Cheap Homes for Rent in Mount Prospect, IL from $1,400 (25 Rentals)

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

property at 330 W Miner St

330 W Miner St

Arlington HeightsIL60005
property at 801 S Dwyer Ave

801 S Dwyer Ave

Arlington HeightsIL60005
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Mount Prospect, IL Local Guide

Cheapest Available Mount Prospect Apartments for Rent

 

The cheapest available apartment rental in Mount Prospect, IL is a 1 Bed unit found at 16 W Busse Ave in the Westgate neighborhood priced from $1,095. The Element in the Downtown Mount Prospect neighborhood has the second lowest priced unit, which is a 1 Bed apartment currently listed from $1,369. Here is today’s list of the most affordable Mount Prospect apartments for rent:

Apartment ListingModel NameBed/BathPriced From
16 W Busse Aveunit 11BR,1BA$1,095
The ElementBirch1BR,1BA$1,369
The Eclipse at 1450Willow1BR,1BA$1,417
Residences at Arlington HeightsThe Meadow1BR,1BA$1,470
Briarwood Terrace ApartmentsSandstone 11BR,1BA$1,475

Best Value Apartments for Rent in Mount Prospect, IL

As of July 29, 2025 the best value apartment in the Mount Prospect area is the $1.48 price per square foot 2 BR/ 2 BA Model at Piper Lane in the in the North Northfield neighborhood starting from $1,850. The second greatest value Mount Prospect apartment is the 512 W Ida Ct Model at 512 W Ida Ct, Unit 2 starting at $2,300 with a $1.92 price per square foot in the Downtown Mount Prospect neighborhood. Here is today’s list of the best values for Mount Prospect apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Piper Lane2 BR/ 2 BA2BR,2BA$1.48
512 W Ida Ct, Unit 2512 W Ida Ct3BR,1.5BA$1.92
Orion Arlington LakesSheridan - Renovated2BR,2BA$1.75
Circle Hill Apartments2 Bedroom/1.5 Baths2BR,1.5BA$1.78
The Eagles1x1 deluxe1BR,1BA$1.92
Mount Prospect Greens2x1AR - Renovated Evanston2BR,1BA$1.89
Ashton Arlington Heights1 Bed/1 Bath1BR,1BA$2.00
ReNew Des Plaines NorthDes Plaines North - 1x11BR,1BA$2.13
The Eclipse at 1450Willow1BR,1BA$2.01
The ElementBirch1BR,1BA$2.11

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Frequently Asked Questions about Mount Prospect

What type of rentals are currently available in Mount Prospect?

There are currently 433 Apartments for Rent in Mount Prospect, IL with pricing that ranges from $1,095 to $10,980. There are also 83 Single Family Homes for rent, Condos, and Townhome rentals currently available in Mount Prospect ranging from $1,400 to $4,250.

What is the current price range for Rental Homes in Mount Prospect?

Today's rental pricing for Homes for Rent, Condos and Townhomes in Mount Prospect ranges from $1,400 to $4,250 with an average monthly rent of $2,710.

How much are larger Three and Four Bedroom Rentals in Mount Prospect?

For those who are looking for larger living arrangements, Three Bedroom Apartments in Mount Prospect range from $2,120 to $8,610, while Three Bedroom Homes, Condos, and Townhomes for rent range from $2,450 to $4,250. Four Bedroom Single-Family rentals are also available starting from $3,000 and Four Bedroom Apartments start at $10,000.

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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A Local Expert’s Guide To 10 Budget-Friendly Neighborhoods to Rent in Chicago

Written by: Nicole Harms

I’m Nicole, your ApartmentHomeLiving.com Local Expert for Chicago, IL. As a resident of the Chicago area for over 20 years, I’ve learned which neighborhoods are great and which are best avoided.

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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.