Cheap Apartments for Rent in the Sherman Terrace Neighborhood of Madison, WI from $400 (240 Rentals)

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

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

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1001 Rutledge Ct, Unit 2
$1,000
Total Monthly Price

Total Monthly Price

Base Rent
$1,000
Total Monthly Price
$1,000
1 Bedroom Apartment Available Sep 1

1001 Rutledge Ct, Unit 2

1001 Rutledge CtMadison, WI 53703
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636 State St
$1,050 - $1,300
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$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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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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1149 E Dayton St, Unit 3
$1,100
Total Monthly Price

Total Monthly Price

Base Rent
$1,100
Total Monthly Price
$1,100
1 Bedroom Apartment Available Aug 1

1149 E Dayton St, Unit 3

1149 E Dayton StMadison, WI 53703
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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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137 E Gorham St
$1,150 - $1,800
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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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The Art of the Rental Viewing: What to look for during a property tour

Touring a rental? This guide helps you know exactly what to look for, from safety features to hidden flaws, so you can confidently sign your lease or keep searching.

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Sherman Terrace, Madison, WI Local Guide

Cheapest Available Sherman Terrace Apartments for Rent

 

The cheapest available apartment rental in the Sherman Terrace area of Madison, WI is a 2 Beds unit found at Rise-Madison priced from $784. 632 Howard Place has the second lowest priced unit, which is a Studio apartment currently listed from $895. Here are the most affordable Sherman Terrace apartments for rent in Madison, WI:

Apartment ListingModel NameBed/BathPriced From
Rise-Madison2 Bed / 2 Bath2BR,2BA$784
632 Howard Place632 Howard Place - 303Studio,1BA$895
Madison Mayfair Apartments1 Bedroom1BR,1BA$999
Greenspire Wilson Apartments0BR/1.0BAStudio,1BA$1,025
Axton5BR/5BA - The Five C ADA5BR,5BA$1,049
Courtyard Apartments0BR/1.0BAStudio,1BA$1,055
Varsity Campus Apartments4-Bedroom, 2-Bath4BR,2BA$1,065
City RowA1 (50LMI Income Restricted)Studio,1BA$1,070
EllaB - 3 (WHEDA) Floor Plan (50LMI Income Restricted)1BR,1BA$1,090

Best Value Apartments for Rent in Sherman Terrace, WI

As of May 29, 2026 the best value apartment in the Sherman Terrace area is the $0.56 price per square foot 1049 Spaight St Model at 1049 Spaight St, Unit Apartment 3 in the in the The Isthmus neighborhood starting from $1,000. The second greatest value Sherman Terrace apartment is the 3x2 Income restricted Model at Carbon at Union Corners starting at $1,811 with a $1.41 price per square foot in the Near East Side neighborhood. Here is today’s list of the best values for Sherman Terrace apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
1049 Spaight St, Unit Apartment 31049 Spaight St1BR,1BA$0.56
Carbon at Union Corners3x2 Income restricted3BR,2BA$1.41
Pres House ApartmentsBedroom (Shared)4BR,2BA$1.37
22 N Hancock StTwo-Bedroom2BR,1BA$1.33
Chapter at Madison4BR/3BA - D14BR,3BA$1.06
Waterfront ApartmentsN4BR,2BA$1.27
2566 Hoard St, Unit Downstairs apartment2566 Hoard St2BR,1BA$1.36
Valor on WashingtonTwo Bedroom2BR,1BA$1.32
Varsity Campus Apartments4-Bedroom, 2-Bath4BR,2BA$1.18
Towers on State2BR/1BA - B12BR,1BA$1.49

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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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 brings you comprehensive Lifestyle Ratings of rentals and neighborhoods across the USA, including Madison. LifeStyle Ratings are a useful tool for comparing and sorting apartments and neighborhoods when choosing your rental home. This takes in many factors including rankings of the best places for the best proximity to parks and outdoor amenities, luxury amenities, pet-friendly features, family-friendly amenities, proximity to transit, in addition to floorplans, availablity, and pricing. These search options are in the site filters at the top of this page.

Frequently Asked Questions about Cheap Sherman Terrace Apartments

What is a cheap apartment in Sherman Terrace?

A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in Sherman Terrace is under $1,090.

What is the price of a cheap apartment in Sherman Terrace?

The cheapest apartment in Sherman Terrace is Madison Mayfair Apartments which is listed at $999, while the average apartment in Sherman Terrace costs $5,850.

What types of apartments are the cheapest in Sherman Terrace?

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 501 regular apartments in Sherman Terrace 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 Sherman Terrace?

Cheap apartments in Sherman Terrace have an average cost of $801 which is $5,049 cheaper than the average rent for all rentals in Sherman Terrace.

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.

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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.

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

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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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Neighborhood and Market Insights: How to Choose the Right Area to Rent

Written by: Robin Stewart

Apartment-hunting can be a gargantuan task. Renters have a wish list of items—some luxuries, some necessities—but finding what you seek in the right place is perhaps the most important part of the journey.

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A Seasoned Property Manager's Step-by-Step Guide to Getting Your Deposit Back

Written by: Lauren Harrington

I’m going to talk with you as a seasoned property manager and friend. So, let’s start with your security deposit. I want you to think about this guide as insider information. You deserve your deposit back.

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Expert Solutions for Creating the Perfect Work-From-Home Apartment Layouts

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.

decorative image for What Does “Rent Burdened” Mean? How Much Rent Is Too Much article

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.