Cheap Apartments for Rent in Madison, IL from $500 (30 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
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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

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
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Showing Results 1-30, 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 Collins Terrace Apartments in the Lafayette Square neighborhood priced from $679. The Georgetown Apartments in the Metro East neighborhood has the second lowest priced unit, which is a 1 Bed apartment currently listed from $775. Here is today’s list of the most affordable Madison apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Collins Terrace Apartments1 Bedroom Large1BR,1BA$679
The Georgetown Apartments1 Bed, 1 bath1BR,1BA$775
River Pointe Apartments1 Bed / 1 Bath1BR,1BA$800
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 ApartmentsTownhome2BR,1BA$970
College Hill Apartments2 Bedroom2BR,1BA$970

Best Value Apartments for Rent in Madison, IL

As of June 22, 2026 the best value apartment in the Madison area is the $0.83 price per square foot 2026 E Adelaide Ave Model at 2026 E Adelaide Ave, Unit Downstairs in the in the Lewis Place neighborhood starting from $1,200. 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.
2026 E Adelaide Ave, Unit Downstairs2026 E Adelaide Ave2BR,1BA$0.83
River Trace Townhomes3 Bedroom 1.5 Bath Townhome with Garage3BR,1.5BA$0.88
2030 E Fair Ave, Unit Fair ave2030 E Fair Ave2BR,1BA$0.50
College Hill ApartmentsTownhome2BR,1.5BA$0.95
1527 E Grand Blvd2 bed2BR,1.5BA$0.88
College Hill Apartments2 Bedroom2BR,1.5BA$0.95
Collins Terrace Apartments2 Bedroom Basement Unit2BR,1BA$1.07
Rivertrail Apartments1bd1BR,1BA$1.18
3965 N 21st St3965 N 21st St3BR,1BA$1.14
River Pointe Apartments1 Bed / 1 Bath1BR,1BA$1.23

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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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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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 $672 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 $771 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 River Trace Townhomes and starts from $1,255.

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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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.

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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.