Cheap Apartments for Rent in the Sherman Terrace Neighborhood of Madison, WI from $400 (237 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

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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636 State St
$1,050 - $2,700
Total Monthly Price

Total Monthly Price

Base Rent
$1,050 - $2,700
Total Monthly Price
$1,050 - $2,700
Studio to 3 Bedroom Apartment Available Now

636 State St

636 State 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
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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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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129 E Gorham St
$1,195 - $2,600
Total Monthly Price

Total Monthly Price

Base Rent
$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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Madison's Best Affordable Neighborhoods

Learn about Madison and the best places to live with original content written by our Local Expert Mike Heuer

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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 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 Sherman Terrace apartments for rent in Madison, WI:

Apartment ListingModel NameBed/BathPriced From
632 Howard Place632 Howard Place - 304Studio,1BA$895
22 N Franklin StStudio AStudio,1BA$915
228 Langdon StStudioStudio,1BA$990
Madison Mayfair Apartments1 Bedroom1BR,1BA$999
The ShieldA11BR,1BA$1,011
The BayshoreStudioStudio,1BA$1,025
Courtyard Apartments0BR/1.0BAStudio,1BA$1,055
Varsity Campus Apartments4-Bedroom, 2-Bath4BR,2BA$1,065
City RowA4 (50LMI Income Restricted)Studio,1BA$1,070

Best Value Apartments for Rent in Sherman Terrace, WI

As of April 13, 2026 the best value apartment in the Sherman Terrace area is the $1.41 price per square foot 3x2 Income restricted Model at Carbon at Union Corners in the in the Near East Side neighborhood starting from $1,811. The second greatest value Sherman Terrace 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 Sherman Terrace apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Carbon at Union Corners3x2 Income restricted3BR,2BA$1.41
Pres House ApartmentsBedroom (Shared)4BR,2BA$1.37
City PlaceTwo Bedroom Two Bathroom2BR,2BA$1.54
Rise-Madison2 Bed / 2 Bath2BR,2BA$1.49
1812 Northwestern Ave, Unit Upper1812 Northwestern Ave2BR,1BA$1.53
229 Lakelawn *Student Housing*4 Bedroom 26-27 School Year / Room4BR,3BA$1.18
The Oscar Family ApartmentsMarket2BR,1BA$1.61
Collegiate Campus Apartments3 Bedroom 2 Bath Lake Views (7th/8th Floor)3BR,2BA$0.74
402 W Wilson StreetThe Williamson2BR,2BA$1.49
Commercial AvenueTwo Bedroom2BR,1BA$1.63

10 Hidden Costs of Renting You Should Budget for Before Signing a Lease

Avoid financial stress when renting. Learn about the 10 most common hidden costs—from pet fees to utilities—you must budget for before you sign a lease.

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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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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 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 $1,070.

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 590 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 $956 which is $4,894 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.

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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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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Maximizing Your Refund: Essential Tax Tips for Renters

Written by: Christine Leonard, Esq.

Other than tax professionals, I can’t think of anyone who looks forward to tax season. For everybody else, April is a stressful month to collect information and meet deadlines.

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18 Must-Ask Rental Tour Questions That Reveal the Truth about a Property

Written by: Lauren Harrington

Renting your next home can feel thrilling and overwhelming at the same time.