Cheap Apartments for Rent in Madison, IL from $500 (29 Rentals)

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

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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Ridgeview Apartments
1 to 2 Bedroom Apartments

Ridgeview Apartments

9640 Diamond DrSt. Louis, MO 63137
  • Utilities Included
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8518 N Broadway
1 Bedroom Apartments

8518 N Broadway

8518 N BroadwaySt. Louis, MO 63147
  • Utilities Included
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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
  • Utilities Included

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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Sandalwood Apartments
1 Bedroom Apartments

Sandalwood Apartments

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

The New Broadview

5 E BroadwayEast St. Louis, IL 62201
Senior Living
property at 255 Chambers Rd

$850

Total Monthly Price

Total Monthly Price

Base Rent
$850
Total Monthly Price
$850

2 Bedroom, 1 Bath Home for Rent

Available Now

255 Chambers Rd

St. LouisMO63137

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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Jackson Park Apartments
1 to 2 Bedroom Apartments

Jackson Park Apartments

1220 Warren StSt. Louis, MO 63106
Senior Living
  • Utilities Included
Showing Results 1-29, Page 1 of 1

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 Edison Ave. Lofts in the Metro East neighborhood priced from $585. River Pointe Apartments in the North Point neighborhood has the second lowest priced unit, which is a 1 Bed apartment currently listed from $650. Here is today’s list of the most affordable Madison apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Edison Ave. Lofts1 Bdrm Garden, 500 SqFt, Tax Credit, 60% AMI1BR,1BA$585
River Pointe Apartments1 Bed / 1 Bath1BR,1BA$650
Collins Terrace Apartments1 Bedroom Large1BR,1BA$738
The Georgetown Apartments1 Bed, 1 bath1BR,1BA$775
Rivertrail Apartments1bd1BR,1BA$825
Parsons Place1 Bdrm Garden, 722 SqFt, Tax Credit, 50% AMI1BR,1BA$851
1527 E Grand Blvd2 bed2BR,1BA$900
College Hill Apartments2 Bedroom2BR,1BA$970
Metro Apartments at Granite City2BR/1B TH2BR,1BA$1,200

Best Value Apartments for Rent in Madison, IL

As of May 08, 2026 the best value apartment in the Madison area is the $0.89 price per square foot 4 BR Townhouse Model at Rivers Edge Apartments in the in the Metro East neighborhood starting from $1,385. The second greatest value Madison apartment is the 3 Bedroom 1.5 Bath Townhome with Garage Model at River Trace Townhomes starting at $1,255 with a $0.88 price per square foot in the North Riverfront 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.
Rivers Edge Apartments4 BR Townhouse4BR,2.5BA$0.89
River Trace Townhomes3 Bedroom 1.5 Bath Townhome with Garage3BR,1.5BA$0.88
2030 E Fair Ave, Unit 2nd floor2030 E Fair Ave2BR,1BA$1.04
1527 E Grand Blvd2 bed2BR,1.5BA$0.88
College Hill Apartments2 Bedroom2BR,1.5BA$0.95
Metro Apartments at Granite City2BR/1B TH2BR,1BA$1.20
River Pointe Apartments2 Bed / 1 Bath2BR,1BA$0.87
Rivertrail Apartments1bd1BR,1BA$1.18
Collins Terrace Apartments1 Bedroom Large1BR,1BA$1.37
The Georgetown Apartments1 Bed, 1 bath1BR,1BA$1.48

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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See the most popular apartments and homes in Madison, IL

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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 $585 at Edison Ave. Lofts.

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 $750 at River Pointe 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 $892.

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.

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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.