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

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

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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property at 1116 beecher ave

$875

Total Monthly Price

Total Monthly Price

Base Rent
$875
Total Monthly Price
$875

2 Bedroom, 1 Bath Townhome for Rent

Available Aug 1

1116 beecher ave, Unit 2

1116 beecher ave
GalesburgIL61401

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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property at 714 W Carroll St

$950

Total Monthly Price

Total Monthly Price

Base Rent
$950
Total Monthly Price
$950

2 Bedroom, 1 Bath Home for Rent

Available Aug 1

714 W Carroll St

MacombIL61455
property at 1303 Brick St

$950

Total Monthly Price

Total Monthly Price

Base Rent
$950
Total Monthly Price
$950

3 Bedroom, 1.5 Bath Home for Rent

Available Now

1303 Brick St

BurlingtonIA52601
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630 N 6th St
Studio to 1 Bedroom Apartments

630 N 6th St

630 N 6th StBurlington, IA 52601
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Chateau Apartments
1 to 2 Bedroom Apartments

Chateau Apartments

114 26th StFort Madison, IA 52627
  • Utilities Included
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Williamsburg Apartments
1 to 2 Bedroom Apartments

Williamsburg Apartments

1072 Olive StGalesburg, IL 61401
Corporate Housing
  • 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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Keokuk Family Flats
1 to 3 Bedroom Apartments

Keokuk Family Flats

2812 Lincoln AveKeokuk, IA 52632
  • Utilities Included
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601-605 W Orchard St
Studio to 3 Bedroom Apartments

601-605 W Orchard St

601-605 W Orchard StMacomb, IL 61455
Student Housing
  • Utilities Included
property at 116 N 5th St

$895 - $1,050

1 To 2 Bedroom Rentals

Available Jun 15

116 N 5th St

BurlingtonIA52601

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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Showing Results 1-45, Page 1 of 1

Lima, IL Local Guide

Cheapest Available Lima Apartments for Rent and Nearby

 

The cheapest available apartment rental in Lima, IL is a 3 Beds unit found at Cedar Creek Crossing Apartments priced from $296. Macomb Rentals has the second lowest priced unit, which is a Studio apartment currently listed from $390. Here is today’s list of the most affordable Lima apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Cedar Creek Crossing Apartments3 Bed 2 Bath3BR,2BA$296
Macomb RentalsStudio, 1 bathStudio,1BA$390
Mayfair Manor2x12BR,1BA$525
Smith and Royer Apartments1 Bedroom Side Apartment1BR,1BA$550
Bel Aire Apartments2 Bedroom2BR,1BA$695
Park Madison Apartments1BR/1BA1BR,1BA$750
Caspian Village Apartments1 Bedroom, 1 Bathroom1BR,1BA$750
Summer Street ApartmentsStudioStudio,1BA$750
Green Gable CottagesGreen Gable 1 Bedroom1BR,1BA$750
PARKWAY ESTATES2 Bedroom 1 Bath2BR,1BA$805

Best Value Apartments for Rent in Lima, IL and Nearby

As of June 13, 2026 the best value apartment in the Lima area is the $1.06 price per square foot Churchill Lofts - 202 Model at Churchill Lofts in the in the Ginger Ridge neighborhood starting from $1,295. The second greatest value Lima apartment is the 3 BR / 2 BA Model at Creekside Park starting at $1,029 with a $0.85 price per square foot . Here is today’s list of the best values for Lima apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Churchill LoftsChurchill Lofts - 2022BR,1BA$1.06
Creekside Park3 BR / 2 BA3BR,2BA$0.85
Cedar Creek Crossing Apartments3 Bed 2 Bath3BR,2BA$0.26
Westland Village2x12BR,1BA$0.89
PARKWAY ESTATES2 Bedroom 1 Bath2BR,1BA$0.86
Alice Place West Burlington2-Bedroom2BR,1BA$0.90
School House Apartments1 Bedroom and 1 Bath1BR,1BA$1.06
Blaul LoftsBlaul Lofts - 2051BR,1BA$1.06
Park Madison Apartments1BR/1BA1BR,1BA$1.00
Bel Aire Apartments2 Bedroom2BR,1BA$1.11

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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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 Lima, IL Rentals by Map

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See the most popular apartments and homes in Lima, IL

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Frequently Asked Questions about Cheap Lima Apartments

What is the Cheapest Studio apartment in Lima?

Currently the most affordable Cheap Studio Apartment in Lima is at Macomb Rentals listed at $390.

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

The lowest price for a Cheap One Bedroom Lima Apartment is $510 at Macomb Rentals.

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

Today's best deal for a Cheap Two Bedroom Apartment in Lima is starting from $450 at Macomb Rentals.

What is the most affordable Lima Three Bedroom Apartment?

The best deal on a cheap Lima Three Bedroom Apartment rental is at Cedar Creek Crossing Apartments and starts from $296.

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 How I Find the Perfect Rental for My Clients: A Real Estate Pro's Guide article

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.