Cheap Apartments for Rent in Franklin, IL from $300 (16 Rentals)

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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.

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.

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.

property at 811 S State St

811 S State St

SpringfieldIL62704

Franklin, IL Local Guide

Cheapest Available Franklin Apartments for Rent and Nearby

 

The cheapest available apartment rental in Franklin, IL is a 1 Bed unit found at Jacksonville Affordable Housing priced from $462. Morton Street Apartments has the second lowest priced unit, which is a 1 Bed apartment currently listed from $690. Here is today’s list of the most affordable Franklin apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Jacksonville Affordable Housing1 Bedroom 50%1BR,1BA$462
Morton Street Apartments1 bed one bath1BR,1BA$690
Whispering Pines Apartments1 Bed, 1 Bath - Essential1BR,1BA$700
Cobblestone ApartmentsCobblestone 1BD1BR,1BA$750
Lincoln Tower Apartments1 Bed 1 Bath1BR,1BA$799

Best Value Apartments for Rent in Franklin, IL and Nearby

As of October 13, 2025 the best value apartment in the Franklin area is the $1.17 price per square foot Two Bedroom Two Bath Model at Koke Mill Apartments in the starting from $1,225. The second greatest value Franklin apartment is the Townhome Model at Ravenwood Townhomes starting at $875 with a $0.88 price per square foot . Here is today’s list of the best values for Franklin apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Koke Mill ApartmentsTwo Bedroom Two Bath2BR,2BA$1.17
Ravenwood TownhomesTownhome2BR,1.5BA$0.88
CandlesB12BR,1.5BA$1.17
Safe Harbor PropertiesDowntown1BR,1BA$1.03
Huntington Ridge ApartmentsTwo Bedroom2BR,1BA$1.22
New Eastlawn ApartmentsTwo Bedroom2BR,1BA$0.97
Cobblestone ApartmentsCobblestone 2BD2BR,1BA$1.06
Lincoln Tower Apartments1 Bed 1 Bath1BR,1BA$1.07
Pine Ridge ApartmentsOne Bedroom1BR,1BA$1.17
Jacksonville Affordable Housing1 Bedroom 60%1BR,1BA$0.84

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

Explore Franklin, IL Rentals by Map

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Getting Around Franklin, IL

Walk Score®

26 / 100

Car-Dependent

Most errands require a car

Bike Score®

29 / 100

Somewhat Bikeable

Minimal bike infrastructure

Frequently Asked Questions about Cheap Franklin Apartments

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

The lowest price for a Cheap One Bedroom Franklin Apartment is $462 at Jacksonville Affordable Housing.

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

Today's best deal for a Cheap Two Bedroom Apartment in Franklin is starting from $515 at Jacksonville Affordable Housing.

What is the most affordable Franklin Three Bedroom Apartment?

The best deal on a cheap Franklin Three Bedroom Apartment rental is at Candles and starts from $1,189.

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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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.

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

Written by: Christine Leonard, Esq.

Hard truth. Moving is never easy. I’ve done it all – from local moves to cross-country relocations From packing to unpacking the last box, I have found moving to be an exhausting, expensive and stressful experience every time.