Cheap Apartments for Rent near Forest Lake, IL from $1,000 (51 Rentals)

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

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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Albion on Lake Cook
Rent Specials
$1,981 - $3,102
Total Monthly Price

Total Monthly Price

Base Rent
$1,981 - $3,102
Total Monthly Price
Varies
1 to 3 Bedroom Apartments Available Now

Albion on Lake Cook

500 E Constitution DrPalatine, IL 60074
Cost Per Sq.Ft.
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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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Liberty Lake
1 to 3 Bedroom Apartments

Liberty Lake

201 S Buesching RdLake Zurich, IL 60047
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Villas By The Lake
1 to 2 Bedroom Apartments

Villas By The Lake

300 Lakeside DrVernon Hills, IL 60061
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Station 250
Studio to 2 Bedroom Apartments

Station 250

250 Plaza CirMundelein, IL 60060
Corporate Housing
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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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Windbrooke Crossing
1 to 2 Bedroom Apartments

Windbrooke Crossing

1160 Windbrooke DrBuffalo Grove, IL 60089
Corporate Housing

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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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. Heritage Green Apartments in the Central Vernon Hills neighborhood has the second lowest priced unit, which is a 1 Bed apartment currently listed from $1,445. 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
Heritage Green Apartments1 BR/1BA1BR,1BA$1,445
Lakeside Village Apartments1 BED / 1.0 BATH, 710 SQ FT MID LEVEL1BR,1BA$1,485
Park Butterfield ApartmentsStudio Floor Plan S1Studio,1BA$1,517
Emerald Pointe Apartments1 Bedroom 1 Bath (714 sq ft)1BR,1BA$1,583
Arbor Lakes1 Bedroom Floor Plan A11BR,1BA$1,598
The Gates of Deer Grove Apartment HomesOne Bedroom - 740 sqft1BR,1BA$1,615
Mandalane1A1BR,1BA$1,640
Albion on NorthwestElm (A1) 1 Bedroom Aparment1BR,1BA$1,642
Arrowhead ApartmentsA11BR,1BA$1,655

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

As of August 06, 2026 the best value apartment in the Forest Lake area is the $1.86 price per square foot 2BR/2.0BA Model at Morris Station in the in the Central Vernon Hills neighborhood starting from $2,534. The second greatest value Forest Lake apartment is the D1 - 3 Bed, 2 Bath Model at Albion on Lake Cook starting at $2,616 with a $1.95 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$1.86
Albion on Lake CookD1 - 3 Bed, 2 Bath3BR,2BA$1.95
Eastbanks of Lake Zurich2/22BR,2BA$1.91
The Clayson3 Bedrooms3BR,2BA$1.72
Cardinal Square - Building C1 Bedroom, 1 Bath1BR,1BA$2.14
Clover Ridge East ApartmentsAshbury1BR,1BA$2.13
Heritage Green Apartments1 BR/1BA1BR,1BA$1.93
Arbor Lakes1 Bedroom Floor Plan A11BR,1BA$2.13
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.

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

Explore Forest Lake, IL Rentals by Map

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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 Park Butterfield Apartments listed at $1,517.

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 The Clayson and starts from $2,107.

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.