Cheap Apartments for Rent in Lake Mills, IA from $400 (31 Rentals)

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

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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528 N Grant St
2 to 3 Bedroom Apartments

528 N Grant St

528 N Grant StBlue Earth, MN 56013
  • Utilities Included

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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909 E Vine St
1 Bedroom Apartments

909 E Vine St

909 Vine St EOwatonna, MN 55060
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Lake Mills, IA Local Guide

Cheapest Available Lake Mills Apartments for Rent and Nearby

 

The cheapest available apartment rental in Lake Mills, IA is a Studio unit found at Shalom Tower II priced from $405. Key Apartments has the second lowest priced unit, which is a Studio apartment currently listed from $450. Here is today’s list of the most affordable Lake Mills apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Shalom Tower IITower I EfficiencyStudio,1BA$405
Key ApartmentsEfficiencyStudio,1BA$450
Burt 18-Unit (Countryside Properties)1 Bedroom1BR,1BA$450
City Center Kent ApartmentsStudio1BR,1BA$495
18 S Adams AveOne Bedroom1BR,1BA$525
Key West ApartmentsStudioStudio,1BA$550
CityView ApartmentsStudioStudio,1BA$625
Skye Lofts Apartments1 Bedroom Unit1BR,1BA$790
The River Apartments & TownhomesStudio ApartmentStudio,1BA$855
Pilgrim Place Senior Housing (62+)Studio - Rent Based on IncomeStudio,1BA$896

Best Value Apartments for Rent in Lake Mills, IA and Nearby

As of May 27, 2025 the best value apartment in the Lake Mills area is the $1.36 price per square foot 2 Bedroom w/ Den Model at Skye Lofts Apartments in the starting from $1,900. The second greatest value Lake Mills apartment is the 2B 999 sq.ft. Model at Park Plaza Apartments starting at $1,400 with a $1.40 price per square foot in the Downtown Owatonna neighborhood. Here is today’s list of the best values for Lake Mills apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Skye Lofts Apartments2 Bedroom w/ Den2BR,1BA$1.36
Park Plaza Apartments2B 999 sq.ft.2BR,1BA$1.40
The Meadows2 Bedroom 1 Bath2BR,1BA$1.17
201 Pilgrim St2 Bedroom2BR,2BA$1.08
Irish Hospital ApartmentsUnit 12BR,1BA$1.35
Lincoln Apartments LLCApt. 172BR,1BA$1.36
City Center Kent Apartments1 Bedroom1BR,1BA$0.74
Shalom Tower IITower II - One Bedroom1BR,1BA$0.70
Webster ApartmentsApt. 102BR,1BA$1.36
18 S Adams AveOne Bedroom1BR,1BA$0.95

Quick Rent Budget Calculator

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

Explore Lake Mills, IA Rentals by Map

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See the most popular apartments and homes in Lake Mills, IA

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Getting Around Lake Mills, IA

Walk Score®

46 / 100

Car-Dependent

Most errands require a car

Bike Score®

54 / 100

Bikeable

Some bike infrastructure

What Are Walk Score®, Transit Score®, and Bike Score® Ratings?

  • Walk Score® measures the walkability of any address.
  • Transit Score® measures access to public transit.
  • Bike Score® measures the bikeability of any address.

Frequently Asked Questions about Cheap Lake Mills Apartments

What is the Cheapest Studio apartment in Lake Mills?

Currently the most affordable Cheap Studio Apartment in Lake Mills is at Shalom Tower II listed at $405.

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

The lowest price for a Cheap One Bedroom Lake Mills Apartment is $450 at Burt 18-Unit (Countryside Properties).

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

Today's best deal for a Cheap Two Bedroom Apartment in Lake Mills is starting from $650 at Burt 18-Unit (Countryside Properties).

What is the most affordable Lake Mills Three Bedroom Apartment?

The best deal on a cheap Lake Mills Three Bedroom Apartment rental is at Northern Place Apartments and starts from $1,125.

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.

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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.

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Navigating the Rental Market: Tips for First-Time Renters

Written by: Sandy Baker

Making the decision to rent is exciting and terrifying at the same time. For many people, there are a lot of unknowns.