Cheap Apartments for Rent near Oakwood, IL from $525 (55 Rentals)

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

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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705 W Elm St
Studio to 4 Bedroom Apartments

705 W Elm St

705 W Elm StUrbana, IL 61801
Corporate Housing
  • Utilities Included
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302 W Locust St
1 Bedroom Apartments

302 W Locust St

302 W Locust StUrbana, IL 61801
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2204 Alpha Dr
1 Bedroom Apartments

2204 Alpha Dr

2204 Alpha DrDanville, IL 61832

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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106 N gregory
1 Bedroom Apartments

106 N gregory

106 N Gregory StUrbana, IL 61801
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The Grove
1 to 3 Bedroom Apartments

The Grove

1610 Edgewood DrDanville, IL 61832

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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Oakwood, IL Local Guide

Cheapest Available Oakwood Apartments for Rent and Nearby

 

The cheapest available apartment rental in Oakwood, IL is a Studio unit found at Brook Haven Apartments priced from $525. The Verander has the second lowest priced unit, which is a Studio apartment currently listed from $650. Here is today’s list of the most affordable Oakwood apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Brook Haven ApartmentsStudioStudio,1BA$525
The VeranderStudioStudio,1BA$650
Wabash Shore Apartments2BR/1.0BA2BR,1BA$799
2008 S Vawter St4 Beds4BR,2BA$800
Townway Place1 Beds, 1 Baths1BR,1BA$800
Philo Estates Apartments2BR, 1BA2BR,1BA$825
Eastland ApartmentsStudio ApartmentStudio,1BA$845
Prairie Green Apartment Homes2 x 12BR,1BA$850
Golfview VillageThe McGavin3BR,1BA$860
808 N Lincoln Ave. Urbana, IL2 Bed / 1 Bath2BR,1BA$895

Best Value Apartments for Rent in Oakwood, IL and Nearby

As of September 10, 2026 the best value apartment in the Oakwood area is the $1.26 price per square foot 3 Bedroom / 2.5 Bath - Floorplan F Model at 200 Vine St in the starting from $2,200. The second greatest value Oakwood apartment is the 4x2 Model at The Forge on Lincoln starting at $655 with a $0.55 price per square foot . Here is today’s list of the best values for Oakwood apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
200 Vine St3 Bedroom / 2.5 Bath - Floorplan F3BR,2.5BA$1.26
The Forge on Lincoln4x24BR,2BA$0.55
The Foundry3x33BR,3BA$0.65
Devonshire Village2 Bed 2 Bath Sm Apt2BR,2BA$1.09
2008 S Vawter St3 Beds3BR,1BA$0.97
Urbana Estates2X1Urbana Estates2BR,1BA$1.07
Prairie Green Apartment Homes2 x 12BR,1BA$1.02
Element on Main2x12BR,1BA$1.31
808 N Lincoln Ave. Urbana, IL2 Bed / 1 Bath2BR,1BA$1.15
Philo Estates Apartments2BR, 1BA2BR,1BA$1.11

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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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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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 Oakwood, IL Rentals by Map

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See the most popular apartments and homes in Oakwood, IL

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Frequently Asked Questions about Cheap Oakwood Apartments

What is the Cheapest Studio apartment in Oakwood?

Currently the most affordable Cheap Studio Apartment in Oakwood is at Brook Haven Apartments listed at $525.

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

The lowest price for a Cheap One Bedroom Oakwood Apartment is $717 at Brook Haven Apartments.

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

Today's best deal for a Cheap Two Bedroom Apartment in Oakwood is starting from $799 at Wabash Shore Apartments.

What is the most affordable Oakwood Three Bedroom Apartment?

The best deal on a cheap Oakwood Three Bedroom Apartment rental is at The Verander and starts from $975.

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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Exploring Rental Options: Apartments, Townhomes, and Lofts - Oh My!

Written by: Robin Stewart

Where do you see yourself? When you think of home, sweet home, are you in a 3/2 apartment? Dreaming of a tall townhome? Maybe an industrial loft heavy on cool vibes is on your visioning board.

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Practical Tips for Renters: How to Identify a Great Rental and Avoid Red Flags

Written by: Robin Stewart

Renters want to find a great apartment, the right place for them, one that checks all the boxes of location, rental cost, amenities, safety, and more.

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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.