Cheap Homes for Rent in Madison, IL from $700 (23 Rentals)

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Madison, IL Local Guide

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 $620. Parsons Place Apartments in the East Saint Louis neighborhood has the second lowest priced unit, which is a 1 Bed apartment currently listed from $668. Here is today’s list of the most affordable Madison apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Rivers Edge ApartmentsEfficiencyStudio,1BA$620
Parsons Place Apartments1 Bedroom Tax Credit***1BR,1BA$668
River Pointe Apartments1 Bed / 1 Bath1BR,1BA$700
Collins Terrace Apartments2 Bedroom Small2BR,1BA$753
College Hill Apartments2 Bedroom Townhouse2BR,1BA$850

Best Value Apartments for Rent in Madison, IL and Nearby

As of September 12, 2025 the best value apartment in the Madison area is the $1.09 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 $1,555. The second greatest value Madison apartment is the Two Bedroom Townhome Model at Villa St Cyr Apartments starting at $1,050 with a $0.77 price per square foot in the North Point 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$1.09
Villa St Cyr ApartmentsTwo Bedroom Townhome2BR,1.5BA$0.77
College Hill Apartments2 Bedroom Townhouse2BR,1.5BA$0.83
Parsons Place Apartments2 Bedroom Townhome Tax Credit***2BR,1.5BA$1.30
Collins Terrace Apartments2 Bedroom Large2BR,1BA$1.00
Metro Apartments at Granite CitySave up to $500 off Move In Costs with your EXC...1BR,1BA$1.43
River Pointe Apartments1 Bed / 1 Bath1BR,1BA$1.08
1732 Saint Louis Ave, Unit 17321732 Saint Louis AveStudio ,1BA$1.05
Rivers Edge ApartmentsEfficiencyStudio ,1BA$2.14

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Pet Friendly Lifestyle
Madison, IL

Ranked #10

Among cities in Illinois for Apartment listings with Pet Friendly Amenities.

Pet Friendliness Lifestyle Score

3.5
Pet Friendly

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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 Madison

What type of rentals are currently available in Madison?

There are currently 198 Apartments for Rent in Madison, IL with pricing that ranges from $575 to $1,920. There are also 71 Single Family Homes for rent, Condos, and Townhome rentals currently available in Madison ranging from $795 to $13,500.

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 $795 to $13,500 with an average monthly rent of $1,320.

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 $878 to $1,566, while Three Bedroom Homes, Condos, and Townhomes for rent range from $925 to $13,500. Four Bedroom Single-Family rentals are also available starting from $1,100 and Four Bedroom Apartments start at $1,355.

Expert Rental Resources

Helpful Apartment Articles, How-To's and Tips

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.

decorative image for The Rental Move-In Inspection Checklist: A Guide for Renters article

The Rental Move-In Inspection Checklist: A Guide for Renters

Written by: Trey Huguley

The move-in inspection checklist is a crucial tool for both tenants and landlords. This checklist, provided by the team at ApartmentHomeLiving.com, helps document the condition of an apartment at the time of move-in.

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Your Guide to Co-Signers: The Risks, Rewards, and Everything in Between

Written by: Christine Leonard, Esq.

For many people, obstacles can arise during the rental application process for a variety of issues.

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

Written by: Christine Leonard, Esq.

Hard truth. Moving is never easy. I’ve done it all – from local moves to cross-country relocations From packing to unpacking the last box, I have found moving to be an exhausting, expensive and stressful experience every time.

decorative image for Cash or credit? Understanding the Importance of Credit Score in Real Estate and Renting article

Cash or credit? Understanding the Importance of Credit Score in Real Estate and Renting

Written by: Christine Leonard, Esq.

Throughout the day, think about all the times that you have to pay for something. So many of us reach automatically for a credit card or even our phone for a quick payment.