Cheap Apartments for Rent near La Fayette, IL from $400 (32 Rentals)

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

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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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
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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

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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Elm Haven
1 to 2 Bedroom Apartments

Elm Haven

101 N Rose StElmwood, IL 61529
Senior Living

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 1-32, 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 $550. PARKWAY ESTATES has the second lowest priced unit, which is a 2 Beds apartment currently listed from $805. Here is today’s list of the most affordable La Fayette apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Mayfair Manor2x12BR,1BA$550
PARKWAY ESTATES2 Bedroom 1 Bath2BR,1BA$805
Willow Knolls ApartmentsStudio / 1 BathStudio,1BA$825
Hollow Hills ApartmentsStudio / 1 Bath (518 sqft)Studio,1BA$825
The Village on UniversityKing Remodel at Village NorthStudio,1BA$855
Nordic Villa ApartmentsLoft1BR,1BA$875
Versailles ApartmentsTradition - 1BR / 1BA1BR,1BA$880
Haymeadow ApartmentsSpringhouse1BR,1BA$949
Forest Hills Apartments1x11BR,1BA$950
The Grove ApartmentsStandard 1 Bed / 1 Bath1BR,1BA$975

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

As of August 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
Camden Hills Apartments2 Bedroom, 2 Bath2BR,2BA$1.23
Dunlap Falls ApartmentsHudson2BR,2BA$1.34
PARKWAY ESTATES2 Bedroom 1 Bath2BR,1BA$0.86
Nordic Villa ApartmentsTownhouse2BR,1.5BA$1.28
Hillcrest Apartments2 BR / 1 BA2BR,1BA$1.15
Forest Hills Apartments1x11BR,1BA$1.12
Versailles ApartmentsHamlet - 1BR / 1BA1BR,1BA$1.13
Haymeadow ApartmentsSpringhouse1BR,1BA$1.32

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!

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 Willow Knolls Apartments listed at $825.

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

The lowest price for a Cheap One Bedroom La Fayette Apartment is $875 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 $550 at Mayfair Manor.

What is the most affordable La Fayette Three Bedroom Apartment?

The best deal on a cheap La Fayette Three Bedroom Apartment rental is at The Grove Apartments and starts from $1,475.

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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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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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.

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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.