Cheap Homes for Rent near Mattoon, IL from $500 (28 Rentals)

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Search the lowest-cost Homes available for rent right now in Mattoon.

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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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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Mattoon, IL Local Guide

Cheapest Available Mattoon Apartments for Rent and Nearby

 

The cheapest available apartment rental in Mattoon, IL is a 1 Bed unit found at Westport Apartments priced from $484. Country Place-Moweaqua I & ll has the second lowest priced unit, which is a 1 Bed apartment currently listed from $497. Here is today’s list of the most affordable Mattoon apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Westport ApartmentsOne Bedroom1BR,1BA$484
Country Place-Moweaqua I & ll1 Bedroom1BR,1BA$497
Roosevelt School ApartmentsStudioStudio,1BA$502
RESERVE AT LAKEVIEWTwo Bedrooms One Bathroom2BR,1BA$507
Stones Crossing ApartmentsNice one bedroom efficiency apartment1BR,1BA$600
Arthur Ave Apartments1x11BR,1BA$610
616 S 6th St0/1Studio,1BA$699
OldeTowne Apartments2 Bed/1.5 Bath2BR,1BA$719
The Quarry ApartmentsSandstone2BR,1BA$775
Kobuck Apartments1204 Wesley Ave 1bd/1ba1BR,1BA$825

Best Value Apartments for Rent in Mattoon, IL and Nearby

As of August 04, 2026 the best value apartment in the Mattoon area is the $0.99 price per square foot 3 Bed 2.5 Bath Model at Panther Heights in the starting from $1,380. The second greatest value Mattoon apartment is the 3 Bedroom 3 Bathroom Model at Campus Pointe Apartments starting at $1,500 with a $1.26 price per square foot . Here is today’s list of the best values for Mattoon apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Panther Heights3 Bed 2.5 Bath3BR,2.5BA$0.99
Campus Pointe Apartments3 Bedroom 3 Bathroom3BR,3BA$1.26
The Courtyard3 Bed 1 Bath3BR,1BA$1.27
Royal HeightsRoyal Heights 2 Bed w/ Study & 1.5 Bath3BR,1.5BA$0.38
RESERVE AT LAKEVIEWTwo Bedrooms One Bathroom2BR,1BA$0.60
The Quarry ApartmentsSandstone2BR,1BA$0.99
Westport ApartmentsOne Bedroom1BR,1BA$0.71
Country Place-Moweaqua I & ll1 Bedroom1BR,1BA$0.76
Arthur Ave Apartments1x11BR,1BA$0.97
Stones Crossing ApartmentsVery nice and updated one bedroom for rent!!!!!1BR,1BA$1.16

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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Mattoon, IL

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Remember the 3 Rules of Real Estate:
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Frequently Asked Questions about Mattoon

What type of rentals are currently available in Mattoon?

There are currently 57 Apartments for Rent in Mattoon, IL with pricing that ranges from $413 to $2,655. There are also 49 Single Family Homes for rent, Condos, and Townhome rentals currently available in Mattoon ranging from $550 to $4,250.

What is the current price range for Rental Homes in Mattoon?

Today's rental pricing for Homes for Rent, Condos and Townhomes in Mattoon ranges from $550 to $4,250 with an average monthly rent of $1,444.

How much are larger Three and Four Bedroom Rentals in Mattoon?

For those who are looking for larger living arrangements, Three Bedroom Apartments in Mattoon range from $641 to $2,099, while Three Bedroom Homes, Condos, and Townhomes for rent range from $595 to $4,250. Four Bedroom Single-Family rentals are also available starting from $1,932 and Four Bedroom Apartments start at $850.

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.