Cheap Apartments for Rent in Island Lake, IL from $500 (44 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
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Fawn Ridge Apartments
1 to 3 Bedroom Apartments

Fawn Ridge Apartments

1941 N Orleans StMcHenry, IL 60050
  • Utilities Included

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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Taylor Place
1 to 3 Bedroom Apartments

Taylor Place

4103 W Crystal Lake RdMcHenry, IL 60050
  • Utilities Included
Showing Results 1-44, 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 McHenry Commons in the Lincoln Hills neighborhood priced from $576. Wauconda Park Apartments in the Liberty Lakes - Freedom Series neighborhood has the second lowest priced unit, which is a 1 Bed apartment currently listed from $1,200. Here is today’s list of the most affordable Island Lake apartments for rent:

Apartment ListingModel NameBed/BathPriced From
McHenry CommonsSugar Maple - 30% AMI1BR,1BA$576
Wauconda Park Apartments1 Bed / 1 Bath1BR,1BA$1,200
Fawn Ridge ApartmentsValley View1BR,1BA$1,220
Rosewood Round Lake2 Bedroom2BR,1BA$1,244
Patriot Oaks1 Bedroom 1 Bathroom1BR,1BA$1,307
Moore Court Apartments1BR/1BA DEN1BR,1BA$1,375
Darlington Court ApartmentsOne bed One bath1BR,1BA$1,477
Stone Edge Apartments2 Bed 2 Bath2BR,2BA$1,500
The Blake at Fox RiverEllory1BR,1BA$1,500
Oakbrook Estates- Senior 55+ CommunityChampion Single Wide3BR,2BA$1,500

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

As of July 10, 2026 the best value apartment in the Island Lake area is the $1.86 price per square foot TH-A Model at Enclave Crystal Lake Townhomes and Apartments in the in the Park Place neighborhood starting from $3,125. The second greatest value Island Lake 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 Fox Trails 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.
Enclave Crystal Lake Townhomes and ApartmentsTH-A2BR,2.5BA$1.86
Oakbrook Estates- Senior 55+ CommunityChampion Single Wide3BR,2BA$1.25
Skyridge Club ApartmentsPinnacle II2BR,2BA$1.84
River PlaceResidence #5, 6, 7 and 8 (Plus Den)1BR,2BA$1.82
Stone Edge Apartments2 Bed 2 Bath2BR,2BA$1.36
The Church Street Apartments1 Bedroom1BR,1BA$1.60
Rosewood Round Lake2 Bedroom2BR,1BA$1.32
Moore Court Apartments1BR/1BA DEN1BR,1BA$1.72
McHenry CommonsSugar Maple - 60% AMI1BR,1BA$1.70
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.

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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 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 $576 at McHenry Commons.

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 $1,500.

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 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.

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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.

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Pet-Friendly Renting: Everything You Need to Know Before You Move

Written by: Christine Leonard, Esq.

For so many of us, pets are the best companions and a big part of our lives. For this reason, a pet-friendly house or apartment is often a very important - and nonnegotiable - part of a move.