2512 W 24th St
Granite CityIL62040
Cheap Homes for Rent in Madison, IL from $400 (8 Rentals)
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8214 Pelham Ave
St. LouisMO63147
1236 Gimblin St
St. LouisMO63147
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$7191 Bedroom Apartments Available Now
8612 Halls Ferry Road, Unit 503
8612 Halls Ferry RoadSt. Louis, MO 63147
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.
2317 Grand Ave
Granite CityIL62040
212 Cameron Rd
St. LouisMO63137
255 Chambers Rd
St. LouisMO63137
563 N 24th St
East St. LouisIL62205
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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Madison, IL Local Guide
Welcome sign by Mark Goebel is licensed under CC BY 2.0
How much does it cost to rent a home in Madison?
| Bedroom | Average Rent | Cheapest Rent | Highest Rent |
|---|---|---|---|
| Madison 2 Bedroom Homes for Rent | $1,097 | $655 | $2,250 |
| Madison 3 Bedroom Homes for Rent | $1,268 | $750 | $1,565 |
| Madison 4 Bedroom Homes for Rent | $1,166 | $850 | $1,400 |
Note: Properties with the Total Monthly Price badge include all required fees. Hover over the badge for details.
Browse Top Homes for Rent in Madison
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Madison, IL Local Guide
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Cheapest Available Madison Apartments for Rent and Nearby
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. Collins Terrace Apartments in the Lafayette Square neighborhood has the second lowest priced unit, which is a 1 Bed apartment currently listed from $643. Here is today’s list of the most affordable Madison apartments for rent:
| Apartment Listing | Model Name | Bed/Bath | Priced From |
|---|---|---|---|
| Rivers Edge Apartments | Efficiency | Studio,1BA | $625 |
| Collins Terrace Apartments | 1 Bedroom Large | 1BR,1BA | $643 |
| Edison Ave. Lofts | 2 Bdrm Garden, 748 SqFt, Tax Credit, Low Home, ... | 2BR,1BA | $700 |
Best Value Apartments for Rent in Madison, IL and Nearby
As of June 03, 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 2030 E Fair Ave Model at 2030 E Fair Ave, Unit Fair ave starting at $600 with a $0.50 price per square foot in the Lewis Place neighborhood. Here is today’s list of the best values for Madison apartments based on price per square foot:
| Apartment Listing | Model Name | Bed/Bath | Price Per Sq.Ft. |
|---|---|---|---|
| River Trace Townhomes | 3 Bedroom 1.5 Bath Townhome with Garage | 3BR,1.5BA | $0.88 |
| 2030 E Fair Ave, Unit Fair ave | 2030 E Fair Ave | 2BR,1BA | $0.50 |
| 1527 E Grand Blvd | 2 bed | 2BR,1.5BA | $0.88 |
| College Hill Apartments | 2 Bedroom | 2BR,1.5BA | $0.95 |
| College Hill Apartments | Townhome | 2BR,1.5BA | $0.95 |
| Metro Apartments at Granite City | 2BR/1B | 2BR,1BA | $1.22 |
| Edison Ave. Lofts | 2 Bdrm Garden, 748 SqFt, Tax Credit, Low Home, ... | 2BR,1BA | $0.94 |
| Rivertrail Apartments | 1bd | 1BR,1BA | $1.18 |
| River Pointe Apartments | 1 Bed / 1 Bath | 1BR,1BA | $1.23 |
| Collins Terrace Apartments | 1 Bedroom Small | 1BR,1BA | $1.30 |
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.
Read Article
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.
Read ArticleQuick 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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Explore Madison, IL Rentals by Map
See the most popular apartments and homes in Madison, IL
Frequently Asked Questions about Madison
What type of rentals are currently available in Madison?
There are currently 207 Apartments for Rent in Madison, IL with pricing that ranges from $555 to $1,950. There are also 69 Single Family Homes for rent, Condos, and Townhome rentals currently available in Madison ranging from $495 to $2,250.
What is the current price range for Rental Homes in Madison?
Today's rental pricing for Homes for Rent, Condos and Townhomes in Madison ranges from $495 to $2,250 with an average monthly rent of $1,152.
How much are larger Three and Four Bedroom Rentals in Madison?
For those who are looking for larger living arrangements, Three Bedroom Apartments in Madison range from $955 to $1,545, while Three Bedroom Homes, Condos, and Townhomes for rent range from $750 to $1,565. Four Bedroom Single-Family rentals are also available starting from $850 and Four Bedroom Apartments start at $1,385.
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
Neighborhood and Market Insights: How to Choose the Right Area to Rent
Written by: Robin Stewart
Apartment-hunting can be a gargantuan task. Renters have a wish list of items—some luxuries, some necessities—but finding what you seek in the right place is perhaps the most important part of the journey.
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.
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.
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.