Cheap Apartments for Rent in Madrid, IA from $300 (57 Rentals)

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

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211 S Green St
1 to 2 Bedroom Apartments

211 S Green St

211 S Green StMadrid, IA 50156

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

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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Lake Park
1 Bedroom Apartments

Lake Park

602 Van Dorn StPolk City, IA 50226
  • Utilities Included
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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
property at 4511 Twain Cir

$980 - $1,030

1 Bedroom Rentals

Available Aug 1

4511 Twain Cir

AmesIA50014
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Windsor Pointe
1 to 3 Bedroom Apartments

Windsor Pointe

3815 Tripp StAmes, IA 50014
  • Utilities Included

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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Showing Results 1-50, Page 1 of 2

Madrid, IA Local Guide

Cheapest Neighborhoods for Apartments in Madrid, IA

Pricing Updated: 06/21/2026

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 4 Beds unit found at The Social West Ames® in the Fountainview neighborhood priced from $499. Hickory Ridge Apartments in the Eagle Ridge neighborhood has the second lowest priced unit, which is a Studio apartment currently listed from $699. Here is today’s list of the most affordable Madrid apartments for rent:

Apartment ListingModel NameBed/BathPriced From
The Social West Ames®Langley B Renovated - Station4BR,2BA$499
Hickory Ridge Apartments0 bed, 1 bathStudio,1BA$699
College Creek Apartments1 Bedroom Apartment1BR,1BA$755
Oakwood1 bedroom1BR,1BA$775
Granger Lofts1BR Upper1BR,1BA$780
211 S Green St2 Beds, 1 Baths2BR,1BA$800
Linden Station Apartments1 Bed Apartment 55+1BR,1BA$850
Park Place Apartments2BR Upper2BR,1BA$880
SUNDANCE BOONE APARTMENTS2 Bedroom 2 Bathroom2BR,2BA$895
West Field Apartments2 Bed/1 Bath2BR,1BA$895

Best Value Apartments for Rent in Madrid, IA and Nearby

As of June 21, 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 Bedroom Model at Oakwood starting at $1,350 with a $1.04 price per square foot in the Gateway Hills 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
Oakwood3 Bedroom3BR,2BA$1.04
The Social ReserveTaylor - Reserve3BR,2BA$0.36
Tripp Street Apartments4 Bedroom/2 Bathroom4BR,2BA$1.12
The Madison3x3 Unfurnished3BR,3BA$0.49
The Social West Ames®Cambridge A - Station3BR,2BA$0.60
Prairie Place1 Bedroom Apartment1BR,1BA$1.12
SUNDANCE BOONE APARTMENTS2 Bedroom 2 Bathroom2BR,2BA$1.08
Wyndsor Terrace2 bed 1 bath2BR,1BA$1.10
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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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 #39

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 $755 at College Creek 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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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.

decorative image for How I Find the Perfect Rental for My Clients: A Real Estate Pro's Guide article

How I Find the Perfect Rental for My Clients: A Real Estate Pro's Guide

Written by: Robin Stewart

Evaluating rental properties for clients draws many parallels to house-hunting. Whether an apartment, loft, townhouse, or other rental, finding the right place means finding “home” for your client.

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Pet-Friendly Renting: Everything You Need to Know Before You Move

Written by: Christine Leonard, Esq.

For so many of us, pets are the best companions and a big part of our lives. For this reason, a pet-friendly house or apartment is often a very important - and nonnegotiable - part of a move.

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Creative Ways Developers Reimagine Retail Spaces as Residential Units

Written by: Robin Stewart

Adaptive reuse is when a commercial property is converted and repurposed. The real estate industry has embraced a growing number of these projects.