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

How Many Bedrooms?Done
Select your price rangeDone
to
Note: Properties with the Total Monthly Price badge include all required fees. Hover over the badge for details.
Lifestyle Matching SearchDone
Learn more about Lifestyle Search
By AmenitiesDone
By Community TypeDone
Features and AvailabilityDone
Done

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.

Read Article

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.

Read Article

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.

Read Article
property at 93 Elmhurst St

$1,790 - $1,990

2 To 3 Bedroom Rentals

Available Now

93 Elmhurst St

Crystal LakeIL60014
close
View Me
Fawn Ridge Apartments
1 to 3 Bedroom Apartments

Fawn Ridge Apartments

1941 N Orleans StMcHenry, IL 60050
  • Utilities Included
property at 31 Green Oaks Dr

$1,600

Total Monthly Price

Total Monthly Price

Base Rent
$1,600
Total Monthly Price
$1,600

2 Bedroom, 1 Bath Home for Rent

Available Now

31 Green Oaks Dr

Crystal LakeIL60014
close
View Me
Taylor Place
1 to 3 Bedroom Apartments

Taylor Place

4103 W Crystal Lake RdMcHenry, IL 60050
  • Utilities Included

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.

Read Article
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 McHenry Commons in the Lincoln Hills neighborhood priced from $576. Fawn Ridge Apartments in the Lincoln Hills neighborhood has the second lowest priced unit, which is a 1 Bed apartment currently listed from $1,273. Here is today’s list of the most affordable Lakewood apartments for rent:

Apartment ListingModel NameBed/BathPriced From
McHenry CommonsSugar Maple - 30% AMI1BR,1BA$576
Fawn Ridge ApartmentsSummit Plus1BR,1BA$1,273
Willow BrookeOne Bedroom1BR,1BA$1,280
Patriot Prairie of WoodstockSTUDIOStudio,1BA$1,350
200 S Lincoln1BD/1BA1BR,1BA$1,400
The Church Street Apartments1 Bedroom1BR,1BA$1,400
Eden Prairie Apartments1 Bed 1 Bath Ground Level1BR,1BA$1,415
Darlington Court ApartmentsOne bed One bath1BR,1BA$1,477
Oakbrook Estates- Senior 55+ CommunityChampion Single Wide3BR,2BA$1,500
311 Barrington Ave Lofts1 Bed Room1BR,1BA$1,550

Best Value Apartments for Rent in Lakewood, IL and Nearby

As of July 03, 2026 the best value apartment in the Lakewood area is the $1.25 price per square foot Champion Single Wide Model at Oakbrook Estates- Senior 55+ Community in the in the Fox Trails neighborhood starting from $1,500. The second greatest value Lakewood apartment is the Pinnacle II Model at Skyridge Club Apartments starting at $2,147 with a $1.84 price per square foot in the Park Place 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.
Oakbrook Estates- Senior 55+ CommunityChampion Single Wide3BR,2BA$1.25
Skyridge Club ApartmentsPinnacle II2BR,2BA$1.84
River PlaceResidence #5, 6, 7 and 8 (Plus Den)1BR,2BA$1.82
WoodcreekApt B2BR,2BA$1.60
Residence of Fairway GreensTwo bed One Bath2BR,1BA$1.88
Crystal Lake Apartments2 Bedroom Townhome with Firepl2BR,1BA$1.96
311 Barrington Ave Lofts1 Bed Room1BR,1BA$1.75
McHenry CommonsSugar Maple - 60% AMI1BR,1BA$1.70
Fawn Ridge ApartmentsSummit Plus1BR,1BA$1.78
Willow BrookeOne Bedroom1BR,1BA$1.90

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.

Read Article
Decorative image

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.

Read Article
Decorative image

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.

decorative image of people with a giant lease agreement

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

Explore Lakewood, IL Rentals by Map

Decorative image of map

See the most popular apartments and homes in Lakewood, IL

View Map
Lakewood, IL Apartments Map
View Map
Lakewood, IL Rental Homes Map

Frequently Asked Questions about Cheap Lakewood Apartments

What is the Cheapest Studio apartment in Lakewood?

Currently the most affordable Cheap Studio Apartment in Lakewood is at Patriot Prairie of Woodstock listed at $1,350.

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

The lowest price for a Cheap One Bedroom Lakewood Apartment is $576 at McHenry Commons.

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 $1,500.

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 Renters Insurance 101: What It Is, What It Covers, and Why You Need It article

Renters Insurance 101: What It Is, What It Covers, and Why You Need It

Written by: Robin Stewart

Insurance seems to be a part of life. In some states, having insurance is the law, as is the case for automobile insurance. Renters are no exception.

decorative image for Apartment Occupancy Rates: Renter Attraction vs Renter Retention article

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.

decorative image for How I Find the Perfect Rental for My Clients: A Real Estate Pro's Guide article

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.

decorative image for Pet-Friendly Renting: Everything You Need to Know Before You Move article

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.