Cheap Apartments for Rent in the Shepard Street Area Lansing, MI from $400 (105 Rentals)

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Search the lowest-cost Apartments available for rent right now in the Shepard Street Area 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 Now

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 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

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 1828 Davis Ave

$1,150

Total Monthly Price

Total Monthly Price

Base Rent
$1,150
Total Monthly Price
$1,150

2 Bedroom, 1 Bath Home for Rent

Available Now

1828 Davis Ave

LansingMI48910
property at 117 S Homer St

$1,195

Total Monthly Price

Total Monthly Price

Base Rent
$1,195
Total Monthly Price
$1,195

2 Bedroom, 1 Bath Home for Rent

Available Now

117 S Homer St

LansingMI48912

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 1-50, Page 1 of 3

Shepard Street Area, Lansing, MI Local Guide

Cheapest Available Shepard Street Area Apartments for Rent

 

The cheapest available apartment rental in the Shepard Street Area 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 Shepard Street Area 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
Townsend Apartment ( Reo Vincent Townsend Apartment LLC)Townsend Apartments - One Bedroom1BR,1BA$750
Pennsylvania Flatz1 Bedroom/1 Bath1BR,1BA$750
927 W. Shiawassee St. #2-12A * 1BR1BR,1BA$750
Colonial Place Apartments1 BR / 1 Bath1BR,1BA$750
Reside 517 LLC1BR/1.0BA1BR,1BA$750

Best Value Apartments for Rent in Shepard Street Area, MI

As of April 21, 2026 the best value apartment in the Shepard Street Area 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 Shepard Street Area apartment is the 4 BEDROOM/4 BATHROOM - D1 Model at Skyvue MI starting at $875 with a $0.65 price per square foot in the Square One neighborhood. Here is today’s list of the best values for Shepard Street Area 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
Skyvue MI4 BEDROOM/4 BATHROOM - D14BR,4BA$0.65
Lansing Tower ApartmentsShiawassee2BR,2BA$0.96
Campus Village-E. Lansing3 Bedroom 3 Bathroom3BR,3BA$0.85
Abigail SeniorThe Grace 60%2BR,1BA$0.89
Brentwood Apartments (460 Silver LLC)Brentwood Apartments - Two Bedroom *FREE FIRST ...2BR,1BA$1.08
Colonial Place Apartments1 BR / 1 Bath1BR,1BA$0.83
Walnut Flatz1 Bedroom/1 Bath1BR,1BA$1.00
Pennsylvania Flatz1 Bedroom/1 Bath1BR,1BA$1.07
927 W. Shiawassee St. #2-12A * 1BR1BR,1BA$1.07

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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Best Local Schools in
Shepard Street Area, Lansing, MI

School data provided by Great Schools

Lifestyle Ratings

ApartmentHomeLiving brings you comprehensive Lifestyle Ratings of rentals and neighborhoods across the USA, including Shepard Street Area, Lansing, and the greater Lansing area. LifeStyle Ratings are a useful tool for comparing and sorting apartments and neighborhoods when choosing your rental home. This takes in many factors including filtering automatically for convenient access to the outdoors, luxury housing options, kid and pet-friendly communities, availability of transit options, and much more. Use Lifestyle Search in the site filter options on this page - and find your Perfect place!

Frequently Asked Questions about Cheap Shepard Street Area Apartments

What is a cheap apartment in Shepard Street Area?

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

What is the price of a cheap apartment in Shepard Street Area?

The cheapest apartment in Shepard Street Area is Walnut Flatz which is listed at $700, while the average apartment in Shepard Street Area costs $1,985.

What types of apartments are the cheapest in Shepard Street Area?

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 45 regular apartments in Shepard Street Area 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 Shepard Street Area?

Cheap apartments in Shepard Street Area have an average cost of $510 which is $1,475 cheaper than the average rent for all rentals in Shepard Street Area.

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.

decorative image for 18 Must-Ask Rental Tour Questions That Reveal the Truth about a Property article

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.

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

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.