Cheap Apartments for Rent near Forest Lake, IL from $1,295 (49 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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Albion on Northwest
Rent Specials
$1,631 - $3,382

Total Monthly Price

Base Rent$1,631 - $3,382
Total Monthly PriceVaries
1 to 2 Bedroom Apartments Available Now

Albion on Northwest

975 N Sterling AvePalatine, IL 60067
Affordability
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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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Station 250
Rent Specials
$1,823 - $3,925

Total Monthly Price

Base Rent$1,823 - $3,925
Total Monthly PriceVaries
Studio to 2 Bedroom Apartments Available Now

Station 250

250 Plaza CirMundelein, IL 60060
Corporate Housing
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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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Albion on Lake Cook
Rent Specials
$2,111 - $3,044

Total Monthly Price

Base Rent$2,111 - $3,044
Total Monthly PriceVaries
1 to 3 Bedroom Apartments Available Now

Albion on Lake Cook

500 E Constitution DrPalatine, IL 60074
Student Living
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Liberty Lake
1 to 3 Bedroom Apartments

Liberty Lake

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

Villas By The Lake

300 Lakeside DrVernon Hills, IL 60061
  • 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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Windbrooke Crossing
1 to 2 Bedroom Apartments

Windbrooke Crossing

1160 Windbrooke DrBuffalo Grove, IL 60089
Corporate Housing
Showing Results 1-49, 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 Studio unit found at Woodlands Apartment Homes in the South Vernon Hills neighborhood priced from $1,295. Wauconda Park Apartments in the Liberty Lakes - Freedom Series neighborhood has the second lowest priced unit, which is a 1 Bed apartment currently listed from $1,300. Here is today’s list of the most affordable Forest Lake apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Woodlands Apartment Homes0BR/1.0BAStudio, 1BA$1,295
Wauconda Park Apartments1 Bed / 1 Bath1BR, 1BA$1,300
Heritage Green Apartments1 BR/1BA1BR, 1BA$1,445
Park Butterfield Apartments1 Bedroom Floor Plan A11BR, 1BA$1,447
Emerald Pointe Apartments1 Bedroom 1 Bath (714 sq ft)1BR, 1BA$1,551
The Gates of Deer Grove Apartment HomesOne Bedroom - 740 sqft1BR, 1BA$1,585
Mandalane1A1BR, 1BA$1,626
Albion on NorthwestOak (As) 1 Bedroom Apartment1BR, 1BA$1,631
Arrowhead ApartmentsA11BR, 1BA$1,655
Pebbleshire ApartmentsOne Bedroom B - Carpet1BR, 1BA$1,675

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

As of September 20, 2026 the best value apartment in the Forest Lake area is the $2.05 price per square foot Hollington Townhome- Den Model at Deer Park Crossing Apartments in the Cherrybrook Village neighborhood starting from $4,038. The second greatest value Forest Lake apartment is the 2BR/2.0BA Model at Morris Station in the Central Vernon Hills neighborhood starting at $2,534 with a $1.86 price per square foot. 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.
Deer Park Crossing ApartmentsHollington Townhome- Den3BR, 2.5BA$2.05
Morris Station2BR/2.0BA2BR, 2BA$1.86
Albion on Lake CookD1 - 3 Bed, 2 Bath3BR, 2BA$1.96
Eastbanks of Lake Zurich1/11BR, 1BA$2.08
The Clayson2 Bedrooms2BR, 1BA$1.91
The Gates of Deer Grove Apartment HomesTwo Bedroom- 875 sqft2BR, 1BA$2.16
Heritage Green Apartments1 BR/1BA1BR, 1BA$1.93
Arbor Lakes1 Bedroom Floor Plan A11BR, 1BA$2.25
Emerald Pointe Apartments1 Bedroom 1 Bath (714 sq ft)1BR, 1BA$2.17
Wauconda Park Apartments1 Bed / 1 Bath1BR, 1BA$2.17

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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Navigating the Rental Market: Tips for First-Time Renters

Entering the rental market? Learn these simple tips and strategies to avoid common pitfalls and make confident choices. Rent with peace of mind.

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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!

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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 Woodlands Apartment Homes listed at $1,295.

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

The lowest price for a Cheap One Bedroom Forest Lake Apartment is $1,300 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 $2,627.

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 Rent According to Income: A Look at Income-Restricted Rentals article

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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How Commercial-to-Residential Property Conversions Help the Housing Crisis

Written by: Robin Stewart

Many housing markets throughout America share a common complaint: a lack of affordable rental properties.

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Exploring Rental Options: Apartments, Townhomes, and Lofts - Oh My!

Written by: Robin Stewart

Where do you see yourself? When you think of home, sweet home, are you in a 3/2 apartment? Dreaming of a tall townhome? Maybe an industrial loft heavy on cool vibes is on your visioning board.

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Practical Tips for Renters: How to Identify a Great Rental and Avoid Red Flags

Written by: Robin Stewart

Renters want to find a great apartment, the right place for them, one that checks all the boxes of location, rental cost, amenities, safety, and more.