Cheap Apartments for Rent in Lakewood, IL from $500 (29 Rentals)

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

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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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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property at 300 Pauline Ave

$1,275

Total Monthly Price

Total Monthly Price

Base Rent
$1,275
Total Monthly Price
$1,275

1 Bedroom, 1 Bath Home for Rent

Available Now

300 Pauline Ave

Crystal LakeIL60014
property at 1375 Cunat Ct

$1,395

1 Bedroom Rentals

Available Jun 12

1375 Cunat Ct

Lake In The HillsIL60156

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 1-29, Page 1 of 1

Lakewood, IL Local Guide

Cheapest Available Lakewood Apartments for Rent and Nearby

 

The cheapest available apartment rental in Lakewood, IL is a 1 Bed unit found at Silver Creek Apartments in the Bull Valley Golf Club neighborhood priced from $1,149. Fawn Ridge Apartments in the Lincoln Hills neighborhood has the second lowest priced unit, which is a 1 Bed apartment currently listed from $1,220. Here is today’s list of the most affordable Lakewood apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Silver Creek Apartments1 Bedroom1BR,1BA$1,149
Fawn Ridge ApartmentsValley View1BR,1BA$1,220
Meadowdale Apartments1 Bedroom - 1 Bath 667 sq ft1BR,1BA$1,235
Willow BrookeOne Bedroom1BR,1BA$1,280
The Cornell Luxury ApartmentsStudio1BR,1BA$1,300
Patriot Prairie of Woodstock2X12BR,1BA$1,375
200 S Lincoln1BD/1BA1BR,1BA$1,400
311 Barrington Ave Lofts1 Bed Room1BR,1BA$1,550
Eden Prairie Apartments1 Bed 1 Bath Renovated Ground Level1BR,1BA$1,550
Crystal Lake Apartments1 Bedroom1BR,1BA$1,635

Best Value Apartments for Rent in Lakewood, IL and Nearby

As of May 19, 2026 the best value apartment in the Lakewood area is the $1.67 price per square foot 3 Bedroom Model at The Schoolhouse Apartments in the in the Arrowhead neighborhood starting from $2,500. The second greatest value Lakewood apartment is the 2Bed/2Bath Bonus Model at The Paths of Walnut Ridge starting at $1,810 with a $1.35 price per square foot in the Bryn Mawr neighborhood. Here is today’s list of the best values for Lakewood apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
The Schoolhouse Apartments3 Bedroom3BR,2BA$1.67
The Paths of Walnut Ridge2Bed/2Bath Bonus2BR,2BA$1.35
Oakbrook Estates- Senior 55+ CommunityChampion Single Wide3BR,2BA$1.42
River PlaceResidence #5, 6, 7 and 8 (Plus Den)1BR,2BA$1.82
WoodcreekApt B2BR,2BA$1.60
Darlington Court ApartmentsTwo Bedroom/ One and 1/2 Bath2BR,1.5BA$1.80
311 Barrington Ave Lofts1 Bed Room1BR,1BA$1.75
Patriot Prairie of Woodstock2X12BR,1BA$1.79
Silver Creek Apartments1 Bedroom1BR,1BA$1.70
Fawn Ridge ApartmentsValley View1BR,1BA$1.81

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!

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Frequently Asked Questions about Cheap Lakewood Apartments

How much is rent for a Cheap One Bedroom Lakewood Apartment?

The lowest price for a Cheap One Bedroom Lakewood Apartment is $1,149 at Silver Creek Apartments.

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

Today's best deal for a Cheap Two Bedroom Apartment in Lakewood is starting from $1,375 at Patriot Prairie of Woodstock.

What is the most affordable Lakewood Three Bedroom Apartment?

The best deal on a cheap Lakewood Three Bedroom Apartment rental is at Oakbrook Estates- Senior 55+ Community and starts from $1,700.

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

decorative image for A Seasoned Property Manager's Step-by-Step Guide to Getting Your Deposit Back article

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.