Cheap Apartments for Rent in the Downtown Lake Forest Neighborhood of Lake Forest, IL from $1,300 (17 Rentals)

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

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723 N McKinley Rd
3 Bedroom Apartments

723 N McKinley Rd

723 N McKinley RdLake Forest, IL 60045

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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Smart Renter's Guide: Calculating Affordable Rent & Housing Costs

Wondering how to determine your rental budget? This comprehensive guide covers everything from the 30% rule to hidden fees and effective budgeting strategies.

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Navigating the Rental Market: Tips for First-Time Renters

Entering the rental market? Learn these simple tips and strategies to avoid common pitfalls and make confident choices. Rent with peace of mind.

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3556 Western Ave
2 Bedroom Apartments

3556 Western Ave

3556 Western AveHighland Park, IL 60035
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213 Leonard Wood
2 to 5 Bedroom Apartments

213 Leonard Wood

213 Leonard WoodHighland Park, IL 60035
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Downtown Lake Forest, Lake Forest, IL Local Guide

Cheapest Available Downtown Lake Forest Apartments for Rent

 
Apartment ListingModel NameBed/BathPriced From
Deer Valley ApartmentsTwo BR Premium Renovation2BR,2BA$2,589
The Residences at Amberley WoodsM2BR,2BA$5,200

Best Value Apartments for Rent in Downtown Lake Forest, IL

As of May 29, 2025 the best value apartment in the Downtown Lake Forest area is the $2.46 price per square foot M Model at The Residences at Amberley Woods in the in the Downtown Lake Forest neighborhood starting from $5,200. The second greatest value Downtown Lake Forest apartment is the Two BR Premium Renovation Model at Deer Valley Apartments starting at $2,589 with a $2.47 price per square foot in the Downtown Lake Forest neighborhood. Here is today’s list of the best values for Downtown Lake Forest apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
The Residences at Amberley WoodsM2BR,2.5BA$2.46
Deer Valley ApartmentsTwo BR Premium Renovation2BR,2BA$2.47

Quick Rent Budget Calculator

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Pet Friendly Lifestyle
Downtown Lake Forest, Lake Forest, IL

Ranked #1

Among neighborhoods in Lake Forest, IL for Apartment listings with Pet Friendly Amenities

Pet Friendliness Lifestyle Score

4.0
Pet Friendly

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Best Local Schools in
Downtown Lake Forest, Lake Forest, IL

School data provided by Great Schools

Frequently Asked Questions about Cheap Downtown Lake Forest Apartments

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

Today's best deal for a Cheap Two Bedroom Apartment in Downtown Lake Forest is starting from $2,589 at Deer Valley Apartments.

Expert Rental Resources

Helpful Apartment Articles, How-To's and Tips

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.

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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The Art of the Rental Viewing: What to look for during a property tour

Written by: Marie Brown

You’ve scrolled through countless listings, walked through a blur of rentals, and finally found what feels like the one. The pictures? Fantastic. The neighborhood seems just right.

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Know Your Budget: Calculating What You Can Realistically Afford When Renting

Written by: Lauren Harrington

Renting an apartment or house isn’t just about looking through online ads, choosing a few apartments or homes you want to tour, filling out an application, and putting down a deposit. Those things are all necessary and important.

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The Freedom of Short-Term Leases: Exploring the Advantages for Renters

Written by: Bobbi Jackson

If you’re looking to relocate right now, a popular solution that may best fit your current rental needs is a short-term lease.