Cheap Apartments for Rent in Greenwood, IL from $500 (24 Rentals)

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

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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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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Harbor View Apartments
Studio to 1 Bedroom Apartments

Harbor View Apartments

10-14 Rushmore RdFox Lake, IL 60020
Student Housing

Cash or credit? Understanding the Importance of Credit Score in Real Estate and Renting

Discover how your credit score impacts your ability to lease or buy a home. Learn how credit scores are determined, how to check yours, and strategies to improve it for real estate success.

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Showing Results 1-24, Page 1 of 1

Greenwood, IL Local Guide

Cheapest Available Greenwood Apartments for Rent and Nearby

 

The cheapest available apartment rental in Greenwood, IL is a 1 Bed unit found at Northfield Court priced from $1,151. Tan Oak Apartments has the second lowest priced unit, which is a 2 Beds apartment currently listed from $1,249. Here is today’s list of the most affordable Greenwood apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Northfield CourtValley View1BR,1BA$1,151
Tan Oak Apartments2 Bed 1 Bath Remodeled2BR,1BA$1,249
Willow BrookeOne Bedroom1BR,1BA$1,280
Patriot Oaks1 Bedroom 1 Bathroom1BR,1BA$1,307
Patriot Prairie of Woodstock2X12BR,1BA$1,375

Best Value Apartments for Rent in Greenwood, IL and Nearby

As of June 04, 2026 the best value apartment in the Greenwood area is the $2.00 price per square foot Forestwood Model at Redwood Volo in the in the Liberty Lakes - Freedom Series neighborhood starting from $2,587. The second greatest value Greenwood apartment is the 2 Beds, 2 baths Model at West Harbor Residences at Reva Bay starting at $1,900 with a $1.52 price per square foot in the Amber Shores neighborhood. Here is today’s list of the best values for Greenwood apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Redwood VoloForestwood2BR,2BA$2.00
West Harbor Residences at Reva Bay2 Beds, 2 baths2BR,2BA$1.52
Oakbrook Estates- Senior 55+ CommunityChampion Single Wide3BR,2BA$1.42
River PlaceResidence #5, 6, 7 and 8 (Plus Den)1BR,2BA$1.82
Tuckaway Townhomes2 Bedroom Townhome2BR,2BA$1.70
Patriot Prairie of Woodstock2X12BR,1BA$1.79
Tan Oak Apartments2 Bed 1 Bath Remodeled2BR,1BA$1.45
Geneva Estates2 Bed 1 Bath Upper - Remodeled2BR,1BA$1.93
Northfield CourtSummit1BR,1BA$1.64
Willow BrookeOne Bedroom1BR,1BA$1.90

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

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Frequently Asked Questions about Cheap Greenwood Apartments

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

The lowest price for a Cheap One Bedroom Greenwood Apartment is $1,151 at Northfield Court.

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

Today's best deal for a Cheap Two Bedroom Apartment in Greenwood is starting from $1,241 at Northfield Court.

What is the most affordable Greenwood Three Bedroom Apartment?

The best deal on a cheap Greenwood Three Bedroom Apartment rental is at Oakbrook Estates- Senior 55+ Community and starts from $1,700.

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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Creative Ways Developers Reimagine Retail Spaces as Residential Units

Written by: Robin Stewart

Adaptive reuse is when a commercial property is converted and repurposed. The real estate industry has embraced a growing number of these projects.

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Neighborhood and Market Insights: How to Choose the Right Area to Rent

Written by: Robin Stewart

Apartment-hunting can be a gargantuan task. Renters have a wish list of items—some luxuries, some necessities—but finding what you seek in the right place is perhaps the most important part of the journey.

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A Seasoned Property Manager's Step-by-Step Guide to Getting Your Deposit Back

Written by: Lauren Harrington

I’m going to talk with you as a seasoned property manager and friend. So, let’s start with your security deposit. I want you to think about this guide as insider information. You deserve your deposit back.

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Expert Solutions for Creating the Perfect Work-From-Home Apartment Layouts

Written by: Lauren Harrington

This article is based on first-hand experience managing apartment communities and helping renters adapt to their spaces after moving in.