Cheap Apartments for Rent near Magnolia, IL from $400 (57 Rentals)

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

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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Tiffany Pointe
Studio to 2 Bedroom Apartments

Tiffany Pointe

1508 W Tiffany DrPeoria, IL 61614
property at 621 Gooding St

$675

1 Bedroom, 1 Bath Home for Rent

Available Now

621 Gooding St

La SalleIL61301
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Woods + Meadow Apartments
Studio to 1 Bedroom Apartments

Woods + Meadow Apartments

2215 W Willow Knolls DrPeoria, IL 61614
Corporate Housing
  • 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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1512 E Gardner Ln
3 Bedroom Apartments

1512 E Gardner Ln

1512 E Gardner LnPeoria Heights, IL 61616
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Willow Way
1 to 2 Bedroom Apartments

Willow Way

2630 W Willowlake DrPeoria, IL 61614
  • Smoke Free
property at 636 Joliet St

$800

1 Bedroom, 1 Bath Home for Rent

Available Now

636 Joliet St

La SalleIL61301
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The Hillsides
1 to 2 Bedroom Apartments

The Hillsides

4731 N Galena RdPeoria Heights, IL 61616
  • 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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property at 407 6th St

$950

1 Bedroom, 1 Bath Home for Rent

Available Now

407 6th St

MendotaIL61342
property at 437 E Marion St

$1,095

Total Monthly Price

Total Monthly Price

Base Rent
$1,095
Total Monthly Price
$1,095

2 Bedroom, 1 Bath Condo for Rent

Available Now

437 E Marion St, Unit 2E

437 E Marion St
PrincetonIL61356
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1101 Cambridge Dr
2 Bedroom Apartments

1101 Cambridge Dr

1101 Cambridge DrWashington, IL 61571
  • 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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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. Winkler Village Apartments in the Woodford County neighborhood has the second lowest priced unit, which is a 1 Bed apartment currently listed from $725. Here is today’s list of the most affordable Magnolia apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Colonial Village1 Bedroom1BR,1BA$625
Winkler Village Apartments1BD 1BTH1BR,1BA$725
Knoxville ManorLevel 21BR,1BA$775
Phoenix Apartments of PontiacOne Bedroom Deluxe1BR,1BA$795
Willow Knolls ApartmentsStudio / 1 BathStudio,1BA$799
The Village on UniversityKing Remodel at Village NorthStudio,1BA$855
The Hillsides1BDR1BR,1BA$875
Nordic Villa ApartmentsLoft1BR,1BA$875
Versailles ApartmentsTradition - 1BR / 1BA1BR,1BA$880
The Grove ApartmentsStandard 1 Bed, 1 Bath | 792 Sq Ft1BR,1BA$975

Best Value Apartments for Rent in Magnolia, IL and Nearby

As of August 05, 2026 the best value apartment in the Magnolia area is the $1.18 price per square foot 3 Bedroom 2 Bath Model at Eagle Point Apartments in the in the Northmoor Knolls neighborhood starting from $1,600. The second greatest value Magnolia apartment is the 2x2 Model at Cedar Creek Apartments starting at $1,395 with a $1.16 price per square foot . 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$1.18
Cedar Creek Apartments2x22BR,2BA$1.16
Camden Hills Apartments2 Bedroom, 2 Bath2BR,2BA$1.23
The Mallard Way Rental Community1 bed 1 bath1BR,1BA$1.22
Hillcrest Apartments2 BR / 1 BA2BR,1BA$1.15
Phoenix Apartments of Pontiac2 Bedroom 1 Bathroom2BR,1BA$1.05
Versailles ApartmentsHamlet - 1BR / 1BA1BR,1BA$1.13
Knoxville Manor1BR/1.0BA1BR,1BA$1.21
Winkler Village Apartments1BD 1BTH1BR,1BA$1.06
Colonial Village1 Bedroom1BR,1BA$1.14

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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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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Frequently Asked Questions about Cheap Magnolia Apartments

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 $895 at Phoenix Apartments of Pontiac.

What is the most affordable Magnolia Three Bedroom Apartment?

The best deal on a cheap Magnolia Three Bedroom Apartment rental is at The Mallard Way Rental Community and starts from $1,200.

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.

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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.