Cheap Apartments for Rent in Oakwood, IL from $500 (44 Rentals)

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

Roommate Matching: Finding the Right Fit and Avoiding Pitfalls

When searching for a roommate, follow this list of essential steps and set clear expectations to create a solid foundation for a harmonious living situation.

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705 W Elm St
Studio to 2 Bedroom Apartments

705 W Elm St

705 W Elm StUrbana, IL 61801
  • Utilities Included

The Art of the Rental Viewing: What to look for during a property tour

Touring a rental? This guide helps you know exactly what to look for, from safety features to hidden flaws, so you can confidently sign your lease or keep searching.

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302 W Locust St
1 Bedroom Apartments

302 W Locust St

302 W Locust StUrbana, IL 61801

Smart Renter's Guide: Calculating Affordable Rent & Housing Costs

Wondering how to determine your rental budget? This comprehensive guide covers everything from the 30% rule to hidden fees and effective budgeting strategies.

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Willow Springs
2 Bedroom Apartments

Willow Springs

1606 Willow View RdUrbana, IL 61802
Furnished
  • Utilities Included

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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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 Brookhaven priced from $525. Brunswick Apartments has the second lowest priced unit, which is a Studio apartment currently listed from $625. Here is today’s list of the most affordable Oakwood apartments for rent:

Apartment ListingModel NameBed/BathPriced From
BrookhavenStudioStudio,1BA$525
Brunswick ApartmentsStudioStudio,1BA$625
The Grove1 Bed 1 Bath1BR,1BA$726
Town & Country ApartmentsDanbury1BR,1BA$823
Townway Place1 Beds, 1 Baths1BR,1BA$825
Eastland ApartmentsStudio ApartmentStudio,1BA$895
Devonshire Village1 Bed 1 Bath1BR,1BA$900
Bailey Student Apartments Available 2025!901 W Springfield - 2/12BR,1BA$900
202 E Crockett2 Bedroom2BR,1BA$945
Aspen CourtThe Sugar Maple2BR,1BA$950

Best Value Apartments for Rent in Oakwood, IL and Nearby

As of July 30, 2025 the best value apartment in the Oakwood area is the $1.07 price per square foot 2 Bedroom/2.5 bath Model at 200 Vine St in the starting from $1,675. The second greatest value Oakwood apartment is the 2 Bed 2 Bath Private Entry Model at Devonshire Village starting at $1,450 with a $1.21 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 St2 Bedroom/2.5 bath2BR,2BA$1.07
Devonshire Village2 Bed 2 Bath Private Entry2BR,2BA$1.21
905 W Springfield Ave3 Bed3BR,1BA$1.36
Campus OaksFloorplan A - Price per person4BR,2BA$0.60
202 E Crockett2 Bedroom2BR,1BA$1.05
Aspen CourtThe Sugar Maple2BR,1.5BA$1.10
Parkside2 Bedroom 1 Bath - 850 SF2BR,1BA$1.27
The Grove1 Bed 1 Bath1BR,1BA$0.97
Townway Place1 Beds, 1 Baths1BR,1BA$1.38
Town & Country ApartmentsCamden1BR,1BA$1.53

Quick Rent Budget Calculator

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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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Getting Around Oakwood, IL

Walk Score®

18 / 100

Car-Dependent

Almost all errands require a car

Bike Score®

32 / 100

Somewhat Bikeable

Minimal bike infrastructure

What Are Walk Score®, Transit Score®, and Bike Score® Ratings?

  • Walk Score® measures the walkability of any address.
  • Transit Score® measures access to public transit.
  • Bike Score® measures the bikeability of any address.

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 Brookhaven 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 $650 at Brookhaven.

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 $725 at Brookhaven.

What is the most affordable Oakwood Three Bedroom Apartment?

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

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.

decorative image for Cash or credit? Understanding the Importance of Credit Score in Real Estate and Renting article

Cash or credit? Understanding the Importance of Credit Score in Real Estate and Renting

Written by: Christine Leonard, Esq.

Throughout the day, think about all the times that you have to pay for something. So many of us reach automatically for a credit card or even our phone for a quick payment.

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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.