Cheap Apartments for Rent in the Sherman Terrace Neighborhood of Madison, WI from $400 (202 Rentals)

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

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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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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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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The Ultimate Long-Distance Moving Checklist: Tips from a Real Estate Pro

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property at 414 State St

414 State 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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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 Studio unit found at Hellenbrand Apartments priced from $705. Metropolitan Apartments has the second lowest priced unit, which is a Studio apartment currently listed from $800. Here are the most affordable Sherman Terrace apartments for rent in Madison, WI:

Apartment ListingModel NameBed/BathPriced From
Hellenbrand ApartmentsStudio--111 S BassettStudio,1BA$705
Metropolitan Apartments403Studio,1BA$800
632 Howard Place632 Howard Place - 304Studio,1BA$895
Gargano Propertiesone1BR,1BA$900
421 W Gilman St421 Gilman 1 Bedroom1BR,1BA$990
106 S Hancock StStudioStudio,1BA$990
Capital Park ApartmentsEfficiencyStudio,1BA$999
Madison Mayfair Apartments1 Bedroom1BR,1BA$1,050

Best Value Apartments for Rent in Sherman Terrace, WI

As of September 30, 2025 the best value apartment in the Sherman Terrace area is the $0.77 price per square foot 6 Bedroom Model at 229 Lakelawn *Student Housing* in the in the The Isthmus neighborhood starting from $1,200. The second greatest value Sherman Terrace apartment is the 1509 Spaight St Model at 1509 Spaight St starting at $1,200 with a $0.80 price per square foot in the Downtown Madison 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.
229 Lakelawn *Student Housing*6 Bedroom6BR,3BA$0.77
1509 Spaight St1509 Spaight St1BR,1BA$0.80
Carbon at Union Corners3x2 Income restricted3BR,2BA$1.41
Pres House ApartmentsBedroom (Shared)4BR,2BA$1.37
22 N Hancock StTwo-Bedroom2BR,1BA$1.53
Collegiate Campus Student ApartmentsApartments Available Now4BR,2BA$0.68
Gargano Propertiesone1BR,1BA$0.88
345 W Doty St, Unit 2345 W Doty St2BR,1BA$0.78
209 Kedzie St, Unit Apartment #2209 Kedzie St2BR,1BA$1.53
623 State St, Unit #3623 State St1BR,1BA$1.21

Quick Rent Budget Calculator

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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.

Getting Around the Sherman Terrace Neighborhood in Madison, WI

Walk Score®

59 / 100

Somewhat Walkable

Some errands can be accomplished on foot

Bike Score®

92 / 100

Biker's Paradise

Daily errands can be accomplished on a bike

Transit Score®

44 / 100

Some Transit

A few nearby public transportation options

What Are Walk Score®, Transit Score®, and Bike Score® Ratings?

  • Walk Score® measures the walkability of any address.
  • Transit Score® measures access to public transit.
  • Bike Score® measures the bikeability of any address.

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 $1,050.

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

The cheapest apartment in Sherman Terrace is Gargano Properties which is listed at $900, while the average apartment in Sherman Terrace costs $7,995.

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 152 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 $2,073 which is $5,922 cheaper than the average rent for all rentals in Sherman Terrace.

Expert Rental Resources

Helpful Apartment Articles, How-To's and Tips

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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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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Kansas Citys Major Employers & the Best Places to Rent Near Them | A Local Expert Guide

Written by: Amber Kanuckel

Hey, there! I’m Amber, your ApartmentHomeLiving.com local expert for Kansas City, and I’m back with my recommendations for top employers in the area.

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How to Negotiate Your Apartment Lease and Save Money

Written by: Christine Leonard, Esq.

Everything is a negotiation in real estate! 

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The Rental Move-In Inspection Checklist: A Guide for Renters

Written by: Trey Huguley

The move-in inspection checklist is a crucial tool for both tenants and landlords. This checklist, provided by the team at ApartmentHomeLiving.com, helps document the condition of an apartment at the time of move-in.