Cheap Homes for Rent near Milford, IL from $400 (31 Rentals)

How Many Bedrooms?Done
Select your price rangeDone
to
By AmenitiesDone
By Community TypeDone
Done

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

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.

Read Article

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.

Read Article

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.

Read Article

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.

Read Article
Showing Results 1-31, Page 1 of 1

Milford, IL Local Guide

Cheapest Available Milford Apartments for Rent and Nearby

 

The cheapest available apartment rental in Milford, IL is a 1 Bed unit found at Southfork Apartments in the Discovery Park neighborhood priced from $499. Wabash Shore Apartments has the second lowest priced unit, which is a 1 Bed apartment currently listed from $699. Here is today’s list of the most affordable Milford apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Southfork Apartments1BR/1.0BA1BR,1BA$499
Wabash Shore Apartments1BR/1.0BA1BR,1BA$699
Brookhaven1 Bed/ 1 Bath1BR,1BA$717
West Liberty Point 1BRWest Liberty Point 1BR - West...1BR,1BA$725
Waterview Estates1x1Waterview Estates1BR,1BA$730
The Verander1Br1BR,1BA$732
McCormick Manor2 Bedroom 2 Bath *per Bed Price2BR,2BA$745
Woods EdgeThe Boilermaker1BR,1BA$750
Townway Place1 Beds, 1 Baths1BR,1BA$800
Urbana Estates1x1Urbana Estates1BR,1BA$800

Best Value Apartments for Rent in Milford, IL and Nearby

As of July 24, 2026 the best value apartment in the Milford area is the $0.34 price per square foot 3 Bedroom x 3.5 Bathroom Townhouse Model at Lark West Lafayette Townhomes in the starting from $649. The second greatest value Milford apartment is the Nevada-PREM Model at Lodge on the Trail starting at $625 with a $0.52 price per square foot in the Discovery Park neighborhood. Here is today’s list of the best values for Milford apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Lark West Lafayette Townhomes3 Bedroom x 3.5 Bathroom Townhouse3BR,3.5BA$0.34
Lodge on the TrailNevada-PREM3BR,3BA$0.52
McCormick Manor2 Bedroom 2 Bath *per Bed Price2BR,2BA$0.66
Devonshire Village2 Bed 2 Bath Sm Apt2BR,2BA$1.09
Wabash Lofts2x22BR,2BA$0.82
Madison Cottage of Rensselaer1x11BR,1BA$1.14
Capstone QuartersTwo Bedroom Select2BR,2BA$0.80
Woods EdgeThe Boilermaker1BR,1BA$1.07
Waterview Estates1x1Waterview Estates1BR,1BA$1.09
2712BR/1.0BA2BR,1BA$1.07

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.

Read Article
Decorative image

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.

Read Article
Decorative image

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.

decorative image of people with a giant lease agreement

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

Explore Milford, IL Rentals by Map

Decorative image of map

See the most popular apartments and homes in Milford, IL

View Map
Milford, IL Apartments Map
View Map
Milford, IL Rental Homes Map

Frequently Asked Questions about Milford

What type of rentals are currently available in Milford?

There are currently 80 Apartments for Rent in Milford, IL with pricing that ranges from $499 to $3,454. There are also 38 Single Family Homes for rent, Condos, and Townhome rentals currently available in Milford ranging from $450 to $1,800.

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

Today's rental pricing for Homes for Rent, Condos and Townhomes in Milford ranges from $450 to $1,800 with an average monthly rent of $820.

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

For those who are looking for larger living arrangements, Three Bedroom Apartments in Milford range from $625 to $3,427, while Three Bedroom Homes, Condos, and Townhomes for rent range from $625 to $1,800. Four Bedroom Single-Family rentals are also available starting from $1,095 and Four Bedroom Apartments start at $499.

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 Rent According to Income: A Look at Income-Restricted Rentals article

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.

decorative image for Renters Insurance 101: What It Is, What It Covers, and Why You Need It article

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.

decorative image for Apartment Occupancy Rates: Renter Attraction vs Renter Retention article

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.