Cheap Homes for Rent in Frankfort, IL from $1,500 (7 Rentals)

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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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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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Frankfort, IL Local Guide

Cheapest Available Frankfort Apartments for Rent

 

The cheapest available apartment rental in Frankfort, IL is a Studio unit found at Crest Apartments in the University Park neighborhood priced from $800. The Shields has the second lowest priced unit, which is a 2 Beds apartment currently listed from $979. Here is today’s list of the most affordable Frankfort apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Crest ApartmentsStudioStudio,1BA$800
The Shields2 Bedroom2BR,1BA$979
Carriage Creek Apartments1 bedroom2BR,1BA$1,025

Best Value Apartments for Rent in Frankfort, IL

As of November 12, 2025 the best value apartment in the Frankfort area is the $1.47 price per square foot 3BR/3.5BA Model at Alice Mae Townhomes in the in the Orland Crossing neighborhood starting from $3,240. The second greatest value Frankfort apartment is the 2BD\2BA with Office Model at 6607 181st St starting at $1,800 with a $1.44 price per square foot in the Brookside Glen 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.
Alice Mae Townhomes3BR/3.5BA3BR,3.5BA$1.47
6607 181st St2BD\2BA with Office2BR,2BA$1.44
Central Park1 Bedroom 1 Bath1BR,1BA$1.04
The Shields2 Bedroom2BR,1BA$1.00
Park Towers Apartment HomesTwo Bedroom 2 Bath-910 sqft2BR,2BA$1.84
Carriage Creek Apartments2 bedroom2BR,1BA$1.42
Richton Trail2 Beds, 1 bath2BR,1BA$1.71
Olympic Village ApartmentsThe Spruce1BR,1BA$1.89
Dynasty House Apartments1 Bedroom UNIV1BR,1BA$1.68
Crest ApartmentsStudioStudio ,1BA$1.78

Apartment Common Area Rules: What Renters Need to Know

From the lounge to the laundry room, understand your rights and responsibilities in shared apartment spaces. Get tips on pet rules, noise, and security.

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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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The Ultimate Long-Distance Moving Checklist: Tips from a Real Estate Pro

Moving is tough, especially long-distance. Learn how to minimize stress & expenses with proven strategies from a real estate pro, covering everything from logistics to finances.

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

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Frequently Asked Questions about Frankfort

What type of rentals are currently available in Frankfort?

There are currently 63 Apartments for Rent in Frankfort, IL with pricing that ranges from $800 to $8,615. There are also 46 Single Family Homes for rent, Condos, and Townhome rentals currently available in Frankfort ranging from $1,500 to $4,250.

What is the current price range for Rental Homes in Frankfort?

Today's rental pricing for Homes for Rent, Condos and Townhomes in Frankfort ranges from $1,500 to $4,250 with an average monthly rent of $2,616.

Expert Rental Resources

Helpful Apartment Articles, How-To's and Tips

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.

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Apartment Common Area Rules: What Renters Need to Know

Written by: Christine Leonard, Esq.

Back in the day when I rented one of my first apartments, the property didn’t even have laundry in the building. Now, rental properties are often competing against each other to provide the best amenities.

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How to Negotiate Your Apartment Lease and Save Money

Written by: Christine Leonard, Esq.

Everything is a negotiation in real estate! 

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The Rental Move-In Inspection Checklist: A Guide for Renters

Written by: Trey Huguley

The move-in inspection checklist is a crucial tool for both tenants and landlords. This checklist, provided by the team at ApartmentHomeLiving.com, helps document the condition of an apartment at the time of move-in.

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Your Guide to Co-Signers: The Risks, Rewards, and Everything in Between

Written by: Christine Leonard, Esq.

For many people, obstacles can arise during the rental application process for a variety of issues.