Cheap Apartments for Rent in Lancaster, IL from $300 (45 Rentals)

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

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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Sugar Creek Crossing
1 to 2 Bedroom Apartments

Sugar Creek Crossing

211 Joanie LnRobinson, IL 62454
Senior Living
  • Utilities Included
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SPRING VALLEY FLATS
1 to 2 Bedroom Apartments

SPRING VALLEY FLATS

4400 Spring Valley RdEvansville, IN 47710
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1900 N Willow Rd
1 to 3 Bedroom Apartments

1900 N Willow Rd

1900 N Willow RdEvansville, IN 47711
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Newton Senior Housing
1 to 2 Bedroom Apartments

Newton Senior Housing

201 Eaton StNewton, IL 62448
Senior Living
  • Utilities Included

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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Donaldson Arms
1 to 2 Bedroom Apartments

Donaldson Arms

1407 Howard StEvansville, IN 47713
  • Utilities Included
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Princeton Court
Studio to 2 Bedroom Apartments

Princeton Court

103 Princeton CtEvansville, IN 47715
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Eastland Apartments
1 to 2 Bedroom Apartments

Eastland Apartments

5308 Eden DrEvansville, IN 47715
  • 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.

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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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Lancaster, IL Local Guide

Cheapest Available Lancaster Apartments for Rent and Nearby

 

The cheapest available apartment rental in Lancaster, IL is a 1 Bed unit found at SPRING VALLEY FLATS in the Oakhill neighborhood priced from $599. Southern Meadows Senior Living has the second lowest priced unit, which is a 1 Bed apartment currently listed from $650. Here is today’s list of the most affordable Lancaster apartments for rent:

Apartment ListingModel NameBed/BathPriced From
SPRING VALLEY FLATSThe Redbud1BR,1BA$599
Southern Meadows Senior Living1 Bed Apt1BR,1BA$650
Valoré at Hidden HillsThe Dogwood - One Bedroom Apartment Home1BR,1BA$675
TERRA TRACEThe Dogwood1BR,1BA$749
Foxfire West Apartments1.11BR,1BA$785
Elmdale Apartments1 bed 1 bath1BR,1BA$800
Market Street ApartmentsStudio Apartment Home in Historic BuildingStudio,1BA$820
The Timbers ApartmentsThe Walnut 1 BR 1 BA1BR,1BA$863
Woodbridge PlaceThe Dogwood1BR,1BA$899
Copper Creek TownhomesA-1 Bedroom Ranch1BR,1BA$925

Best Value Apartments for Rent in Lancaster, IL and Nearby

As of June 14, 2026 the best value apartment in the Lancaster area is the $1.18 price per square foot 2 Bedrooms, 2 Bathrooms Model at Nabisco Building in the in the STAR neighborhood starting from $2,199. The second greatest value Lancaster apartment is the Prime Living at Its Finest: Luxurious Stand-Alo... Model at Circle Point Villas starting at $1,650 with a $1.07 price per square foot . Here is today’s list of the best values for Lancaster apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Nabisco Building2 Bedrooms, 2 Bathrooms2BR,2BA$1.18
Circle Point VillasPrime Living at Its Finest: Luxurious Stand-Alo...3BR,2BA$1.07
Apartments@413BR/2.0BA3BR,2BA$1.15
1210 Char Lee Dr2bed2bath2BR,2BA$1.12
Eagle Village - Historical Access4BR/2BA - Furnished4BR,2BA$0.47
North ParkKensington2BR,1.5BA$1.00
Baldwin Heights2 Bedroom2BR,1BA$1.18
Vail Estates ApartmentsTwo Bedroom One Bathroom2BR,1BA$1.10
Mission Viejo VillasB- Barcelona1BR,1BA$1.16
TERRA TRACEThe Dogwood1BR,1BA$1.18

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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Quick Rent Budget Calculator

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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 Lancaster, IL Rentals by Map

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See the most popular apartments and homes in Lancaster, IL

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Frequently Asked Questions about Cheap Lancaster Apartments

What is the Cheapest Studio apartment in Lancaster?

Currently the most affordable Cheap Studio Apartment in Lancaster is at Market Street Apartments listed at $820.

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

The lowest price for a Cheap One Bedroom Lancaster Apartment is $599 at SPRING VALLEY FLATS.

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

Today's best deal for a Cheap Two Bedroom Apartment in Lancaster is starting from $700 at Southern Meadows Senior Living.

What is the most affordable Lancaster Three Bedroom Apartment?

The best deal on a cheap Lancaster Three Bedroom Apartment rental is at Mission Viejo Villas and starts from $1,345.

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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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.

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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.

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Creative Ways Developers Reimagine Retail Spaces as Residential Units

Written by: Robin Stewart

Adaptive reuse is when a commercial property is converted and repurposed. The real estate industry has embraced a growing number of these projects.

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Neighborhood and Market Insights: How to Choose the Right Area to Rent

Written by: Robin Stewart

Apartment-hunting can be a gargantuan task. Renters have a wish list of items—some luxuries, some necessities—but finding what you seek in the right place is perhaps the most important part of the journey.