Cheap Homes for Rent in Lima, IL from $500 (20 Rentals)

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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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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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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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property at 116 N 5th St

116 N 5th St

BurlingtonIA52601
Showing Results 1-20, 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 2 Beds unit found at Cedar Creek Crossing Apartments priced from $300. 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 Apartments2 Bed 2 Bath2BR,2BA$300
Macomb RentalsStudio, 1 bathStudio,1BA$390
Mayfair Manor2x12BR,1BA$525
Smith and Royer Apartments1 Bedroom1BR,1BA$550
Monroe City Senior Housing 62+1 Bed 1 Bath1BR,1BA$675

Best Value Apartments for Rent in Lima, IL and Nearby

As of June 20, 2025 the best value apartment in the Lima area is the $1.08 price per square foot Three Beds Two Baths Model at Emerson Garden Apartments in the starting from $1,400. The second greatest value Lima apartment is the 2 Beds, 2 baths Model at River Oaks Trails starting at $991 with a $0.90 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.
Emerson Garden ApartmentsThree Beds Two Baths3BR,2BA$1.08
River Oaks Trails2 Beds, 2 baths2BR,2BA$0.90
1500 N Carolina St3x23BR,2BA$1.00
Churchill LoftsChurchill Lofts - 2102BR,1BA$0.98
Cedar Creek Crossing Apartments2 Bed 2 Bath2BR,2BA$0.31
PARKWAY ESTATES2 Bedroom 1 Bath2BR,1BA$0.81
Blaul LoftsBlaul Lofts - 3121BR,1BA$0.98
School House Apartments1 Bedroom and 1 Bath1BR,1BA$0.89
Park Madison Apartments1BR/1BA1BR,1BA$1.00
Monroe City Senior Housing 62+1 Bed 1 Bath1BR,1BA$1.14

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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Frequently Asked Questions about Lima

What type of rentals are currently available in Lima?

There are currently 40 Apartments for Rent in Lima, IL with pricing that ranges from $390 to $1,900. There are also 33 Single Family Homes for rent, Condos, and Townhome rentals currently available in Lima ranging from $298 to $1,800.

What is the current price range for Rental Homes in Lima?

Today's rental pricing for Homes for Rent, Condos and Townhomes in Lima ranges from $298 to $1,800 with an average monthly rent of $979.

How much are larger Three and Four Bedroom Rentals in Lima?

For those who are looking for larger living arrangements, Three Bedroom Apartments in Lima range from $880 to $1,900, while Three Bedroom Homes, Condos, and Townhomes for rent range from $298 to $1,750. Four Bedroom Single-Family rentals are also available starting from $1,125 and Four Bedroom Apartments start at $600.

Expert Rental Resources

Helpful Apartment Articles, How-To's and Tips

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.

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Roommate Matching: Finding the Right Fit and Avoiding Pitfalls

Written by: Cheryl Bowman

A fantastic way to save money and enjoy a built-in community is to share an apartment. However, a bad roommate situation can turn your dream rental into a nightmare.

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The Art of the Rental Viewing: What to look for during a property tour

Written by: Marie Brown

You’ve scrolled through countless listings, walked through a blur of rentals, and finally found what feels like the one. The pictures? Fantastic. The neighborhood seems just right.

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Know Your Budget: Calculating What You Can Realistically Afford When Renting

Written by: Lauren Harrington

Renting an apartment or house isn’t just about looking through online ads, choosing a few apartments or homes you want to tour, filling out an application, and putting down a deposit. Those things are all necessary and important.

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The Freedom of Short-Term Leases: Exploring the Advantages for Renters

Written by: Bobbi Jackson

If you’re looking to relocate right now, a popular solution that may best fit your current rental needs is a short-term lease.