Cheap Apartments for Rent near Lily Lake, IL from $1,175 (44 Rentals)

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

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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39 Surrey Dr
Studio to 3 Bedroom Apartments

39 Surrey Dr

51 Surrey DrElgin, IL 60123
  • Utilities Included
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Elgin Tower Lofts
1 to 2 Bedroom Apartments

Elgin Tower Lofts

100 E Chicago StElgin, IL 60120
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Firethorne
2 Bedroom Apartments

Firethorne

1350 Brook StSt. Charles, IL 60174

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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Ashford at Geneva
1 to 2 Bedroom Apartments

Ashford at Geneva

390-420 Brittany CtGeneva, IL 60134
Corporate Housing
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WC Kimball
2 Bedroom Apartments

WC Kimball

52 N Crystal AveElgin, IL 60123

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 1-44, Page 1 of 1

Lily Lake, IL Local Guide

Cheapest Available Lily Lake Apartments for Rent and Nearby

 

The cheapest available apartment rental in Lily Lake, IL is a Studio unit found at Royal Ridge Apartments in the Edgewater neighborhood priced from $1,400. Green Meadows Apartments in the Batavia Historic District neighborhood has the second lowest priced unit, which is a 1 Bed apartment currently listed from $1,500. Here is today’s list of the most affordable Lily Lake apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Royal Ridge ApartmentsStudioStudio,1BA$1,400
Green Meadows ApartmentsClassic1BR,1BA$1,500
Authentix South ElginStudio Horizon OverlookStudio,1BA$1,547
Wing Park Residencewp-1bs1BR,1BA$1,550
Fox Run Apartments1 Bed 1 Bath1BR,1BA$1,550
Reserve at Prairie CentreAsterStudio,1BA$1,678
Ashford at Geneva1A1BR,1BA$1,732
Springs At South Elgin1 BR Grand Courtyard1BR,1BA$1,762
Pepper Valley ApartmentsRiverbank - 2Bd/2Ba2BR,2BA$1,775
Panton Mill StationThe Linden1BR,1BA$1,779

Best Value Apartments for Rent in Lily Lake, IL and Nearby

As of September 07, 2026 the best value apartment in the Lily Lake area is the $1.37 price per square foot Gregory End Model at Terrabrook at Prairie Ridge in the starting from $2,500. The second greatest value Lily Lake apartment is the C1 Model at Randall Highlands starting at $2,822 with a $1.94 price per square foot in the Batavia Historic District neighborhood. Here is today’s list of the best values for Lily Lake apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Terrabrook at Prairie RidgeGregory End4BR,2.5BA$1.37
Randall HighlandsC13BR,2.5BA$1.94
Fountain Square2 Bed/ 2 Bath/ Den2BR,2.5BA$2.00
The Village at Mill CreekGinkgo2BR,2BA$2.29
Springs At South Elgin2 BR Designer Courtyard Garage2BR,2BA$2.19
Seasons at North Aurora1G1BR,1BA$2.05
Pepper Valley ApartmentsRiverbank - 2Bd/2Ba2BR,2BA$1.81
Ashford at Geneva1A1BR,1BA$2.09
Wing Park Residencewp-1bs1BR,1BA$2.14
Green Meadows ApartmentsLuxury1BR,1BA$2.29

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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Navigating the Rental Market: Tips for First-Time Renters

Entering the rental market? Learn these simple tips and strategies to avoid common pitfalls and make confident choices. Rent with peace of mind.

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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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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 Lily Lake, IL Rentals by Map

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See the most popular apartments and homes in Lily Lake, IL

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Frequently Asked Questions about Cheap Lily Lake Apartments

What is the Cheapest Studio apartment in Lily Lake?

Currently the most affordable Cheap Studio Apartment in Lily Lake is at Royal Ridge Apartments listed at $1,400.

How much is rent for a Cheap One Bedroom Lily Lake Apartment?

The lowest price for a Cheap One Bedroom Lily Lake Apartment is $1,500 at Green Meadows Apartments.

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

Today's best deal for a Cheap Two Bedroom Apartment in Lily Lake is starting from $1,750 at Green Meadows Apartments.

What is the most affordable Lily Lake Three Bedroom Apartment?

The best deal on a cheap Lily Lake Three Bedroom Apartment rental is at Terrabrook at Prairie Ridge and starts from $2,400.

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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Exploring Rental Options: Apartments, Townhomes, and Lofts - Oh My!

Written by: Robin Stewart

Where do you see yourself? When you think of home, sweet home, are you in a 3/2 apartment? Dreaming of a tall townhome? Maybe an industrial loft heavy on cool vibes is on your visioning board.

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Practical Tips for Renters: How to Identify a Great Rental and Avoid Red Flags

Written by: Robin Stewart

Renters want to find a great apartment, the right place for them, one that checks all the boxes of location, rental cost, amenities, safety, and more.

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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.