Cheap Apartments for Rent in the Downtown Madison Neighborhood of Madison, WI from $400 (240 Rentals)

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Search the lowest-cost Apartments available for rent right now in the Downtown Madison area of 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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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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Madison's Best Affordable Neighborhoods

Learn about Madison and the best places to live with original content written by our Local Expert Mike Heuer

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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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Downtown Madison, Madison, WI Local Guide

Cheapest Available Downtown Madison Apartments for Rent

 

The cheapest available apartment rental in the Downtown Madison area of Madison, WI is a Studio unit found at 106 S Hancock St priced from $890. 632 Howard Place has the second lowest priced unit, which is a Studio apartment currently listed from $895. Here are the most affordable Downtown Madison apartments for rent in Madison, WI:

Apartment ListingModel NameBed/BathPriced From
106 S Hancock StStudioStudio,1BA$890
632 Howard Place632 Howard Place - 304Studio,1BA$895
Gargano Propertiesone1BR,1BA$900
1301 Spring StStudios Available 8/15/23Studio,1BA$905
421 W Gilman St421 Gilman 1 Bedroom1BR,1BA$990
Capital Park ApartmentsEfficiencyStudio,1BA$999
The ShieldA11BR,1BA$1,011
509 N Lake StOne-Bed1BR,1BA$1,030
Courtyard Apartments0BR/1.0BAStudio,1BA$1,060

Best Value Apartments for Rent in Downtown Madison, WI

As of January 27, 2026 the best value apartment in the Downtown Madison area is the $1.25 price per square foot 17 N Bassett St Model at 17 N Bassett St, Unit 2 in the in the The Isthmus neighborhood starting from $2,360. The second greatest value Downtown Madison apartment is the 110 S Blair St Model at 110 S Blair St, Unit 2 starting at $1,600 with a $1.19 price per square foot in the The Isthmus neighborhood. Here is today’s list of the best values for Downtown Madison apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
17 N Bassett St, Unit 217 N Bassett St4BR,2BA$1.25
110 S Blair St, Unit 2110 S Blair St3BR,1BA$1.19
857 E Gorham St, Unit 857857 E Gorham St3BR,1BA$1.35
22 N Hancock StTwo-Bedroom2BR,1BA$1.33
Gargano Propertiesone1BR,1BA$0.88
229 Lakelawn *Student Housing*4 Bedroom 26-27 School Year / Room4BR,3BA$1.18
450 W Washington Ave, Unit 3450 W Washington Ave1BR,1BA$1.20
Collegiate Campus Apartments3 Bedroom 2 Bath Lake Views (7th/8th Floor)3BR,2BA$0.74
451 W Mifflin St, Unit 3451 W Mifflin St2BR,1BA$1.27
Varsity Campus Apartments4-Bedroom, 2-Bath4BR,2BA$1.18

Lakeshore to Lecture Hall: Finding Your Perfect Student Apartment in Madison, WI

Discover the best student housing neighborhoods for renting in Madison, Wisconsin! This guide covers apartments near the University of Wisconsin-Madison, Edgewood University, Herzing University, and Madison Area Technical College, detailing locations like Regent, Shorewood Hills, Dudgeon-Monroe, and more for your perfect college home.

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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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Pet Friendly Lifestyle
Downtown Madison, Madison, WI

Ranked #6

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

Pet Friendliness Lifestyle Score

4.0
Pet Friendly

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Lifestyle Ratings

ApartmentHomeLiving brings you our detailed rental search system called 'Lifestyle ratings', composed of rentals in cities across the United States, including Madison. Lifestyle Ratings show you the best fit for your needs and interests. This takes in many factors including filtering automatically for convenient access to the outdoors, luxury housing options, kid and pet-friendly communities, availability of transit options, and how walkable or bikeable each community and area is. These search options are in the site filters at the top of this page.

Frequently Asked Questions about Cheap Downtown Madison Apartments

What is a cheap apartment in Downtown Madison?

A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in Downtown Madison is under $1,060.

What is the price of a cheap apartment in Downtown Madison?

The cheapest apartment in Downtown Madison is Gargano Properties which is listed at $900, while the average apartment in Downtown Madison costs $9,500.

What types of apartments are the cheapest in Downtown Madison?

Student, low-income, and by-the-bed apartments are typically the cheapest rentals in most cities, though they require qualifying criteria to rent. There are 193 regular apartments in Downtown Madison that we think qualify as ‘cheap apartments’ that do not have special requirements to apply to rent.

How do the prices of cheap apartments compare to the average apartment in Downtown Madison?

Cheap apartments in Downtown Madison have an average cost of $972 which is $8,528 cheaper than the average rent for all rentals in Downtown Madison.

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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Experts Guide To 10 Budget-Friendly Neighborhoods to Rent in Madison

Written by: Mike Heuer

I’m Mike, your ApartmentHomeLiving.com local expert for Madison, Wisconsin. I lived and worked in Madison for several years before career opportunities took me elsewhere.

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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.