Cheap Homes for Rent in Madison, WI from $500 (59 Rentals)

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Search the lowest-cost Homes available for rent right now in Madison.

property at 1205 Chandler St

$599 - $2,936

Total Monthly Price

Total Monthly Price

Base Rent
$599 - $2,936
Total Monthly Price
$599 - $2,936

1 To 4 Bedroom Townhomes for Rent

Available Aug 5

1205 Chandler St

MadisonWI53715
property at 936 Drake St

$735

Total Monthly Price

Total Monthly Price

Base Rent
$735
Total Monthly Price
$735

1 Bedroom, 1 Bath Townhome for Rent

Available Aug 15

936 Drake St, Unit 4

936 Drake St
MadisonWI53715
property at 1106 Woodland Way

$950

Total Monthly Price

Total Monthly Price

Base Rent
$950
Total Monthly Price
$950

1 Bedroom, 1 Bath Townhome for Rent

Available Now

1106 Woodland Way, Unit 2

1106 Woodland Way
MadisonWI53711

What Does “Rent Burdened” Mean? How Much Rent Is Too Much

Learn the official definition (spending 30% or more of your gross income on housing) and how to calculate your exact rent-to-income ratio. This guide offers expert tips on factoring in total housing costs (including utilities and fees) and budgeting accurately to avoid unnecessary financial strain.

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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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property at 930 Emerald St

$1,300 - $2,100

1 To 3 Bedroom Rentals

Available Jul 31

930 Emerald St

MadisonWI53715
property at 213 S Broom St

$1,395

Total Monthly Price

Total Monthly Price

Base Rent
$1,395
Total Monthly Price
$1,395

1 Bedroom, 1 Bath Condo for Rent

Available Now

213 S Broom St, Unit 3

213 S Broom St
MadisonWI53703

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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property at 4921 Ascot Ln

$1,475

Total Monthly Price

Total Monthly Price

Base Rent
$1,475
Total Monthly Price
$1,475

2 Bedroom, 1 Bath Condo for Rent

Available Jul 1

4921 Ascot Ln, Unit #5

4921 Ascot Ln
MadisonWI53711
property at 7315 University Ave

$1,500

Total Monthly Price

Total Monthly Price

Base Rent
$1,500
Total Monthly Price
$1,500

1 Bedroom, 1 Bath Home for Rent

Available Jul 1

7315 University Ave, Unit 1

7315 University Ave
MiddletonWI53562
property at 5337 Brody Dr

$1,500 - $1,650

Total Monthly Price

Total Monthly Price

Base Rent
$1,500 - $1,650
Total Monthly Price
$1,500 - $1,650

1 To 2 Bedroom Condos for Rent

Available Aug 31

5337 Brody Dr

MadisonWI53705

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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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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Showing Results 1-50, Page 1 of 2

Madison, WI Local Guide

Cheapest Neighborhoods for Apartments in Madison, WI

Pricing Updated: 06/19/2026

Current apartment rentals in the Madison, WI area range in price from $599 to $5,600 with an overall median price of $3,175. The three Madison neighborhoods with the lowest median rent pricing are Glendale at $1,125, Pflaum Road at $1,125, and Marquette at $1,175. Here is today’s list of the top 10 neighborhoods with the lowest median pricing for Madison Apartments for rent:

NeighborhoodMedian PriceMin PriceAvailable Units
Glendale$1,975$1,1251
Pflaum Road$1,975$1,1253
Marquette$2,200$1,1754
Lake Edge$2,287$1,1254
First Settlement$2,295$1,3955
Marquette Dane$2,295$1,6003
Old Market Place$2,295$1,3955
Tenney-Lapham$2,295$1,6003
The Isthmus$2,295$1,1755
Starkweather$2,447$1,1758

Cheapest Available Madison Apartments for Rent

 

The cheapest available apartment rental in Madison, WI is a 1 Bed unit found at The Landing at 818 in the Liberty Square neighborhood priced from $612. The Canyons in the Far West Side neighborhood has the second lowest priced unit, which is a 1 Bed apartment currently listed from $641. Here is today’s list of the most affordable Madison apartments for rent:

Apartment ListingModel NameBed/BathPriced From
The Landing at 8181 Bedroom A1BR,1BA$612
The CanyonsOne Bedroom Income Restricted-StyleB1BR,1BA$641
45 N Orchard St0x1-200Studio,1BA$750
The PostOne Bedroom1BR,1BA$759
The Conway at Huxley YardsOne Bedroom/One Bath "D"1BR,1BA$761
Rise-Madison2 Bed / 2 Bath2BR,2BA$784
Freedom Ring Apartments736 - 1 Bed / 1 Bath1BR,1BA$875
The BaehronStudio UnfurnishedStudio,1BA$895
Lion's Gate at GrandviewEFF/StudioStudio,1BA$895
632 Howard Place632 Howard Place - 303Studio,1BA$895

Best Value Apartments for Rent in Madison, WI

As of June 19, 2026 the best value apartment in the Madison area is the $1.01 price per square foot Redspire Model at 6820-6850 Redspire Ln in the in the Lake Windsor neighborhood starting from $2,228. The second greatest value Madison apartment is the 5910 Monona Dr Model at 5910 Monona Dr, Unit Monona Apt starting at $2,195 with a $1.10 price per square foot in the Pflaum Road neighborhood. Here is today’s list of the best values for Madison apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
6820-6850 Redspire LnRedspire3BR,2.5BA$1.01
5910 Monona Dr, Unit Monona Apt5910 Monona Dr2BR,2BA$1.10
1049 Spaight St, Unit Apartment 31049 Spaight St1BR,1BA$0.56
Limerick3x2.5 APT-L3BR,2.5BA$1.19
1301 Ruskin St, Unit 11301 Ruskin St2BR,1BA$1.13
Chapter at Madison4BR/3BA - D14BR,3BA$0.81
Rolling PrairieThree Bedroom3BR,1BA$1.14
Freedom Park Apartments1721 - 2 Bed / 1 Bath2BR,1BA$1.10
Varsity Campus Apartments4-Bedroom, 2-Bath4BR,2BA$1.18
The Life at Madison Grove2 BED 1 BATH2BR,1BA$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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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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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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Remember the 3 Rules of Real Estate:
Location, Location, Location!

Explore Madison, WI Rentals by Map

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Frequently Asked Questions about Madison

What type of rentals are currently available in Madison?

There are currently 1798 Apartments for Rent in Madison, WI with pricing that ranges from $641 to $14,130. There are also 198 Single Family Homes for rent, Condos, and Townhome rentals currently available in Madison ranging from $599 to $5,600.

What is the current price range for Rental Homes in Madison?

Today's rental pricing for Homes for Rent, Condos and Townhomes in Madison ranges from $599 to $5,600 with an average monthly rent of $2,576.

How much are larger Three and Four Bedroom Rentals in Madison?

For those who are looking for larger living arrangements, Three Bedroom Apartments in Madison range from $866 to $14,130, while Three Bedroom Homes, Condos, and Townhomes for rent range from $1,525 to $4,000. Four Bedroom Single-Family rentals are also available starting from $2,100 and Four Bedroom Apartments start at $938.

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.

Helpful Local Expert Guides

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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.

decorative image for Lakeshore to Lecture Hall: Finding Your Perfect Student Apartment in Madison, WI article

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

Written by: Mike Heuer

I am Mike, your guide to student housing in the Greater Madison, Wisconsin, area. Madison is a terrific city that also is the Capital of Wisconsin.

decorative image for An Insiders Guide to 6 Reasons Why Locals Love Renting in Madison, Wisconsin article

An Insiders Guide to 6 Reasons Why Locals Love Renting in Madison, Wisconsin

Written by: Mike Heuer

Madison is Wisconsin’s capital city and its second-largest city, with a population of more than 260,000.

Articles, How-To's, and Tips

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Apartment Occupancy Rates: Renter Attraction vs Renter Retention

Written by: Robin Stewart

There’s a tenet in marketing about client or customer attraction and retention. Studies and data have consistently shown it costs less to keep a current customer than to attract a new one.

decorative image for How I Find the Perfect Rental for My Clients: A Real Estate Pro's Guide article

How I Find the Perfect Rental for My Clients: A Real Estate Pro's Guide

Written by: Robin Stewart

Evaluating rental properties for clients draws many parallels to house-hunting. Whether an apartment, loft, townhouse, or other rental, finding the right place means finding “home” for your client.

decorative image for Pet-Friendly Renting: Everything You Need to Know Before You Move article

Pet-Friendly Renting: Everything You Need to Know Before You Move

Written by: Christine Leonard, Esq.

For so many of us, pets are the best companions and a big part of our lives. For this reason, a pet-friendly house or apartment is often a very important - and nonnegotiable - part of a move.

decorative image for Creative Ways Developers Reimagine Retail Spaces as Residential Units article

Creative Ways Developers Reimagine Retail Spaces as Residential Units

Written by: Robin Stewart

Adaptive reuse is when a commercial property is converted and repurposed. The real estate industry has embraced a growing number of these projects.