Cheap Apartments for Rent in Lakewood, IL from $500 (39 Rentals)

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

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 654 Eletson Dr

$1,350

Total Monthly Price

Total Monthly Price

Base Rent
$1,350
Total Monthly Price
$1,350

2 Bedroom, 1 Bath Home for Rent

Available Now

654 Eletson Dr

Crystal LakeIL60014

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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Springs at Three Oaks
Rent Specials
$1,659 - $3,914
Total Monthly Price

Total Monthly Price

Base Rent
$1,505 - $3,760
Required Monthly Fees
Varies
Total Monthly Price
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Studio to 3 Bedroom Apartments Available Now

Springs at Three Oaks

1131 Central Park DrCrystal Lake, IL 60014
Family Friendly
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  • Customer Reviewed
  • 3D Tour

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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Reserve Randall Road
$1,706 - $4,601
Total Monthly Price

Total Monthly Price

Base Rent
$1,665 - $4,560
Required Monthly Fees
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Total Monthly Price
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Studio to 3 Bedroom Apartments Available Now

Reserve Randall Road

400 Randall RdWest Dundee, IL 60118
Luxury
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  • Customer Reviewed
  • 3D Tour

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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Showing Results 1-39, 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 Willow Brooke in the Savanna Grove neighborhood priced from $1,240. Patriot Prairie of Woodstock in the Savanna Grove neighborhood has the second lowest priced unit, which is a 2 Beds apartment currently listed from $1,375. Here is today’s list of the most affordable Lakewood apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Willow BrookeOne Bedroom1BR,1BA$1,240
Patriot Prairie of Woodstock2X12BR,1BA$1,375
200 S Lincoln1BD/1BA1BR,1BA$1,400
Eden Prairie Apartments1 Bed 1 Bath Ground Level1BR,1BA$1,440
Meadowdale Apartments2 Bedroom 1 Bath 810 sq ft2BR,1BA$1,450
Darlington Court Apartmentsone bed/one bath1BR,1BA$1,477
311 Barrington Ave Lofts1 Bed Room1BR,1BA$1,550
Randall VillageThe Chagall1BR,1BA$1,615
WoodcreekApt B2BR,2BA$1,630
Crystal Lake Apartments1 Bedroom1BR,1BA$1,635

Best Value Apartments for Rent in Lakewood, IL and Nearby

As of April 04, 2026 the best value apartment in the Lakewood area is the $1.47 price per square foot One bedroom/long den Model at The Villas At Patriot Estates in the in the Lincoln Hills neighborhood starting from $1,972. The second greatest value Lakewood apartment is the Champion Single Wide Model at Oakbrook Estates- Senior 55+ Community starting at $1,700 with a $1.42 price per square foot in the East Suburban McHenry 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 Villas At Patriot EstatesOne bedroom/long den1BR,2.5BA$1.47
Oakbrook Estates- Senior 55+ CommunityChampion Single Wide3BR,2BA$1.42
Brandy Drive ApartmentsPlan B2BR,1.5BA$1.73
River PlaceResidence #5, 6, 7 and 8 (Plus Den)1BR,2BA$1.82
WoodcreekApt B2BR,2BA$1.55
Residence of Fairway Greenstwo bed one snd one half bath2BR,1.5BA$1.81
311 Barrington Ave Lofts1 Bed Room1BR,1BA$1.75
Patriot Prairie of Woodstock2X12BR,1BA$1.79
Meadowdale Apartments2 Bedroom 1 Bath 810 sq ft2BR,1BA$1.79
Willow BrookeOne Bedroom1BR,1BA$1.84

10 Hidden Costs of Renting You Should Budget for Before Signing a Lease

Avoid financial stress when renting. Learn about the 10 most common hidden costs—from pet fees to utilities—you must budget for before you sign a lease.

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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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The Ultimate Long-Distance Moving Checklist: Tips from a Real Estate Pro

Moving is tough, especially long-distance. Learn how to minimize stress & expenses with proven strategies from a real estate pro, covering everything from logistics to finances.

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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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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 Lakewood, IL Rentals by Map

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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 $1,240 at Willow Brooke.

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

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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.

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18 Must-Ask Rental Tour Questions That Reveal the Truth about a Property

Written by: Lauren Harrington

Renting your next home can feel thrilling and overwhelming at the same time.

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A Renters Guide for Tips on Writing Your Notice for Not Renewing Your Apartment

Written by: Bob Mallory

Packing up everything you own to move is so stressful for many that ending your apartment lease can feel like a small or unimportant task. Ending your lease involves more than simply turning over your keys on the last day.

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Renting with Roommates: Realistic Expectations for Shared Lease

Written by: Christine Leonard, Esq.

Given the high costs for housing, I have found that many people are looking for a roommate to share expenses. These arrangements can increase opportunities for more desirable and larger spaces.