Cheap Apartments for Rent in the First Settlement Neighborhood of Madison, WI from $400 (177 Rentals)

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

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636 State St
$1,050 - $1,300
Total Monthly Price

Total Monthly Price

Base Rent
$1,050 - $1,300
Total Monthly Price
$1,050 - $1,300
Studio to 1 Bedroom Apartment Available Jul 1

636 State St

636 State StMadison, WI 53703
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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, 2027

137 E Gorham St

137 E Gorham StMadison, WI 53703
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121 N Hancock St
$1,195 - $1,425
Total Monthly Price

Total Monthly Price

Base Rent
$1,195 - $1,425
Total Monthly Price
$1,195 - $1,425
Studio to 1 Bedroom Apartment Available Jun 1

121 N Hancock St

121 N Hancock StMadison, WI 53703
Affordability
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property at 127 E Johnson St

$1,200 - $2,200

3 To 4 Bedroom Rentals

Available Now

127 E Johnson St

MadisonWI53703

Madison's Best Affordable Neighborhoods

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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 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 First Settlement 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
421 W Gilman St421 Gilman 1 Bedroom1BR,1BA$990
Varsity Campus Apartments4-Bedroom, 2-Bath4BR,2BA$1,065
City RowA4 (50LMI Income Restricted)Studio,1BA$1,070
Langdon Hall ApartmentsStudiosStudio,1BA$1,085
Courtyard Apartments0BR/1.0BAStudio,1BA$1,100
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 March 14, 2026 the best value apartment in the First Settlement area is the $1.40 price per square foot 813 Williamson St Model at 813 Williamson St, Unit #1 in the in the The Isthmus neighborhood starting from $2,100. The second greatest value First Settlement apartment is the 453 W Mifflin St Model at 453 W Mifflin St, Unit 1 starting at $1,845 with a $1.38 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.
813 Williamson St, Unit #1813 Williamson St3BR,1BA$1.40
453 W Mifflin St, Unit 1453 W Mifflin St3BR,1BA$1.38
857 E Gorham St, Unit 857857 E Gorham St3BR,1BA$1.46
Pres House ApartmentsBedroom (Shared)4BR,2BA$1.37
114 S Blair St114 S Blair St2BR,1BA$1.36
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
451 W Mifflin St, Unit 3451 W Mifflin St2BR,1BA$1.27
17 N Bassett St17 N Bassett St1BR,1BA$1.46
315 N Blair St, Unit 3315 N Blair St1BR,1BA$1.47

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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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 $1,120.

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

The cheapest apartment in First Settlement is 421 W Gilman St which is listed at $990, while the average apartment in First Settlement costs $2,785.

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 288 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 $973 which is $1,812 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

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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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A Renters Guide for Tips on Writing Your Notice for Not Renewing Your Apartment

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