Cheap Apartments for Rent in Island Lake, IL from $570 (34 Rentals)

How Many Bedrooms?Done
Select your price rangeDone
to
Note: Properties with the Total Monthly Price badge include all required fees. Hover over the badge for details.
Lifestyle Matching SearchDone
Learn more about Lifestyle Search
By AmenitiesDone
By Community TypeDone
Features and AvailabilityDone
Done

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

close
View Me
Cotton Creek Apartments
1 to 2 Bedroom Apartments

Cotton Creek Apartments

517-525 E Burnett RdIsland Lake, IL 60042
  • Utilities Included

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.

Read Article
property at 656 S Circle Ave

$1,200

Total Monthly Price

Total Monthly Price

Base Rent
$1,200
Total Monthly Price
$1,200

2 Bedroom, 1 Bath Home for Rent

Available Aug 31

656 S Circle Ave

Port BarringtonIL60010

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.

Read Article

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.

Read Article
close
View Me
Harbor View Apartments
Studio to 1 Bedroom Apartments

Harbor View Apartments

10-14 Rushmore RdFox Lake, IL 60020
Student Housing
close
View Me
Fawn Ridge Apartments
1 to 3 Bedroom Apartments

Fawn Ridge Apartments

1941 N Orleans StMcHenry, IL 60050
  • Utilities Included
close
View Me
Taylor Place
1 to 3 Bedroom Apartments

Taylor Place

4103 W Crystal Lake RdMcHenry, 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.

Read Article
Showing Results 1-34, 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 Cary Horizon 62+ Senior Community in the Arrowhead neighborhood priced from $570. Harbor View Apartments in the Amber Shores neighborhood has the second lowest priced unit, which is a 1 Bed apartment currently listed from $1,070. Here is today’s list of the most affordable Island Lake apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Cary Horizon 62+ Senior Community1 Bedroom - 30-60%1BR,1BA$570
Harbor View Apartments1 Beds, 1 Baths1BR,1BA$1,070
Patriot OaksStudio 1 bathroom1BR,2BA$1,121
Fawn Ridge ApartmentsValley View1BR,1BA$1,220
Wauconda Park Apartments1 Bed / 1 Bath1BR,1BA$1,300
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
McHenry CommonsHackberry - 60% AMI2BR,2BA$1,512
Springs at Three OaksSGO | Studio Grand OverlookStudio,1BA$1,516

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

As of August 24, 2026 the best value apartment in the Island Lake area is the $1.17 price per square foot Large One Bedroom/Den Model at The Villas At Patriot Estates in the in the Lincoln Hills neighborhood starting from $1,972. The second greatest value Island Lake apartment is the 3 Bedroom Model at The Schoolhouse Apartments starting at $2,200 with a $1.47 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 Villas At Patriot EstatesLarge One Bedroom/Den1BR,2.5BA$1.17
The Schoolhouse Apartments3 Bedroom3BR,2BA$1.47
Redwood Crystal LakeWillowood2BR,2BA$1.88
Oakbrook Estates- Senior 55+ CommunityChampion Single Wide3BR,2BA$1.25
River PlaceResidence #5, 6, 7 and 8 (Plus Den)1BR,2BA$1.82
McHenry CommonsHackberry - 60% AMI2BR,2BA$1.40
Residence of Fairway GreensTwo Bed One Bath2BR,1BA$1.88
Cary Horizon 62+ Senior Community2 Bedroom - 60%2BR,1BA$1.56
The Church Street Apartments1 Bedroom1BR,1BA$1.54
Fawn Ridge ApartmentsValley View1BR,1BA$1.81

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.

Read Article
Decorative image

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.

Read Article
Decorative image

Quick Rent Budget Calculator

How much rent can you afford?

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.

decorative image of people with a giant lease agreement

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

Explore Island Lake, IL Rentals by Map

Decorative image of map

See the most popular apartments and homes in Island Lake, IL

View Map
Island Lake, IL Apartments Map
View Map
Island Lake, IL Rental Homes Map

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 $570 at Cary Horizon 62+ Senior Community.

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 $1,347 at Fawn Ridge Apartments.

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 $1,500.

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.

decorative image for Practical Tips for Renters: How to Identify a Great Rental and Avoid Red Flags article

Practical Tips for Renters: How to Identify a Great Rental and Avoid Red Flags

Written by: Robin Stewart

Renters want to find a great apartment, the right place for them, one that checks all the boxes of location, rental cost, amenities, safety, and more.

decorative image for First Apartment Regrets: Real Renters Share What They'd Do Differently article

First Apartment Regrets: Real Renters Share What They'd Do Differently

Written by: Robin Stewart

Hindsight is 20/20. Live and Learn. With age comes wisdom. We’re familiar with all those expressions, and all of them apply to lessons first-time renters learn.

decorative image for Renters Insurance 101: What It Is, What It Covers, and Why You Need It article

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.