Cheap Apartments for Rent in Magnolia, IL from $400 (25 Rentals)

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

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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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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Smart Renter's Guide: Calculating Affordable Rent & Housing Costs

Wondering how to determine your rental budget? This comprehensive guide covers everything from the 30% rule to hidden fees and effective budgeting strategies.

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Tiffany Pointe
Studio to 2 Bedroom Apartments

Tiffany Pointe

1508 W Tiffany DrPeoria, IL 61614

Navigating the Rental Market: Tips for First-Time Renters

Entering the rental market? Learn these simple tips and strategies to avoid common pitfalls and make confident choices. Rent with peace of mind.

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property at 445 Elm Pl

445 Elm Pl

PrincetonIL61356
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The Hillsides
2 Bedroom Apartments

The Hillsides

4731 N Galena RdPeoria Heights, IL 61616
  • Utilities Included
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Magnolia, IL Local Guide

Cheapest Available Magnolia Apartments for Rent and Nearby

 

The cheapest available apartment rental in Magnolia, IL is a 1 Bed unit found at Colonial Village priced from $625. Knoxville Manor Apartments in the Northmoor Knolls neighborhood has the second lowest priced unit, which is a 1 Bed apartment currently listed from $675. Here is today’s list of the most affordable Magnolia apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Colonial Village1 Bedroom1BR,1BA$625
Knoxville Manor ApartmentsGarden Level1BR,1BA$675
Willow Knolls ApartmentsStudioStudio,1BA$700
Winkler Village Apartments1BD 1BTH1BR,1BA$725
The Village on UniversityKing at Village NorthStudio,1BA$725

Best Value Apartments for Rent in Magnolia, IL and Nearby

As of June 19, 2025 the best value apartment in the Magnolia area is the $1.14 price per square foot 3 Bedroom 2 Bath Model at Eagle Point Apartments in the in the Northmoor Knolls neighborhood starting from $1,550. The second greatest value Magnolia apartment is the 3 Bed 1 Bath Model at 1512 E Gardner Ln starting at $795 with a $0.66 price per square foot in the Northmoor Knolls neighborhood. Here is today’s list of the best values for Magnolia apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Eagle Point Apartments3 Bedroom 2 Bath2BR,2BA$1.14
1512 E Gardner Ln3 Bed 1 Bath3BR,1BA$0.66
Versailles ApartmentsCrown - 2BR / 1BA2BR,1BA$1.03
The Grove ApartmentsSignature 2 Bed / 1.5 Bath2BR,1.5BA$1.13
504 S Sweetbriar DrModel2BR,1BA$1.11
Phoenix Apartments of PontiacOne Bedroom Deluxe1BR,1BA$0.94
Brighton Woods1Bed1Bath1BR,1BA$1.06
Nordic Villa ApartmentsLoft1BR,1BA$1.18
Winkler Village Apartments1BD 1BTH1BR,1BA$1.06
Colonial Village1 Bedroom1BR,1BA$1.14

Quick Rent Budget Calculator

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

Explore Magnolia, IL Rentals by Map

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See the most popular apartments and homes in Magnolia, IL

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Getting Around Magnolia, IL

Walk Score®

12 / 100

Car-Dependent

Almost all errands require a car

Bike Score®

25 / 100

Somewhat Bikeable

Minimal bike infrastructure

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 Magnolia Apartments

What is the Cheapest Studio apartment in Magnolia?

Currently the most affordable Cheap Studio Apartment in Magnolia is at Willow Knolls Apartments listed at $700.

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

The lowest price for a Cheap One Bedroom Magnolia Apartment is $625 at Colonial Village.

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

Today's best deal for a Cheap Two Bedroom Apartment in Magnolia is starting from $850 at Brighton Woods.

What is the most affordable Magnolia Three Bedroom Apartment?

The best deal on a cheap Magnolia Three Bedroom Apartment rental is at 1512 E Gardner Ln and starts from $795.

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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Roommate Matching: Finding the Right Fit and Avoiding Pitfalls

Written by: Cheryl Bowman

A fantastic way to save money and enjoy a built-in community is to share an apartment. However, a bad roommate situation can turn your dream rental into a nightmare.

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The Art of the Rental Viewing: What to look for during a property tour

Written by: Marie Brown

You’ve scrolled through countless listings, walked through a blur of rentals, and finally found what feels like the one. The pictures? Fantastic. The neighborhood seems just right.

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Know Your Budget: Calculating What You Can Realistically Afford When Renting

Written by: Lauren Harrington

Renting an apartment or house isn’t just about looking through online ads, choosing a few apartments or homes you want to tour, filling out an application, and putting down a deposit. Those things are all necessary and important.

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The Freedom of Short-Term Leases: Exploring the Advantages for Renters

Written by: Bobbi Jackson

If you’re looking to relocate right now, a popular solution that may best fit your current rental needs is a short-term lease.