Cheap Apartments for Rent near Greenwood, IL from $500 (29 Rentals)

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

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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Harbor View Apartments
Studio to 1 Bedroom Apartments

Harbor View Apartments

10-14 Rushmore RdFox Lake, IL 60020
Student Housing

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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Fawn Ridge Apartments
1 to 3 Bedroom Apartments

Fawn Ridge Apartments

1941 N Orleans StMcHenry, IL 60050
  • 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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Showing Results 1-29, 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 McHenry Commons in the Lincoln Hills neighborhood priced from $576. Tan Oak Apartments has the second lowest priced unit, which is a 1 Bed apartment currently listed from $1,099. Here is today’s list of the most affordable Greenwood apartments for rent:

Apartment ListingModel NameBed/BathPriced From
McHenry CommonsSugar Maple - 30% AMI1BR,1BA$576
Tan Oak Apartments1 Bed 1 Bath1BR,1BA$1,099
Northfield CourtValley View1BR,1BA$1,151
Fawn Ridge ApartmentsValley View1BR,1BA$1,220
Patriot Prairie of Woodstock1X11BR,1BA$1,225
Willow BrookeOne Bedroom1BR,1BA$1,280
Patriot Oaks1 Bedroom 1 Bathroom1BR,1BA$1,307
The Church Street Apartments1 Bedroom1BR,1BA$1,400
Darlington Court ApartmentsOne bed One bath1BR,1BA$1,477
Oakbrook Estates- Senior 55+ CommunityChampion Single Wide3BR,2BA$1,500

Best Value Apartments for Rent in Greenwood, IL and Nearby

As of July 21, 2026 the best value apartment in the Greenwood area is the $1.64 price per square foot 2 Beds, 2 baths Model at West Harbor Residences at Reva Bay in the in the Amber Shores neighborhood starting from $2,050. The second greatest value Greenwood apartment is the Champion Single Wide Model at Oakbrook Estates- Senior 55+ Community starting at $1,500 with a $1.25 price per square foot in the East Suburban McHenry 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.
West Harbor Residences at Reva Bay2 Beds, 2 baths2BR,2BA$1.64
Oakbrook Estates- Senior 55+ CommunityChampion Single Wide3BR,2BA$1.25
River PlaceResidence #5, 6, 7 and 8 (Plus Den)1BR,2BA$1.82
Residence of Fairway GreensTwo bed One Bath2BR,1BA$1.88
McHenry CommonsHornbeam - 60% AMI2BR,2BA$1.46
The Church Street Apartments1 Bedroom1BR,1BA$1.40
Northfield CourtSummit1BR,1BA$1.64
Willow BrookeOne Bedroom1BR,1BA$1.90
Fawn Ridge ApartmentsValley View1BR,1BA$1.81
Tan Oak Apartments1 Bed 1 Bath1BR,1BA$1.69

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 $576 at McHenry Commons.

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 $1,500.

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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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.

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Apartment Occupancy Rates: Renter Attraction vs Renter Retention

Written by: Robin Stewart

There’s a tenet in marketing about client or customer attraction and retention. Studies and data have consistently shown it costs less to keep a current customer than to attract a new one.

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How I Find the Perfect Rental for My Clients: A Real Estate Pro's Guide

Written by: Robin Stewart

Evaluating rental properties for clients draws many parallels to house-hunting. Whether an apartment, loft, townhouse, or other rental, finding the right place means finding “home” for your client.