Cheap Apartments for Rent in Madrid, IA from $400 (48 Rentals)

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

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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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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Spruce Pointe
1 to 2 Bedroom Apartments

Spruce Pointe

126 Beedle DrAmes, IA 50014
  • Utilities Included
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Oakwood
1 to 3 Bedroom Apartments

Oakwood

2101 Oakwood RdAmes, IA 50014
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Lake Park Apartments
1 Bedroom Apartments

Lake Park Apartments

602 Van Dorn StPolk City, IA 50226
  • Utilities Included

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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Windsor Pointe
1 to 3 Bedroom Apartments

Windsor Pointe

3815 Tripp StAmes, IA 50014
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Boone Park Apartments
1 to 2 Bedroom Apartments

Boone Park Apartments

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
property at 4511 Twain Cir

$980 - $1,030

1 Bedroom Rentals

Available Aug 1

4511 Twain Cir

AmesIA50014
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839-841 Dickinson Ave
3 to 4 Bedroom Apartments

839-841 Dickinson Ave

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

Bramble Oak Apartments

3714 Tripp StAmes, IA 50014
Student Housing
  • Utilities Included

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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Showing Results 1-48, Page 1 of 1

Madrid, IA Local Guide

Cheapest Neighborhoods for Apartments in Madrid, IA

Pricing Updated: 05/06/2026

Current apartment rentals in the Madrid, IA area range in price from to with an overall median price of . Here is today’s list neighborhoods with the lowest median pricing for Madrid Apartments for rent:

NeighborhoodMedian PriceMin PriceAvailable Units
Royal Estates$780$7801

Cheapest Available Madrid Apartments for Rent and Nearby

 

The cheapest available apartment rental in Madrid, IA is a 1 Bed unit found at Granger Lofts in the Royal Estates neighborhood priced from $780. Hickory Ridge Apartments in the Eagle Ridge neighborhood has the second lowest priced unit, which is a Studio apartment currently listed from $799. Here is today’s list of the most affordable Madrid apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Granger Lofts1BR Upper1BR,1BA$780
Hickory Ridge Apartments0 bed, 1 bathStudio,1BA$799
Western Hills Apartments1 Bed/1 Bath Apartment1BR,1BA$800
Windsor PointeHickory 60%2BR,1BA$825
Linden Station Apartments1 Bed Apartment 55+1BR,1BA$850
College Creek Apartments1 Bedroom Apartment1BR,1BA$855
West Field Apartments2 Bed/1 Bath2BR,1BA$895
SUNDANCE BOONE APARTMENTS2 Bedroom 2 Bathroom2BR,2BA$895
Destination 141Apartment - StudioStudio,1BA$895
The Social West Ames®Berkley - Station1BR,1BA$899

Best Value Apartments for Rent in Madrid, IA and Nearby

As of May 07, 2026 the best value apartment in the Madrid area is the $1.02 price per square foot 3515 Lincoln Way ( 4 bdrm ) Model at Walnut Ridge in the in the Eagle Ridge neighborhood starting from $2,300. The second greatest value Madrid apartment is the 4 Bedroom/2 Bathroom Model at Tripp Street Apartments starting at $1,400 with a $1.12 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$1.02
Tripp Street Apartments4 Bedroom/2 Bathroom4BR,2BA$1.12
The Madison3x3 Furnished3BR,3BA$0.55
The Social ReserveJasper Renovated - Reserve2BR,2BA$0.63
Anna's Grove by Kading3 Bedroom, Single-story Townhomes for rent in M...3BR,1BA$0.97
Fountainview2 Bed/1 Bath Apartment2BR,1BA$1.15
Furman Western Hills2BR 2BA2BR,2BA$1.02
1209 Mayfield Dr2 BR/ 2 BA2BR,2BA$1.13
Point at AmesFrisco B2BR,2BA$1.06
SUNDANCE BOONE APARTMENTS2 Bedroom 2 Bathroom2BR,2BA$1.08

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 #70

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 $799.

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

The lowest price for a Cheap One Bedroom Madrid Apartment is $780 at Granger Lofts.

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 $895 at West Field Apartments.

What is the most affordable Madrid Three Bedroom Apartment?

The best deal on a cheap Madrid Three Bedroom Apartment rental is at Anna's Grove by Kading and starts from $975.

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

decorative image for A Seasoned Property Manager's Step-by-Step Guide to Getting Your Deposit Back article

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.

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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.