Total Monthly Price
Varies
1 to 2 Bedroom Apartments Available Now

Albion on Northwest

975 N Sterling AvePalatine, IL 60067
Affordability
  • Verified
  • Customer Reviewed

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.

Read Article
close
View Me
Station 250
$1,716 - $3,651
Total Monthly Price

Total Monthly Price

Base Rent
$1,716 - $3,651
Total Monthly Price
Varies
Studio to 2 Bedroom Apartments Contact Us For Availability

Station 250

250 Plaza CirMundelein, IL 60060
Corporate Housing
  • Verified
  • Customer Reviewed
  • 3D Tour

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.

Read Article
close
View Me
Liberty Lake
1 to 3 Bedroom Apartments

Liberty Lake

201 S Buesching RdLake Zurich, IL 60047
  • 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.

Read Article
close
View Me
Villas By The Lake
1 to 2 Bedroom Apartments

Villas By The Lake

300 Lakeside DrVernon Hills, IL 60061
  • Utilities Included
property at 444 Osage Ln

$1,650

2 Bedroom Rentals

Available Now

444 Osage Ln

PalatineIL60074

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.

Read Article
Showing Results 1-38, Page 1 of 1

Forest Lake, IL Local Guide

Cheapest Available Forest Lake Apartments for Rent and Nearby

 

The cheapest available apartment rental in Forest Lake, IL is a 1 Bed unit found at Wauconda Park Apartments in the Liberty Lakes - Freedom Series neighborhood priced from $1,200. Woodlands Apartment Homes in the South Vernon Hills neighborhood has the second lowest priced unit, which is a 1 Bed apartment currently listed from $1,395. Here is today’s list of the most affordable Forest Lake apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Wauconda Park Apartments1 Bed / 1 Bath1BR,1BA$1,200
Woodlands Apartment Homes1BR/1.0BA1BR,1BA$1,395
Heritage Green Apartments1 BR/1BA1BR,1BA$1,445
Lakeside Village Apartments1 BED / 1.0 BATH, 710 SQ FT MID LEVEL1BR,1BA$1,485
Waterford Place ApartmentsKildare1BR,1BA$1,603
Emerald Pointe Apartments1 Bedroom 1 Bath (714 sq ft)1BR,1BA$1,613
Arbor Lakes1 Bedroom Floor Plan A11BR,1BA$1,621
Arrowhead ApartmentsA21BR,1BA$1,630
Park Butterfield Apartments2 Bedroom Floor Plan B12BR,1BA$1,631
Albion on NorthwestOak (As) 1 Bedroom Apartment1BR,1BA$1,633

Best Value Apartments for Rent in Forest Lake, IL and Nearby

As of June 21, 2026 the best value apartment in the Forest Lake area is the $1.78 price per square foot 2BR/2.0BA Model at Morris Station in the in the Central Vernon Hills neighborhood starting from $2,422. The second greatest value Forest Lake apartment is the D1 - 3 Bed, 2 Bath Model at Albion on Lake Cook starting at $2,557 with a $1.91 price per square foot in the Cherrybrook Village neighborhood. Here is today’s list of the best values for Forest Lake apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Morris Station2BR/2.0BA2BR,2BA$1.78
Albion on Lake CookD1 - 3 Bed, 2 Bath3BR,2BA$1.91
Park Butterfield Apartments2 Bedroom Floor Plan B22BR,2BA$1.63
The Landings of Lake Zurich2 Bdrm/2 Bath2BR,2BA$2.16
The Clayson2 Bedrooms2BR,1BA$1.89
Pebbleshire ApartmentsOne Bedroom- Laminate1BR,1BA$2.13
Heritage Green Apartments1 BR/1BA1BR,1BA$1.93
Arbor Lakes1 Bedroom Floor Plan A11BR,1BA$2.16
Lakeside Village Apartments1 BED / 1.0 BATH, 710 SQ FT MID LEVEL1BR,1BA$2.09
Wauconda Park Apartments1 Bed / 1 Bath1BR,1BA$2.00

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
Decorative image

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.

Read Article
Decorative image

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.

decorative image of people with a giant lease agreement

Remember the 3 Rules of Real Estate:
Location, Location, Location!

Explore Forest Lake, IL Rentals by Map

Decorative image of map

See the most popular apartments and homes in Forest Lake, IL

View Map
Forest Lake, IL Apartments Map
View Map
Forest Lake, IL Rental Homes Map

Frequently Asked Questions about Cheap Forest Lake Apartments

What is the Cheapest Studio apartment in Forest Lake?

Currently the most affordable Cheap Studio Apartment in Forest Lake is at Springs at Mundelein listed at $1,988.

How much is rent for a Cheap One Bedroom Forest Lake Apartment?

The lowest price for a Cheap One Bedroom Forest Lake Apartment is $1,200 at Wauconda Park Apartments.

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

Today's best deal for a Cheap Two Bedroom Apartment in Forest Lake is starting from $1,500 at Wauconda Park Apartments.

What is the most affordable Forest Lake Three Bedroom Apartment?

The best deal on a cheap Forest Lake Three Bedroom Apartment rental is at Albion on Lake Cook and starts from $2,557.

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 Apartment Occupancy Rates: Renter Attraction vs Renter Retention article

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.

decorative image for Pet-Friendly Renting: Everything You Need to Know Before You Move article

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.

decorative image for Creative Ways Developers Reimagine Retail Spaces as Residential Units article

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.