Cheap Apartments for Rent near Lakewood, IL from $500 (55 Rentals)

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

Rent According to Income: A Look at Income-Restricted Rentals

Find income-restricted rentals and housing subsidies. Explore government programs designed to help low-income families secure stable, affordable housing.

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

From theft to fire to water damage, the unexpected can happen to any renter. Discover why renters insurance is one of the smartest and most affordable investments you can make as a tenant.

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

Finding the right apartment starts with three things: location, cost, and amenities. Get the insider perspective from a real estate professional on how to nail all three.

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Water's Edge
Rent Specials
$1,965 - $2,848
Total Monthly Price

Total Monthly Price

Base Rent
$1,965 - $2,848
Total Monthly Price
$1,965 - $2,848
1 to 3 Bedroom Apartments Available Now

Water's Edge

311 Waters Edge DrCrystal Lake, IL 60014
Family Friendly
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Fawn Ridge Apartments
1 to 3 Bedroom Apartments

Fawn Ridge Apartments

1941 N Orleans StMcHenry, IL 60050
  • Utilities Included

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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Taylor Place
1 to 3 Bedroom Apartments

Taylor Place

4103 W Crystal Lake RdMcHenry, IL 60050
  • Utilities Included
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Woodcreek
2 Bedroom Apartments

Woodcreek

11700 Woodcreek EHuntley, IL 60142
  • Utilities Included

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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Showing Results 1-50, Page 1 of 2

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 Cary Horizon 62+ Senior Community in the Arrowhead neighborhood priced from $570. 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
Cary Horizon 62+ Senior Community1 Bedroom - 30-60%1BR,1BA$570
Fawn Ridge ApartmentsValley View1BR,1BA$1,220
Meadowdale Apartments1 Bedroom - 1 Bath 667 sq ft1BR,1BA$1,235
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

Best Value Apartments for Rent in Lakewood, IL and Nearby

As of August 17, 2026 the best value apartment in the Lakewood area is the $1.17 price per square foot Large One Bedroom/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 3 Bedroom Model at The Schoolhouse Apartments starting at $2,200 with a $1.47 price per square foot in the Arrowhead 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 EstatesLarge One Bedroom/Den1BR,2.5BA$1.17
The Schoolhouse Apartments3 Bedroom3BR,2BA$1.47
Oakbrook Estates- Senior 55+ CommunityChampion Single Wide3BR,2BA$1.25
River PlaceResidence #5, 6, 7 and 8 (Plus Den)1BR,2BA$1.82
Residence of Fairway GreensTwo Bed One Bath2BR,1BA$1.88
Cary Horizon 62+ Senior Community2 Bedroom - 60%2BR,1BA$1.56
The Church Street Apartments1 Bedroom1BR,1BA$1.54
311 Barrington Ave Lofts1 Bed Room1BR,1BA$1.75
Fawn Ridge ApartmentsValley View1BR,1BA$1.81
Meadowdale Apartments1 Bedroom - 1 Bath 667 sq ft1BR,1BA$1.85

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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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.

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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

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 $570 at Cary Horizon 62+ Senior Community.

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 $1,347 at Fawn Ridge Apartments.

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

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Rent According to Income: A Look at Income-Restricted Rentals

Written by: Robin Stewart

The idea of affordable housing can be subjective. Every individual is in a different place financially and vocationally. What one may easily afford could be a struggle for someone else.

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First Apartment Regrets: Real Renters Share What They'd Do Differently

Written by: Robin Stewart

Hindsight is 20/20. Live and Learn. With age comes wisdom. We’re familiar with all those expressions, and all of them apply to lessons first-time renters learn.

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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.

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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.