Cheap Apartments for Rent in Lincoln, IL from $300 (56 Rentals)

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

property at 607 Keokuk St

$1,000

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Base Rent
$1,000
Total Monthly Price
$1,000

2 Bedroom, 2.5 Bath Home for Rent

Available Now

607 Keokuk St

LincolnIL62656
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Plowfield Square
1 to 3 Bedroom Apartments

Plowfield Square

700 Malerich DrLincoln, IL 62656
  • Utilities Included
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Rivendell Estates
1 to 3 Bedroom Apartments

Rivendell Estates

13 Community DrLincoln, IL 62656
  • Utilities Included
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Lincoln Village
1 to 2 Bedroom Apartments

Lincoln Village

1000 N College StLincoln, IL 62656

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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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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215 N 3rd St
1 to 2 Bedroom Apartments

215 N 3rd St

215 N 3rd StHartsburg, IL 62643
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Lake Shore Apartments
1 to 2 Bedroom Apartments

Lake Shore Apartments

110 W Lake Shore DrSpringfield, IL 62703
  • 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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Butler Place
2 Bedroom Apartments

Butler Place

3100 Butler StSpringfield, IL 62703
  • Utilities Included

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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Lincoln, IL Local Guide

Cheapest Available Lincoln Apartments for Rent and Nearby

 

The cheapest available apartment rental in Lincoln, IL is a 1 Bed unit found at Lincoln Senior Flats priced from $400. Roosevelt School Apartments has the second lowest priced unit, which is a Studio apartment currently listed from $502. Here is today’s list of the most affordable Lincoln apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Lincoln Senior Flats1 Bed 1 Bath1BR,1BA$400
Roosevelt School ApartmentsStudioStudio,1BA$502
Washington Senior ApartmentsStudioStudio,1BA$546
Stones Crossing ApartmentsNice one bedroom efficiency apartment1BR,1BA$600
Whispering Pines Apartments1 Bed, 1 Bath - Essential1BR,1BA$600
Safe Harbor PropertiesStudioStudio,1BA$730
Oakwood EstatesTwo Bedroom One Bath2BR,1BA$785
Lake Shore ApartmentsApt 342BR,1BA$799
106 S 4th St2 bedroom2BR,1BA$800
Traditions BloomingtonTwo Bedroom - Market2BR,2BA$831

Best Value Apartments for Rent in Lincoln, IL and Nearby

As of May 17, 2026 the best value apartment in the Lincoln area is the $0.71 price per square foot Sunset Hills Model at Sunset Hills Apartments in the starting from $925. The second greatest value Lincoln apartment is the 2BR/ 1BA Model at East Douglas Apartments starting at $900 with a $0.75 price per square foot in the Downtown Bloomington neighborhood. Here is today’s list of the best values for Lincoln apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Sunset Hills ApartmentsSunset Hills3BR,2BA$0.71
East Douglas Apartments2BR/ 1BA2BR,1BA$0.75
Oak Creek Plaza2/1 Vaulted Ceilings LVP Flooring2BR,1BA$1.04
Traditions BloomingtonTwo Bedroom - Income Restricted2BR,2BA$1.13
Currency Commons Apartments2B1B2BR,1BA$1.00
Oakwood EstatesTwo Bedroom One Bath2BR,1BA$0.87
Lincoln Senior Flats2 Bed 1 Bath2BR,1BA$0.97
2474 N Florian102BR,1.5BA$1.13
Lake Shore ApartmentsApt 342BR,1BA$1.00
Stones Crossing ApartmentsVery nice and updated one bedroom for rent!!!!!1BR,1BA$1.16

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 Lincoln, IL Rentals by Map

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See the most popular apartments and homes in Lincoln, IL

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Frequently Asked Questions about Cheap Lincoln Apartments

What is the Cheapest Studio apartment in Lincoln?

Currently the most affordable Cheap Studio Apartment in Lincoln is at Roosevelt School Apartments listed at $502.

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

The lowest price for a Cheap One Bedroom Lincoln Apartment is $400 at Lincoln Senior Flats.

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

Today's best deal for a Cheap Two Bedroom Apartment in Lincoln is starting from $725 at Whispering Pines Apartments.

What is the most affordable Lincoln Three Bedroom Apartment?

The best deal on a cheap Lincoln Three Bedroom Apartment rental is at Sunset Hills Apartments and starts from $925.

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 A Seasoned Property Manager's Step-by-Step Guide to Getting Your Deposit Back article

A Seasoned Property Manager's Step-by-Step Guide to Getting Your Deposit Back

Written by: Lauren Harrington

I’m going to talk with you as a seasoned property manager and friend. So, let’s start with your security deposit. I want you to think about this guide as insider information. You deserve your deposit back.

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Expert Solutions for Creating the Perfect Work-From-Home Apartment Layouts

Written by: Lauren Harrington

This article is based on first-hand experience managing apartment communities and helping renters adapt to their spaces after moving in.

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.