Cheap Apartments for Rent in the Sherman Terrace Neighborhood of Madison, WI from $400 (196 Rentals)

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

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property at 317 E Gorham St

317 E Gorham St

MadisonWI53703

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. Gargano Properties has the second lowest priced unit, which is a 1 Bed apartment currently listed from $900. 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
Gargano Propertiesone1BR,1BA$900
106 S Hancock StStudioStudio,1BA$990
Capital Park ApartmentsEfficiencyStudio,1BA$999
Madison Mayfair Apartments1 Bedroom1BR,1BA$1,000
509 N Lake StOne-Bed1BR,1BA$1,030
Courtyard Apartments0BR/1.0BAStudio,1BA$1,060
City RowA1 (50LMI Income Restricted)Studio,1BA$1,070
635 Howard Pl1 Bedroom1BR,1BA$1,100
The Oscar Family ApartmentsIncome Restricted - One Bedroom 60%1BR,1BA$1,133

Best Value Apartments for Rent in Sherman Terrace, WI

As of November 19, 2025 the best value apartment in the Sherman Terrace area is the $0.90 price per square foot 5BR/4BA - E3 Model at Chapter at Madison in the in the Downtown Madison neighborhood starting from $1,389. The second greatest value Sherman Terrace apartment is the 813 Williamson St Model at 813 Williamson St, Unit #1 starting at $2,100 with a $1.40 price per square foot in the The Isthmus 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.
Chapter at Madison5BR/4BA - E35BR,4BA$0.90
813 Williamson St, Unit #1813 Williamson St3BR,1BA$1.40
110 S Blair St, Unit 2110 S Blair St3BR,1BA$1.35
Carbon at Union Corners3x2 Income restricted3BR,2BA$1.41
514 E Johnson St, Unit 2514 E Johnson St3BR,1BA$1.00
Pres House ApartmentsBedroom (Shared)4BR,2BA$1.37
Collegiate Campus Student ApartmentsApartments Available Now4BR,2BA$0.68
Gargano Propertiesone1BR,1BA$0.88
229 Lakelawn *Student Housing*4 Bedroom 26-27 School Year / Room4BR,3BA$1.18
3388 E Washington Ave, Unit #23388 E Washington Ave2BR,1BA$1.44

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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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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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 $1,133.

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 $9,500.

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 181 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 $2,057 which is $7,443 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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Apartment Common Area Rules: What Renters Need to Know

Written by: Christine Leonard, Esq.

Back in the day when I rented one of my first apartments, the property didn’t even have laundry in the building. Now, rental properties are often competing against each other to provide the best amenities.

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How to Negotiate Your Apartment Lease and Save Money

Written by: Christine Leonard, Esq.

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