Cheap Apartments for Rent in the Shepard Street Area Lansing, MI from $500 (95 Rentals)

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Search the lowest-cost Apartments available for rent right now in the Shepard Street Area area of Lansing.

property at 123 S Francis Ave

$750

Total Monthly Price

Total Monthly Price

Base Rent
$750
Total Monthly Price
$750

3 Bedroom, 2 Bath Home for Rent

Available Jul 31

123 S Francis Ave

LansingMI48912

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Coolidge Arms
1 to 2 Bedroom Apartments

Coolidge Arms

921 Coolidge RdLansing, MI 48912
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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

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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Riverwalk Apartments
3 Bedroom Apartments

Riverwalk Apartments

232 S Clippert StLansing, MI 48912
Student Housing
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Riverfront Towers
1 to 2 Bedroom Apartments

Riverfront Towers

601 N Cedar StLansing, MI 48912
Senior Living
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Capital Manor
Studio to 2 Bedroom Apartments

Capital Manor

515-524 S Chestnut StLansing, MI 48933
Corporate Housing
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Midtown Apartments
Studio to 1 Bedroom Apartments

Midtown Apartments

224 W Kalamazoo StLansing, MI 48933
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Walnut Flatz
1 to 2 Bedroom Apartments

Walnut Flatz

826 N Walnut StLansing, MI 48906
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Chestnut Flatz
Studio to 1 Bedroom Apartments

Chestnut Flatz

1216 N Chestnut StLansing, MI 48906
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319 E Hillsdale
1 to 2 Bedroom Apartments

319 E Hillsdale

319 E Hillsdale StLansing, MI 48933
  • 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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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 1 Bed unit found at Reside 517 LLC priced from $675. 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
Reside 517 LLC1BR/1.0BA1BR,1BA$675
Walnut Flatz1 Bedroom/1 Bath1BR,1BA$700
Pennsylvania Flatz1 Bedroom/1 Bath1BR,1BA$750
927 W. Shiawassee St. #2-12A * 1BR1BR,1BA$750
Shiawassee ApartmentsShiawassee Apartments - StudioStudio,1BA$750
Colonial Place Apartments1 BR / 1 Bath1BR,1BA$750
Shiawassee Apartments1 BR / 1 Bath1BR,1BA$775
Capitol ParkThe One Bedroom1BR,1BA$807
Captain's Walk Apartments1 Beds, 1 Baths1BR,1BA$850

Best Value Apartments for Rent in Shepard Street Area, MI

As of July 22, 2026 the best value apartment in the Shepard Street Area area is the $0.26 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 $595. The second greatest value Shepard Street Area apartment is the 609 Bluff St Model at 609 Bluff St starting at $1,400 with a $0.82 price per square foot in the North Lansing 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$0.26
609 Bluff St609 Bluff St3BR,1BA$0.82
433 N Seymour St3 Beds, 1 Baths3BR,1BA$1.12
Kimberly House Apartments2 Beds, 1 bath2BR,1BA$0.91
Brentwood Apartments (460 Silver LLC)Brentwood Apartments - Two Bedroom *FREE FIRST ...2BR,1BA$1.08
Colonial Place Apartments1 BR / 1 Bath1BR,1BA$0.83
Capitol ParkThe One Bedroom1BR,1BA$1.02
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

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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Best Local Schools in
Shepard Street Area, Lansing, MI

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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 $850.

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

The cheapest apartment in Shepard Street Area is Reside 517 LLC which is listed at $675, while the average apartment in Shepard Street Area costs $1,705.

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 21 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 $516 which is $1,189 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

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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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Apartment Occupancy Rates: Renter Attraction vs Renter Retention

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