Cheap Apartments for Rent near Frankfort, IL from $800 (54 Rentals)

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

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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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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Pine Ridge
1 to 2 Bedroom Apartments

Pine Ridge

1112 Parkwood DrJoliet, IL 60432
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Autumn Ridge
Studio to 3 Bedroom Apartments

Autumn Ridge

119 E Sycamore DrPark Forest, IL 60466
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7449 Sycamore Ct
2 Bedroom Apartments

7449 Sycamore Ct

7449 Sycamore CtOrland Park, IL 60462
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Central Park
1 to 3 Bedroom Apartments

Central Park

11 Fir StPark Forest, IL 60466
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7448 Sycamore Ct
1 to 2 Bedroom Apartments

7448 Sycamore Ct

7448 Sycamore CtOrland Park, IL 60462
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Apartments of Orland
1 to 2 Bedroom Apartments

Apartments of Orland

16005 Applewood LnOrland Hills, IL 60487
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7081 Apartments
1 to 2 Bedroom Apartments

7081 Apartments

7081 170th StTinley Park, IL 60477
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16601 Jean Ln
1 Bedroom Apartments

16601 Jean Ln

16601 Jean LnTinley Park, IL 60477

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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15122 Quail Hollow Dr
1 to 3 Bedroom Apartments

15122 Quail Hollow Dr

15122 Quail Hollow DrOrland Park, IL 60462
Senior Living
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1014 Shagbark Rd
2 Bedroom Apartments

1014 Shagbark Rd

1014 Shagbark RdNew Lenox, IL 60451
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15805 Peggy Lane
2 to 3 Bedroom Apartments

15805 Peggy Lane

15805 Peggy LnOak Forest, IL 60452
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6607 181st St
2 Bedroom Apartments

6607 181st St

6607 181st StTinley Park, IL 60477

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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Frankfort, IL Local Guide

Cheapest Available Frankfort Apartments for Rent and Nearby

 

The cheapest available apartment rental in Frankfort, IL is a Studio unit found at Crest Apartments in the University Park neighborhood priced from $800. Linden Park Apartments in the Downtown Park Forest neighborhood has the second lowest priced unit, which is a Studio apartment currently listed from $1,110. Here is today’s list of the most affordable Frankfort apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Crest ApartmentsStudioStudio,1BA$800
Linden Park ApartmentsStudio BStudio,1BA$1,110
Carriage Creek ApartmentsStudio Mid-RiseStudio,1BA$1,135
Dynasty House Apartments1 Bedroom UNIV1BR,1BA$1,305
Maple Leaf ApartmentsMid-rise1BR,1BA$1,320
Oakwood Townhomes1 Bedroom 1 Bath Townhouse1BR,1BA$1,365
Westbridge Apartments1 Bed 1 Bath A Renovated1BR,1BA$1,370
Park Towers Apartments1 Bed 1 Bath A1BR,1BA$1,395
Olympic Village ApartmentsThe Maple2BR,1BA$1,440
Heritage Manor1BR/1BATH1BR,1BA$1,450

Best Value Apartments for Rent in Frankfort, IL and Nearby

As of August 19, 2026 the best value apartment in the Frankfort area is the $1.86 price per square foot 3 Bedroom UNIV Model at Dynasty House Apartments in the in the University Park neighborhood starting from $1,905. The second greatest value Frankfort apartment is the 1BR/1BATH Model at Heritage Manor starting at $1,450 with a $1.53 price per square foot in the Meadow Park neighborhood. Here is today’s list of the best values for Frankfort apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Dynasty House Apartments3 Bedroom UNIV3BR,2BA$1.86
Heritage Manor1BR/1BATH1BR,1BA$1.53
Olympic Village ApartmentsThe Maple2BR,1BA$1.60
Cedar Ridge Apartments2 Bed 1 Bath2BR,1BA$1.72
The Residences at 159 Tinley Park Place2 Bedroom Large2BR,1BA$1.95
15744 S Lake Dr2 Bed 1 Bath2BR,1BA$1.98
Maple Leaf ApartmentsGarden1BR,1BA$1.66
Westbridge Apartments1 Bed 1 Bath A Renovated1BR,1BA$1.77
Park Towers Apartments1 Bed 1 Bath A1BR,1BA$1.81
Crest ApartmentsStudioStudio ,1BA$1.78

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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Best Local Schools in
Frankfort, IL

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

Explore Frankfort, IL Rentals by Map

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Frequently Asked Questions about Cheap Frankfort Apartments

What is the Cheapest Studio apartment in Frankfort?

Currently the most affordable Cheap Studio Apartment in Frankfort is at Crest Apartments listed at $800.

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

The lowest price for a Cheap One Bedroom Frankfort Apartment is $1,160 at Linden Park Apartments.

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

Today's best deal for a Cheap Two Bedroom Apartment in Frankfort is starting from $1,320 at Carriage Creek Apartments.

What is the most affordable Frankfort Three Bedroom Apartment?

The best deal on a cheap Frankfort Three Bedroom Apartment rental is at Maple Leaf Apartments and starts from $1,800.

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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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.

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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.

decorative image for Renters Insurance 101: What It Is, What It Covers, and Why You Need It article

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.