Cheap Apartments for Rent in Island Lake, IL from $500 (43 Rentals)

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Cotton Creek Apartments
1 to 2 Bedroom Apartments

Cotton Creek Apartments

517-525 E Burnett RdIsland Lake, IL 60042
  • 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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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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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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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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Harbor View Apartments
Studio to 1 Bedroom Apartments

Harbor View Apartments

10-14 Rushmore RdFox Lake, IL 60020
Student Housing

The Art of the Rental Viewing: What to look for during a property tour

Touring a rental? This guide helps you know exactly what to look for, from safety features to hidden flaws, so you can confidently sign your lease or keep searching.

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Showing Results 1-43, Page 1 of 1

Island Lake, IL Local Guide

Cheapest Available Island Lake Apartments for Rent and Nearby

 

The cheapest available apartment rental in Island Lake, IL is a 1 Bed unit found at Wauconda Park Apartments in the Liberty Lakes - Freedom Series neighborhood priced from $1,200. Rosewood Round Lake has the second lowest priced unit, which is a 2 Beds apartment currently listed from $1,244. Here is today’s list of the most affordable Island Lake apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Wauconda Park Apartments1 Bed / 1 Bath1BR,1BA$1,200
Rosewood Round Lake2 Bedroom2BR,1BA$1,244
Patriot Oaks1 Bedroom 1 Bathroom1BR,1BA$1,307
Stone Edge Apartments2 Bed 2 Bath2BR,2BA$1,500
Tuckaway Townhomes2 Bedroom Townhome2BR,2BA$1,562
The Blake at Fox RiverEllory Terrace1BR,1BA$1,570
Crystal Lake Apartments1 Bedroom1BR,1BA$1,635
Randall VillageThe Monet1BR,1BA$1,695
Oakbrook Estates- Senior 55+ CommunityChampion Single Wide3BR,2BA$1,700
Darlington Court ApartmentsTwo Bedroom/ One and 1/2 Bath2BR,1BA$1,731

Best Value Apartments for Rent in Island Lake, IL and Nearby

As of May 25, 2026 the best value apartment in the Island Lake area is the $1.60 price per square foot 3 Bedroom Model at The Schoolhouse Apartments in the in the Arrowhead neighborhood starting from $2,400. The second greatest value Island Lake apartment is the 3GO | 3 BR Grand Overlook Model at Springs at Three Oaks starting at $2,427 with a $1.67 price per square foot in the Arrowhead neighborhood. Here is today’s list of the best values for Island Lake apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
The Schoolhouse Apartments3 Bedroom3BR,2BA$1.60
Springs at Three Oaks3GO | 3 BR Grand Overlook3BR,2BA$1.67
Redwood Fox River GroveForestwood2BR,2BA$2.03
Oakbrook Estates- Senior 55+ CommunityChampion Single Wide3BR,2BA$1.42
River PlaceResidence #5, 6, 7 and 8 (Plus Den)1BR,2BA$1.82
Stone Edge Apartments2 Bed 2 Bath2BR,2BA$1.36
Darlington Court ApartmentsTwo Bedroom/ One and 1/2 Bath2BR,1.5BA$1.80
Rosewood Round Lake2 Bedroom2BR,1BA$1.32
Tuckaway Townhomes2 Bedroom Townhome2BR,2BA$1.70
Wauconda Park Apartments1 Bed / 1 Bath1BR,1BA$2.00

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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Location, Location, Location!

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Frequently Asked Questions about Cheap Island Lake Apartments

How much is rent for a Cheap One Bedroom Island Lake Apartment?

The lowest price for a Cheap One Bedroom Island Lake Apartment is $1,200 at Wauconda Park Apartments.

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

Today's best deal for a Cheap Two Bedroom Apartment in Island Lake is starting from $1,244 at Rosewood Round Lake.

What is the most affordable Island Lake Three Bedroom Apartment?

The best deal on a cheap Island Lake 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

decorative image for A Seasoned Property Manager's Step-by-Step Guide to Getting Your Deposit Back article

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.

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What Does “Rent Burdened” Mean? How Much Rent Is Too Much

Written by: Lauren Harrington

This article draws from first-hand renter experiences and recurring financial challenges reported after moving in.

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Maximizing Your Refund: Essential Tax Tips for Renters

Written by: Christine Leonard, Esq.

Other than tax professionals, I can’t think of anyone who looks forward to tax season. For everybody else, April is a stressful month to collect information and meet deadlines.