Cheap Apartments for Rent in La Fayette, IL from $400 (39 Rentals)

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

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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Tiffany Pointe
Studio to 2 Bedroom Apartments

Tiffany Pointe

1508 W Tiffany DrPeoria, IL 61614
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Williamsburg Apartments
1 to 2 Bedroom Apartments

Williamsburg Apartments

1072 Olive StGalesburg, IL 61401
Corporate Housing
  • Utilities Included
property at 265 Duffield Ave

$700 - $750

1 To 2 Bedroom Rentals

Available Jun 1

265 Duffield Ave

GalesburgIL61401
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Woods + Meadow Apartments
Studio to 1 Bedroom Apartments

Woods + Meadow Apartments

2215 W Willow Knolls DrPeoria, IL 61614
Corporate Housing
  • Utilities Included
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Willow Way
1 to 2 Bedroom Apartments

Willow Way

2630 W Willowlake DrPeoria, IL 61614
  • Smoke Free
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Elm Haven
1 to 2 Bedroom Apartments

Elm Haven

101 N Rose StElmwood, IL 61529
Senior Living

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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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 1-39, Page 1 of 1

La Fayette, IL Local Guide

Cheapest Available La Fayette Apartments for Rent and Nearby

 

The cheapest available apartment rental in La Fayette, IL is a 2 Beds unit found at Mayfair Manor priced from $525. Hollow Hills in the Windchime neighborhood has the second lowest priced unit, which is a Studio apartment currently listed from $700. Here is today’s list of the most affordable La Fayette apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Mayfair Manor2x12BR,1BA$525
Hollow HillsStudioStudio,1BA$700
Willow Knolls ApartmentsStudioStudio,1BA$750
The Village on UniversityKing at Village NorthStudio,1BA$760
PARKWAY ESTATES2 Bedroom 1 Bath2BR,1BA$805
Nordic Villa ApartmentsLoft1BR,1BA$825
Forest Hills Apartments1x11BR,1BA$950
Flats at DunlapOne Bedroom, One Bathroom1BR,1BA$975
Hillcrest Apartments2 BR / 1 BA2BR,1BA$979
Timberlane ApartmentsMarigold2BR,1BA$1,088

Best Value Apartments for Rent in La Fayette, IL and Nearby

As of May 04, 2026 the best value apartment in the La Fayette area is the $1.18 price per square foot 3 Bedroom 2 Bath Model at Eagle Point Apartments in the in the Northmoor Knolls neighborhood starting from $1,600. The second greatest value La Fayette apartment is the HCIV2D2FB Model at Hollow Creek IV Apartments starting at $1,400 with a $1.15 price per square foot in the Windchime neighborhood. Here is today’s list of the best values for La Fayette apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Eagle Point Apartments3 Bedroom 2 Bath2BR,2BA$1.18
Hollow Creek IV ApartmentsHCIV2D2FB2BR,2BA$1.15
Hollow Hills3 bedroom 2 bath3BR,2BA$1.33
Camden Hills Apartments2 Bedroom, 2 Bath2BR,2BA$1.23
Dunlap Falls ApartmentsHudson2BR,2BA$1.34
PARKWAY ESTATES2 Bedroom 1 Bath2BR,1BA$0.86
Kellogg Place ApartmentsStandard 2 Bed / 1 Bath (875 SF)2BR,1BA$1.37
Forest Hills Apartments1x11BR,1BA$1.12
Hillcrest Apartments2 BR / 1 BA2BR,1BA$1.15
Nordic Villa ApartmentsLoft1BR,1BA$1.18

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

Learn the property manager's true secrets to a zero-deduction move-out. Use this step-by-step guide on documentation, cleaning, and lease-reading to reclaim your security deposit.

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10 Hidden Costs of Renting You Should Budget for Before Signing a Lease

Avoid financial stress when renting. Learn about the 10 most common hidden costs—from pet fees to utilities—you must budget for before you sign a lease.

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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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The Ultimate Long-Distance Moving Checklist: Tips from a Real Estate Pro

Moving is tough, especially long-distance. Learn how to minimize stress & expenses with proven strategies from a real estate pro, covering everything from logistics to finances.

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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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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.

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

Explore La Fayette, IL Rentals by Map

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See the most popular apartments and homes in La Fayette, IL

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Frequently Asked Questions about Cheap La Fayette Apartments

What is the Cheapest Studio apartment in La Fayette?

Currently the most affordable Cheap Studio Apartment in La Fayette is at Hollow Hills listed at $700.

How much is rent for a Cheap One Bedroom La Fayette Apartment?

The lowest price for a Cheap One Bedroom La Fayette Apartment is $825 at Nordic Villa Apartments.

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

Today's best deal for a Cheap Two Bedroom Apartment in La Fayette is starting from $525 at Mayfair Manor.

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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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.