Cheap Apartments for Rent in Madrid, IA from $400 (56 Rentals)

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Search the lowest-cost Apartments available for rent right now in Madrid.

property at 211 S Green St

$800

2 Bedroom, 1 Bath Rentals

Available Now

211 S Green St

MadridIA50156
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211 S Green St
1 to 2 Bedroom Apartments

211 S Green St

211 S Green StMadrid, IA 50156

Rent According to Income: A Look at Income-Restricted Rentals

Find income-restricted rentals and housing subsidies. Explore government programs designed to help low-income families secure stable, affordable housing.

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Renters Insurance 101: What It Is, What It Covers, and Why You Need It

From theft to fire to water damage, the unexpected can happen to any renter. Discover why renters insurance is one of the smartest and most affordable investments you can make as a tenant.

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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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Spruce Pointe
1 to 2 Bedroom Apartments

Spruce Pointe

126 Beedle DrAmes, IA 50014
  • Utilities Included
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Granger Lofts
1 to 2 Bedroom Apartments

Granger Lofts

2202 Broadway StGranger, IA 50109
  • Utilities Included
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West Field Apartments
1 to 3 Bedroom Apartments

West Field Apartments

5910 Lincoln WayAmes, IA 50014
  • Utilities Included
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Furman Western Hills
Studio to 2 Bedroom Apartments

Furman Western Hills

230 Raphael AveAmes, IA 50014
  • Utilities Included
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Lake Park
1 Bedroom Apartments

Lake Park

602 Van Dorn StPolk City, IA 50226
  • Utilities Included

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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Boone Park
1 to 2 Bedroom Apartments

Boone Park

1127 S Linn StBoone, IA 50036
  • Utilities Included
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Oakview Apartments
1 to 4 Bedroom Apartments

Oakview Apartments

1429 Walton DrAmes, IA 50014
  • Utilities Included
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1209 Mayfield Dr
2 to 3 Bedroom Apartments

1209 Mayfield Dr

1209 Mayfield DrAmes, IA 50014
Student Housing
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839-841 Dickinson Ave
3 to 4 Bedroom Apartments

839-841 Dickinson Ave

839-841 Dickinson AveAmes, IA 50014
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Bramble Oak Apartments
3 to 4 Bedroom Apartments

Bramble Oak Apartments

3714 Tripp StAmes, IA 50014
Student Housing
  • Utilities Included

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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Madrid, IA Local Guide

Cheapest Available Madrid Apartments for Rent and Nearby

 

The cheapest available apartment rental in Madrid, IA is a 1 Bed unit found at West Village Apartments in the Fountainview neighborhood priced from $695. The Ridge Apartments in the Fountainview neighborhood has the second lowest priced unit, which is a 1 Bed apartment currently listed from $695. Here is today’s list of the most affordable Madrid apartments for rent:

Apartment ListingModel NameBed/BathPriced From
West Village Apartments1BR/1BA1BR,1BA$695
The Ridge Apartments1 Bedroom/1 Bathroom1BR,1BA$695
Fountain View Apartments1 Bedroom1BR,1BA$695
Hickory Ridge Apartments0 bed, 1 bathStudio,1BA$699
College Creek Apartments1 Bedroom Apartment1BR,1BA$755
Wyndsor TerraceStudioStudio,1BA$785
211 S Green St2 Beds, 1 Baths2BR,1BA$800
Hancock Apartments2 Beds, 1 bath2BR,1BA$850
Linden Station Apartments1 Bed Apartment 55+1BR,1BA$850
Oakwood2 Bedroom2BR,1BA$875

Best Value Apartments for Rent in Madrid, IA and Nearby

As of August 05, 2026 the best value apartment in the Madrid area is the $1.03 price per square foot 3515 Lincoln Way ( 4 bdrm ) Model at Walnut Ridge in the in the Eagle Ridge neighborhood starting from $2,000. The second greatest value Madrid apartment is the 3 Beds / 2 Baths Model at 802 Dickinson Ave starting at $1,260 with a $0.97 price per square foot in the Fountainview neighborhood. Here is today’s list of the best values for Madrid apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Walnut Ridge3515 Lincoln Way ( 4 bdrm )4BR,3BA$1.03
802 Dickinson Ave3 Beds / 2 Baths3BR,2BA$0.97
Total Property Management 3206 Lincoln Way4 bedroom4BR,2.5BA$0.91
Oakwood2 Bedroom2BR,1BA$0.85
West Village Apartments2BR/2BA2BR,2BA$1.02
Hancock Apartments2 Beds, 1 bath2BR,1BA$0.97
Mortensen Heights2B2BR,2BA$0.71
Western Hills Apartments2 Bed/1 Bath Apartment2BR,1BA$1.07
SUNDANCE BOONE APARTMENTS2 Bedroom 2 Bathroom2BR,2BA$1.08
211 S Green St2 Beds, 1 Baths2BR,1BA$1.00

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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Pet Friendly Lifestyle
Madrid, IA

Ranked #116

Among cities in Iowa for Apartment listings with Pet Friendly Amenities.

Pet Friendliness Lifestyle Score

2.5
Pet Friendly

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Best Local Schools in
Madrid, IA

School data provided by Great Schools

Remember the 3 Rules of Real Estate:
Location, Location, Location!

Explore Madrid, IA Rentals by Map

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See the most popular apartments and homes in Madrid, IA

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Frequently Asked Questions about Cheap Madrid Apartments

What is the Cheapest Studio apartment in Madrid?

Currently the most affordable Cheap Studio Apartment in Madrid is at Hickory Ridge Apartments listed at $699.

How much is rent for a Cheap One Bedroom Madrid Apartment?

The lowest price for a Cheap One Bedroom Madrid Apartment is $695 at West Village Apartments.

What is the lowest price for a Cheap Two Bedroom Madrid Apartment for rent?

Today's best deal for a Cheap Two Bedroom Apartment in Madrid is starting from $800 at 211 S Green St.

What is the most affordable Madrid Three Bedroom Apartment?

The best deal on a cheap Madrid Three Bedroom Apartment rental is at SUNDANCE BOONE APARTMENTS and starts from $995.

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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Rent According to Income: A Look at Income-Restricted Rentals

Written by: Robin Stewart

The idea of affordable housing can be subjective. Every individual is in a different place financially and vocationally. What one may easily afford could be a struggle for someone else.

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First Apartment Regrets: Real Renters Share What They'd Do Differently

Written by: Robin Stewart

Hindsight is 20/20. Live and Learn. With age comes wisdom. We’re familiar with all those expressions, and all of them apply to lessons first-time renters learn.

decorative image for Renters Insurance 101: What It Is, What It Covers, and Why You Need It article

Renters Insurance 101: What It Is, What It Covers, and Why You Need It

Written by: Robin Stewart

Insurance seems to be a part of life. In some states, having insurance is the law, as is the case for automobile insurance. Renters are no exception.

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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.