Cheap Apartments for Rent in the Downtown Madison Neighborhood of Madison, WI from $400 (214 Rentals)

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

property at 413 Paunack Pl

413 Paunack Pl

MadisonWI53726
property at 414 State St

414 State St

MadisonWI53703
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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 Hellenbrand Apartments priced from $705. 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
Hellenbrand ApartmentsStudio--111 S BassettStudio,1BA$705
632 Howard Place632 Howard Place - 304Studio,1BA$895
Gargano Propertiesone1BR,1BA$900
106 S Hancock StStudioStudio,1BA$990
Capital Park ApartmentsEfficiencyStudio,1BA$999
Courtyard Apartments0BR/1.0BAStudio,1BA$1,060
8Twenty Park1 Bed- Income Restriction 50%1BR,1BA$1,086
518 W Main St1BR/1BA1BR,1BA$1,095

Best Value Apartments for Rent in Downtown Madison, WI

As of October 26, 2025 the best value apartment in the Downtown Madison area is the $1.48 price per square foot 520 E Johnson St Model at 520 E Johnson St, Unit 1 in the in the The Isthmus neighborhood starting from $1,850. The second greatest value Downtown Madison apartment is the Bedroom (Shared) Model at Pres House Apartments starting at $1,700 with a $1.37 price per square foot in the Downtown Madison 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.
520 E Johnson St, Unit 1520 E Johnson St2BR,1BA$1.48
Pres House ApartmentsBedroom (Shared)4BR,2BA$1.37
22 N Hancock StTwo-Bedroom2BR,1BA$1.53
Collegiate Campus Student ApartmentsApartments Available Now4BR,2BA$0.68
Park Cedar ApartmentsTwo Bedroom, One Bath2BR,1BA$1.47
Hub on Campus Madison3X23BR,2BA$1.57
Gargano Propertiesone1BR,1BA$0.88
229 Lakelawn *Student Housing*4 Bedroom 26-27 School Year / Room4BR,3BA$1.18
345 W Doty St, Unit 2345 W Doty St2BR,1BA$0.78
Towers on State2BR/2BA - B42BR,2BA$1.62

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Pet Friendly Lifestyle
Downtown Madison, Madison, WI

Ranked #5

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 $1,095.

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 $8,900.

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 165 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 $2,004 which is $6,896 cheaper than the average rent for all rentals in Downtown Madison.

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

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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Apartment Common Area Rules: What Renters Need to Know

Written by: Christine Leonard, Esq.

Back in the day when I rented one of my first apartments, the property didn’t even have laundry in the building. Now, rental properties are often competing against each other to provide the best amenities.

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How to Negotiate Your Apartment Lease and Save Money

Written by: Christine Leonard, Esq.

Everything is a negotiation in real estate! 

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.