Cheap Apartments for Rent in Madison, IL from $500 (26 Rentals)

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

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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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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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

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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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

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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Jackson Park Apartments
1 to 2 Bedroom Apartments

Jackson Park Apartments

1220 Warren StSt. Louis, MO 63106
Senior Living
  • Utilities Included
Showing Results 1-26, Page 1 of 1

Madison, IL Local Guide

Cheapest Available Madison Apartments for Rent

 

The cheapest available apartment rental in Madison, IL is a Studio unit found at Rivers Edge Apartments in the Metro East neighborhood priced from $625. River Pointe Apartments in the North Point neighborhood has the second lowest priced unit, which is a 1 Bed apartment currently listed from $700. Here is today’s list of the most affordable Madison apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Rivers Edge ApartmentsEfficiencyStudio,1BA$625
River Pointe Apartments1 Bed / 1 Bath1BR,1BA$700
The Georgetown Apartments1 Bed, 1 bath1BR,1BA$775
College Hill ApartmentsGarden Style Apartment2BR,1BA$850
Parsons Place Apartments2 Bedroom Townhome Tax Credit***2BR,1BA$1,248
River Trace Townhomes3 Bedroom 1.5 Bath Townhome with Garage3BR,1BA$1,455

Best Value Apartments for Rent in Madison, IL

As of March 24, 2026 the best value apartment in the Madison area is the $1.02 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 $1,455. The second greatest value Madison apartment is the 2 Bedroom Townhouse Model at College Hill Apartments starting at $950 with a $0.93 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$1.02
College Hill Apartments2 Bedroom Townhouse2BR,1.5BA$0.93
Parsons Place Apartments2 Bedroom Townhome2BR,1.5BA$1.51
2029 Bryan Ave, Unit 2029 Bryan Ave down2029 Bryan Ave2BR,1BA$1.06
2015 Bryan Ave, Unit 2015 Bryan unit A up2015 Bryan Ave1BR,1BA$1.04
1728 Saint Louis Ave, Unit 17281728 Saint Louis Ave2BR,1BA$1.07
River Pointe Apartments1 Bed / 1 Bath1BR,1BA$1.08
1730 Saint Louis Ave, Unit Bottom Floor1730 Saint Louis Ave1BR,1BA$1.18
The Georgetown Apartments1 Bed, 1 bath1BR,1BA$1.48
Rivers Edge ApartmentsEfficiencyStudio ,1BA$2.16

10 Hidden Costs of Renting You Should Budget for Before Signing a Lease

Avoid financial stress when renting. Learn about the 10 most common hidden costs—from pet fees to utilities—you must budget for before you sign a lease.

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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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The Ultimate Long-Distance Moving Checklist: Tips from a Real Estate Pro

Moving is tough, especially long-distance. Learn how to minimize stress & expenses with proven strategies from a real estate pro, covering everything from logistics to finances.

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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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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 $700 at River Pointe 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 $800 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 Parsons Place Apartments and starts from $1,411.

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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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.

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18 Must-Ask Rental Tour Questions That Reveal the Truth about a Property

Written by: Lauren Harrington

Renting your next home can feel thrilling and overwhelming at the same time.

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A Renters Guide for Tips on Writing Your Notice for Not Renewing Your Apartment

Written by: Bob Mallory

Packing up everything you own to move is so stressful for many that ending your apartment lease can feel like a small or unimportant task. Ending your lease involves more than simply turning over your keys on the last day.

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Renting with Roommates: Realistic Expectations for Shared Lease

Written by: Christine Leonard, Esq.

Given the high costs for housing, I have found that many people are looking for a roommate to share expenses. These arrangements can increase opportunities for more desirable and larger spaces.