Cheap Apartments for Rent in Lake Forest, IL from $1,100 (27 Rentals)

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

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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property at 503 Basil Rd

$1,895

2 Bedroom, 1 Bath Home for Rent

Available Jul 1

503 Basil Rd

Lake BluffIL60044

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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property at 1250 Park Ave W

$2,500

Total Monthly Price

Total Monthly Price

Base Rent
$2,500
Total Monthly Price
$2,500

2 Bedroom, 2 Bath Condo for Rent

Available Jul 1

1250 Park Ave W, Unit 408

1250 Park Ave W
Highland ParkIL60035

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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Showing Results 1-27, Page 1 of 1

Lake Forest, IL Local Guide

Photo of Justin Habersaat - Editing Staff
Written By:
Justin Habersaat
Editing Staff

Cheapest Available Lake Forest Apartments for Rent

 

The cheapest available apartment rental in Lake Forest, IL is a Studio unit found at 548-552 Sheridan Rd in the Fort Sheridan neighborhood priced from $1,600. Arrive North Shore in the Fort Sheridan neighborhood has the second lowest priced unit, which is a 1 Bed apartment currently listed from $1,759. Here is today’s list of the most affordable Lake Forest apartments for rent:

Apartment ListingModel NameBed/BathPriced From
548-552 Sheridan RdStudioStudio,1BA$1,600
Arrive North ShorePalmer1BR,1BA$1,759
HIGHPOINT Highwood Station 5461 Bed 1 Bath1BR,1BA$2,019
Forest Pointe ApartmentsB22BR,2BA$2,261
Deer Valley ApartmentsTwo Bedroom2BR,2BA$2,278
HIGHPOINT Highwood Station 4402 Bed 2 Bath2BR,2BA$2,752

Best Value Apartments for Rent in Lake Forest, IL

As of June 18, 2026 the best value apartment in the Lake Forest area is the $1.75 price per square foot 350 Prairie Ave Model at 350 Prairie Ave, Unit A in the in the Briergate Station neighborhood starting from $2,100. The second greatest value Lake Forest apartment is the 2 Bed 2 Bath Model at HIGHPOINT Highwood Station 440 starting at $2,752 with a $2.59 price per square foot in the Fort Sheridan neighborhood. Here is today’s list of the best values for Lake Forest apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
350 Prairie Ave, Unit A350 Prairie Ave3BR,1BA$1.75
HIGHPOINT Highwood Station 4402 Bed 2 Bath2BR,2BA$2.59
Deer Valley ApartmentsTwo Bedroom2BR,2BA$2.17
Forest Pointe ApartmentsB12BR,2BA$2.73
HIGHPOINT Highwood Station 5461 Bed 1 Bath1BR,1BA$2.66
Arrive North ShoreAshland1BR,1BA$3.11
548-552 Sheridan RdStudioStudio ,1BA$3.20

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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Best Neighborhoods to Rent in Near Chicago's Top Employers: A Guide for Renters

A Local Expert's Guide to The 10 Best Chicago Neighborhoods near Major Local Employers. Find your perfect Chicago, IL apartment, condo, or rental home today at ApartmentHomeLiving.com

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A Local Expert's Top Student Friendly Neighborhoods to Rent Near Colleges in Chicago

A Local Expert's guide to the Best Student Friendly Neighborhoods Near Colleges in the Chicago, IL metro area for affordable living. Find your perfect Chicago Student apartment, condo, or rental home today at ApartmentHomeliving.com

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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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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.

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Lake Forest Overview

A scenic, luxurious locale situated along the banks of Lake Michigan, Lake Forest is a prime real estate option within the Chicago metro region. Offering stunning views and a myriad of upper-tier amenities, this is one Illinois hot spot that is in demand with good cause.

Why live in Lake Forest, IL?

Home to a number of employers in the health care field, as well as a huge assortment of amenities, schools and retail shopping, Lake Forest is truly a gem of the great state of Illinois. Effortlessly combining natural scenery with distinct, stylish architectural flair, Lake Forest is a must-consider for anyone yearning for a higher caliber of living.

Best Local Schools in
Lake Forest, IL

School data provided by Great Schools

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

Explore Lake Forest, IL Rentals by Map

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

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Frequently Asked Questions about Cheap Lake Forest Apartments

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

The lowest price for a Cheap One Bedroom Lake Forest Apartment is $1,759 at Arrive North Shore.

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

Today's best deal for a Cheap Two Bedroom Apartment in Lake Forest is starting from $2,109 at Arrive North Shore.

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.

Helpful Local Expert Guides

decorative image for A Local Expert’s Guide To 10 Budget-Friendly Neighborhoods to Rent in Chicago article

A Local Expert’s Guide To 10 Budget-Friendly Neighborhoods to Rent in Chicago

Written by: Nicole Harms

I’m Nicole, your ApartmentHomeLiving.com Local Expert for Chicago, IL. As a resident of the Chicago area for over 20 years, I’ve learned which neighborhoods are great and which are best avoided.

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Top Student Friendly Neighborhoods to Rent Near Colleges in Chicago

Written by: Nicole Harms

With world-class museums lining its streets, Chicago is a place people go to learn. It’s not surprising, therefore, that it’s also home to multiple colleges and universities with national and global reputations.

decorative image for Best Neighborhoods to Rent in Near Chicago's Top Employers article

Best Neighborhoods to Rent in Near Chicago's Top Employers

Written by: Nicole Harms

Whenever life takes me into the city, I’m always impressed with the sheer amount of industry and commerce that it holds. With all of that commerce comes a wide range of employment options.

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Explore the Windy City (But Watch for Falling Ice) - An Insider's Guide to Renting in Chicago

Written by: Nicole Harms

From Lake Shore Drive to the O’Hare Airport, the city of Chicago is a study in diversity, resilience, and culture.

Articles, How-To's, and Tips

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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.

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Creative Ways Developers Reimagine Retail Spaces as Residential Units

Written by: Robin Stewart

Adaptive reuse is when a commercial property is converted and repurposed. The real estate industry has embraced a growing number of these projects.