Cheap Apartments for Rent in the First Settlement Neighborhood of Madison, WI from $400 (207 Rentals)

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

Finding Your Place in Madison: Neighborhoods Close to the City’s Biggest Jobs

Finding the right Madison apartment near work is easy. Browse our guide to the best neighborhoods for professionals, from State-Langdon to Bay Creek.

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636 State St, Unit 205
$1,030

Total Monthly Price

Base Rent$1,030
Total Monthly Price$1,030
1 Bedroom Apartment Available Now

636 State St, Unit 205

636 State StMadison, WI 53703
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137 E Gorham St
$1,100 - $1,800

Total Monthly Price

Base Rent$1,100 - $1,800
Total Monthly Price$1,100 - $1,800
Studio to 2 Bedroom Apartment Available Sep 15

137 E Gorham St

137 E Gorham StMadison, WI 53703
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129 E Gorham St
$1,100 - $2,500

Total Monthly Price

Base Rent$1,100 - $2,500
Total Monthly Price$1,100 - $2,500
Studio to 3 Bedroom Apartment Available Aug 15, 2027

129 E Gorham St

129 E Gorham StMadison, WI 53703
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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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property at 109 E Gorham St
$1,150 - $1,995
Studio To 3 Bedroom Rentals
Available Now
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109 E Gorham St

MadisonWI53703
property at 11 N Franklin St
$1,175 - $1,275
1 Bedroom Rentals
Available Now
Affordability

11 N Franklin St

MadisonWI53703
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109 E Gorham St
$1,195 - $1,995

Total Monthly Price

Base Rent$1,195 - $1,995
Total Monthly Price$1,195 - $1,995
Studio to 3 Bedroom Apartment Available Aug 15, 2027

109 E Gorham St

109 E Gorham StMadison, WI 53703
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Constellation
Rent Specials
$1,199 - $2,899

Total Monthly Price

Base Rent$1,199 - $2,899
Total Monthly Price$1,199 - $2,899
Studio to 3 Bedroom Apartments Available Now

Constellation

10 N Livingston StMadison, WI 53703
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Bassett Walk
$1,200 - $1,500

Total Monthly Price

Base Rent$1,200 - $1,500
Total Monthly Price$1,200 - $1,500
Studio Apartments Available Soon

Bassett Walk

506 W Main StMadison, WI 53703
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Renters Insurance 101: What It Is, What It Covers, and Why You Need It

From theft to fire to water damage, the unexpected can happen to any renter. Discover why renters insurance is one of the smartest and most affordable investments you can make as a tenant.

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1237 E Johnson St, Unit 1237
$1,250

Total Monthly Price

Base Rent$1,250
Total Monthly Price$1,250
1 Bedroom Apartment Available Now

1237 E Johnson St, Unit 1237

1237 E Johnson StMadison, WI 53703
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133 E Gorham St
$1,295 - $2,400

Total Monthly Price

Base Rent$1,295 - $2,400
Total Monthly Price$1,295 - $2,400
1 to 3 Bedroom Apartment Available Aug 15, 2027

133 E Gorham St

133 E Gorham StMadison, WI 53703
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How I Find the Perfect Rental for My Clients: A Real Estate Pro's Guide

Finding the right apartment starts with three things: location, cost, and amenities. Get the insider perspective from a real estate professional on how to nail all three.

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First Settlement, Madison, WI Local Guide

Cheapest Available First Settlement Apartments for Rent

 

The cheapest available apartment rental in the First Settlement area of Madison, WI is a 1 Bed unit found at 148-150 E Gorham St priced from $575. 111 E Gorham St has the second lowest priced unit, which is a 1 Bed apartment currently listed from $700. Here are the most affordable First Settlement apartments for rent in Madison, WI:

Apartment ListingModel NameBed/BathPriced From
148-150 E Gorham St148-150 E Gorham St - 3F Ro...1BR,1BA$575
111 E Gorham St1 Bed, 1 Bath1BR,1BA$700
509 N Lake StOne-Bed1BR,1BA$850
Theory MadisonD94BR,4BA$865
Courtyard Apartments0BR/1.0BAStudio,1BA$895
Metropolitan ApartmentsStudio, 1 bathStudio,1BA$900
126-128 S Franklin St1 BR1BR,1BA$929
The Badger Den Apartments on GilmanWaunonaStudio,1BA$949
135 East Johnson Street1BR/1.0BA1BR,1BA$950
Gargano PropertiesstudioStudio,1BA$980

Best Value Apartments for Rent in First Settlement, WI

As of September 12, 2026 the best value apartment in the First Settlement area is the $1.37 price per square foot Bedroom (Shared) Model at Pres House Apartments in the in the Downtown Madison neighborhood starting from $1,700. The second greatest value First Settlement apartment is the Two-Bedroom Model at 22 N Hancock St starting at $1,600 with a $1.33 price per square foot in the The Isthmus neighborhood. Here is today’s list of the best values for First Settlement apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Pres House ApartmentsBedroom (Shared)4BR,2BA$1.37
22 N Hancock StTwo-Bedroom2BR,1BA$1.33
Collegiate Campus Apartments4 Bedroom 2 Bath City Views (7th/8th Floor)4BR,2BA$1.04
916 E Gorham St2BR/1.0BA2BR,1BA$1.36
The Hamilton2BR/1.0BA2BR,1BA$1.65
403 E Johnson St, Unit 403 East Johnson403 E Johnson St2BR,1BA$1.65
1237 E Johnson St, Unit 12371237 E Johnson St1BR,1BA$1.52
636 State St, Unit 205636 State St1BR,1BA$1.47
121 E Gilman St1BR/1.0BA1BR,1BA$1.57
509 N Lake StOne-Bed1BR,1BA$1.56

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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Navigating the Rental Market: Tips for First-Time Renters

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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.

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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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Lifestyle Ratings

ApartmentHomeLiving.com compares millions of points of data to bring you our detailed rental search system called 'Lifestyle ratings', composed of neighborhoods, cities, and rental properties across Wisconsin including First Settlement, Madison, and the greater Madison area. Our Lifestyle Ratings help you zero-in on the perfect place to call home. This takes in many factors including filtering automatically for convenient access to the outdoors, luxury housing options, places that make kids happy, raising pets, transit options, and more. Find Lifestyle Search in the filter options (above). Happy Searching!

Frequently Asked Questions about Cheap First Settlement Apartments

What is a cheap apartment in First Settlement?

A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in First Settlement is under $980.

What is the price of a cheap apartment in First Settlement?

The cheapest apartment in First Settlement is 148-150 E Gorham St which is listed at $575, while the average apartment in First Settlement costs $2,099.

What types of apartments are the cheapest in First Settlement?

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 92 regular apartments in First Settlement 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 First Settlement?

Cheap apartments in First Settlement have an average cost of $993 which is $1,106 cheaper than the average rent for all rentals in First Settlement.

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.

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