Cheap Apartments for Rent in Madison, IL from $500 (33 Rentals)

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

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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8518 N Broadway
1 Bedroom Apartments

8518 N Broadway

8518 N BroadwaySt. Louis, MO 63147
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Ridgeview Apartments
1 to 2 Bedroom Apartments

Ridgeview Apartments

9640 Diamond DrSt. Louis, MO 63137
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620 Chain Of Rocks Rd
1 to 2 Bedroom Apartments

620 Chain Of Rocks Rd

620 Chain Of Rocks RdSt. Louis, MO 63137
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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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Sandalwood Apartments
1 Bedroom Apartments

Sandalwood Apartments

8404 Hallsferry RdSt. Louis, MO 63147
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The New Broadview
1 to 2 Bedroom Apartments

The New Broadview

5 E BroadwayEast St. Louis, IL 62201
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Jackson Park Apartments
1 to 2 Bedroom Apartments

Jackson Park Apartments

1220 Warren StSt. Louis, MO 63106
Senior Living
  • 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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1527 E Grand Blvd
2 Bedroom Apartments

1527 E Grand Blvd

1527 E Grand BlvdSt. Louis, MO 63107
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Madison, IL Local Guide

Cheapest Available Madison Apartments for Rent

 

The cheapest available apartment rental in Madison, IL is a 1 Bed unit found at Collins Terrace Apartments in the Lafayette Square neighborhood priced from $641. Edison Ave. Lofts in the Granite City neighborhood has the second lowest priced unit, which is a 2 Beds apartment currently listed from $795. Here is today’s list of the most affordable Madison apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Collins Terrace Apartments1 Bedroom Large1BR,1BA$641
Edison Ave. Lofts2 Bdrm Garden, 804 SqFt, Tax Credit, 60% AMI2BR,1BA$795
River Pointe Apartments1 Bed / 1 Bath1BR,1BA$800
Parsons Place2 Bdrm Garden, 885 SqFt, Tax Credit, 40% AMI2BR,1BA$801
The Georgetown Apartments1 BEDROOM1BR,1BA$825
Rivertrail Apartments1bd CR1BR,1BA$825
College Hill Apartments2 Bedroom2BR,1BA$970
Metro Apartments at Granite City2BR/1B2BR,1BA$1,100
River Trace Townhomes3 Bedroom 1.5 Bath Townhome with Garage3BR,1BA$1,255

Best Value Apartments for Rent in Madison, IL

As of August 08, 2026 the best value apartment in the Madison area is the $0.88 price per square foot 3 Bedroom 1.5 Bath Townhome with Garage Model at River Trace Townhomes in the in the North Riverfront neighborhood starting from $1,255. The second greatest value Madison apartment is the 2 Bedroom Model at College Hill Apartments starting at $970 with a $0.95 price per square foot in the Old North St. Louis neighborhood. Here is today’s list of the best values for Madison apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
River Trace Townhomes3 Bedroom 1.5 Bath Townhome with Garage3BR,1.5BA$0.88
College Hill Apartments2 Bedroom2BR,1.5BA$0.95
Collins Terrace Apartments3 Bedroom Med3BR,1BA$1.08
Metro Apartments at Granite City2BR/1B2BR,1BA$1.22
Parsons Place2 Bdrm Garden, 861 SqFt, Market2BR,1BA$1.54
Edison Ave. Lofts2 Bdrm Garden, 804 SqFt, Tax Credit, 60% AMI2BR,1BA$0.99
3965 N 21st St3965 N 21st St3BR,1BA$1.14
Rivertrail Apartments1bd1BR,1BA$1.18
River Pointe Apartments1 Bed / 1 Bath1BR,1BA$1.23
The Georgetown Apartments1 BEDROOM1BR,1BA$1.57

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 Madison, IL Rentals by Map

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Frequently Asked Questions about Cheap Madison Apartments

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

The lowest price for a Cheap One Bedroom Madison Apartment is $641 at Collins Terrace Apartments.

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

Today's best deal for a Cheap Two Bedroom Apartment in Madison is starting from $784 at Collins Terrace Apartments.

What is the most affordable Madison Three Bedroom Apartment?

The best deal on a cheap Madison Three Bedroom Apartment rental is at Collins Terrace Apartments and starts from $962.

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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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.

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Renters Insurance 101: What It Is, What It Covers, and Why You Need It

Written by: Robin Stewart

Insurance seems to be a part of life. In some states, having insurance is the law, as is the case for automobile insurance. Renters are no exception.

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Apartment Occupancy Rates: Renter Attraction vs Renter Retention

Written by: Robin Stewart

There’s a tenet in marketing about client or customer attraction and retention. Studies and data have consistently shown it costs less to keep a current customer than to attract a new one.