Cheap Apartments for Rent in the First Settlement Neighborhood of Madison, WI from $400 (182 Rentals)

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

property at 522 W Wilson St

$850

Total Monthly Price

Total Monthly Price

Base Rent
$850
Total Monthly Price
$850

Studio, 1 Bath Home for Rent

Available Aug 15

522 W Wilson St

MadisonWI53703

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137 E Gorham St
$1,150 - $1,800
Total Monthly Price

Total Monthly Price

Base Rent
$1,150 - $1,800
Total Monthly Price
$1,150 - $1,800
Studio to 2 Bedroom Apartment Available Aug 15

137 E Gorham St

137 E Gorham StMadison, WI 53703
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121 N Hancock St
$1,150 - $1,425
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Total Monthly Price

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$1,150 - $1,425
Total Monthly Price
$1,150 - $1,425
Studio to 1 Bedroom Apartment Available Jun 1

121 N Hancock St

121 N Hancock StMadison, WI 53703
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129 E Gorham St
$1,195 - $2,600
Total Monthly Price

Total Monthly Price

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$1,195 - $2,600
Total Monthly Price
$1,195 - $2,600
1 to 3 Bedroom Apartment Available Aug 15, 2027

129 E Gorham St

129 E Gorham StMadison, WI 53703
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The Constellation
$1,199 - $3,299
Total Monthly Price

Total Monthly Price

Base Rent
$1,199 - $3,299
Total Monthly Price
$1,199 - $3,299
Studio to 3 Bedroom Apartments Available Now

The Constellation

10 N Livingston StMadison, WI 53703
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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 Studio unit found at 632 Howard Place priced from $895. 22 N Franklin St has the second lowest priced unit, which is a Studio apartment currently listed from $915. Here are the most affordable First Settlement apartments for rent in Madison, WI:

Apartment ListingModel NameBed/BathPriced From
632 Howard Place632 Howard Place - 303Studio,1BA$895
22 N Franklin StStudio AStudio,1BA$915
228 Langdon StStudioStudio,1BA$990
The BayshoreStudioStudio,1BA$1,025
Varsity Campus Apartments4-Bedroom, 2-Bath4BR,2BA$1,065
City RowA1 (50LMI Income Restricted)Studio,1BA$1,070
Langdon Hall ApartmentsStudiosStudio,1BA$1,085
Jenifer PlaceStudio (8/1/26)Studio,1BA$1,110
Williamson PlaceStudio (8/1/26)Studio,1BA$1,120

Best Value Apartments for Rent in First Settlement, WI

As of April 29, 2026 the best value apartment in the First Settlement area is the $1.09 price per square foot 855 E Gorham St Model at 855 E Gorham St, Unit 855 in the in the The Isthmus neighborhood starting from $2,625. The second greatest value First Settlement 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 First Settlement apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
855 E Gorham St, Unit 855855 E Gorham St4BR,2BA$1.09
Pres House ApartmentsBedroom (Shared)4BR,2BA$1.37
127 N Franklin St, Unit 127127 N Franklin St3BR,1BA$1.67
207 S Broom St, Unit #2207 S Broom St3BR,1BA$1.69
City PlaceTwo Bedroom Two Bathroom2BR,2BA$1.54
229 Lakelawn *Student Housing*4 Bedroom 26-27 School Year / Room4BR,3BA$1.18
Collegiate Campus Apartments3 Bedroom 2 Bath Lake Views (7th/8th Floor)3BR,2BA$0.74
402 W Wilson StreetThe Lakeshore2BR,2BA$1.67
Sheelin ApartmentsOne bed1BR,1BA$1.77
Bedford Crossing1BR/1.0BA1BR,1BA$1.69

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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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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 $1,120.

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

The cheapest apartment in First Settlement is The Bayshore which is listed at $1,095, while the average apartment in First Settlement costs $5,850.

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 273 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 $924 which is $4,926 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.

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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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.

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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.

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