Cheap Apartments for Rent in the REO Town Neighborhood of Lansing, MI from $400 (91 Rentals)

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Search the lowest-cost Apartments available for rent right now in the REO Town area of Lansing.

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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property at 417 Liberty St

$750 - $875

Studio To 1 Bedroom Rentals

Available Apr 18

417 Liberty St

LansingMI48906

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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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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property at 1030 S Holmes St

$925 - $1,095

Studio To 1 Bedroom Rentals

Available Sep 4

1030 S Holmes St

LansingMI48912
property at 701 W Holmes Rd

$995

Total Monthly Price

Total Monthly Price

Base Rent
$995
Total Monthly Price
$995

3 Bedroom, 1 Bath Home for Rent

Available Apr 15

701 W Holmes Rd

LansingMI48910

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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property at 1007 Mahlon St

$1,095

Total Monthly Price

Total Monthly Price

Base Rent
$1,095
Total Monthly Price
$1,095

2 Bedroom, 1 Bath Home for Rent

Available Jun 15

1007 Mahlon St

LansingMI48906
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916 W Ottawa St
1 to 2 Bedroom Apartments

916 W Ottawa St

916 W Ottawa StLansing, MI 48915
  • Utilities Included
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Somerset Apartments
1 to 2 Bedroom Apartments

Somerset Apartments

1401 W Holmes RdLansing, MI 48910
Senior Living

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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REO Town, Lansing, MI Local Guide

Cheapest Available REO Town Apartments for Rent

 

The cheapest available apartment rental in the REO Town area of Lansing, MI is a 2 Beds unit found at Abigail Senior priced from $475. Walnut Flatz has the second lowest priced unit, which is a 1 Bed apartment currently listed from $700. Here are the most affordable REO Town apartments for rent in Lansing, MI:

Apartment ListingModel NameBed/BathPriced From
Abigail SeniorThe Gertrude 30%2BR,1BA$475
Walnut Flatz1 Bedroom/1 Bath1BR,1BA$700
Reside 30311 BR / 1 Bath1BR,1BA$725
Reside 517 LLC1BR/1.0BA1BR,1BA$750
532 Townsend StTownsend Apartments - One Bedroom1BR,1BA$750
Colonial Place Apartments1 BR / 1 Bath1BR,1BA$750

Best Value Apartments for Rent in REO Town, MI

As of April 13, 2026 the best value apartment in the REO Town area is the $0.27 price per square foot 501 N Walnut St Model at 501 N Walnut St, Unit 1 in the in the Downtown Lansing neighborhood starting from $625. The second greatest value REO Town apartment is the 220 W Oakland Ave Model at 220 W Oakland Ave starting at $1,250 with a $0.78 price per square foot in the North Lansing neighborhood. Here is today’s list of the best values for REO Town apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
501 N Walnut St, Unit 1501 N Walnut St1BR,1BA$0.27
220 W Oakland Ave220 W Oakland Ave3BR,1BA$0.78
Lansing Tower ApartmentsShiawassee2BR,2BA$0.96
Abigail SeniorThe Grace 60%2BR,1BA$0.89
Colonial Place Apartments1 BR / 1 Bath1BR,1BA$0.83
Capitol ParkThe One Bedroom1BR,1BA$1.02
Pennsylvania Flatz1 Bedroom/1 Bath1BR,1BA$1.07
927 W. Shiawassee St. #2-12A * 1BR1BR,1BA$1.07
Holmes Flatz1 Bedroom/1 Bath1BR,1BA$1.08
Walnut Flatz1 Bedroom/1 Bath1BR,1BA$1.00

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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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.

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Lifestyle Ratings

ApartmentHomeLiving.com compares millions of points of data to bring you comprehensive Lifestyle Ratings of neighborhoods, areas, and rental properties across Michigan, including Lansing. LifeStyle Ratings are a useful tool for comparing and sorting apartments and neighborhoods when choosing your rental home. This takes in many factors including rankings of the best places for outdoor amenities like tennis courts, luxury amenities, transit availability, pet-friendly communities, features that make it easier to raise kids, walking, and biking. Find Lifestyle Search in the filter options (above). Happy Searching!

Frequently Asked Questions about Cheap REO Town Apartments

What is a cheap apartment in REO Town?

A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in REO Town is under $750.

What is the price of a cheap apartment in REO Town?

The cheapest apartment in REO Town is Walnut Flatz which is listed at $700, while the average apartment in REO Town costs $2,222.

What types of apartments are the cheapest in REO Town?

Student, low-income, and by-the-bed apartments are typically the cheapest rentals in most cities, though they require qualifying criteria to rent. There are 12 regular apartments in REO Town that we think qualify as ‘cheap apartments’ that do not have special requirements to apply to rent.

How do the prices of cheap apartments compare to the average apartment in REO Town?

Cheap apartments in REO Town have an average cost of $185 which is $2,037 cheaper than the average rent for all rentals in REO Town.

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 What Does “Rent Burdened” Mean? How Much Rent Is Too Much article

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.

decorative image for Maximizing Your Refund: Essential Tax Tips for Renters article

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.