Cheap Apartments for Rent in Oakwood, IL from $500 (38 Rentals)

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

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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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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Aspen Court
1 to 3 Bedroom Apartments

Aspen Court

1557 S Hunter StUrbana, IL 61802
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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

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

Discover how your credit score impacts your ability to lease or buy a home. Learn how credit scores are determined, how to check yours, and strategies to improve it for real estate success.

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106 N gregory
1 Bedroom Apartments

106 N gregory

106 N Gregory StUrbana, IL 61801
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Willow Springs
2 Bedroom Apartments

Willow Springs

1606 Willow View RdUrbana, IL 61802
Furnished
  • Utilities Included

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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Showing Results 1-38, Page 1 of 1

Oakwood, IL Local Guide

Cheapest Available Oakwood Apartments for Rent and Nearby

 

The cheapest available apartment rental in Oakwood, IL is a 1 Bed unit found at Brookhaven priced from $717. Waterview Estates has the second lowest priced unit, which is a 1 Bed apartment currently listed from $730. Here is today’s list of the most affordable Oakwood apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Brookhaven1 Bed/ 1 Bath1BR,1BA$717
Waterview Estates1x1Waterview Estates1BR,1BA$730
The Verander1Br1BR,1BA$732
The Grove1BR1BR,1BA$783
Townway Place1 Beds, 1 Baths1BR,1BA$795
Urbana Estates1x1Urbana Estates1BR,1BA$800
Golfview VillageThe McGavin3BR,1BA$830
Prairie Green Apartment Homes2 x 12BR,1BA$850
University ParkOne Bedroom1BR,1BA$850
Element on MainStudioStudio,1BA$875

Best Value Apartments for Rent in Oakwood, IL and Nearby

As of May 22, 2026 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 Sm Apt Model at Devonshire Village starting at $1,206 with a $1.09 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 Sm Apt2BR,2BA$1.09
Campus OaksFloorplan A - Price per person4BR,2BA$0.75
The Linc Apartments2x22BR,2BA$0.88
University ParkTwo Bedroom2BR,1BA$1.17
Prairie Green Apartment Homes2 x 12BR,1BA$1.02
808 N Lincoln Ave. Urbana, IL2 Bed / 1 Bath2BR,1BA$1.28
The Grove2BR2BR,1BA$1.30
Waterview Estates1x1Waterview Estates1BR,1BA$1.09
Urbana Estates1x1Urbana Estates1BR,1BA$1.22

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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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 The Verander listed at $842.

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

The lowest price for a Cheap One Bedroom Oakwood Apartment is $717 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 $830 at Waterview Estates.

What is the most affordable Oakwood Three Bedroom Apartment?

The best deal on a cheap Oakwood Three Bedroom Apartment rental is at Urbana Estates and starts from $1,000.

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 A Seasoned Property Manager's Step-by-Step Guide to Getting Your Deposit Back article

A Seasoned Property Manager's Step-by-Step Guide to Getting Your Deposit Back

Written by: Lauren Harrington

I’m going to talk with you as a seasoned property manager and friend. So, let’s start with your security deposit. I want you to think about this guide as insider information. You deserve your deposit back.

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Expert Solutions for Creating the Perfect Work-From-Home Apartment Layouts

Written by: Lauren Harrington

This article is based on first-hand experience managing apartment communities and helping renters adapt to their spaces after moving in.

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What Does “Rent Burdened” Mean? How Much Rent Is Too Much

Written by: Lauren Harrington

This article draws from first-hand renter experiences and recurring financial challenges reported after moving in.

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Maximizing Your Refund: Essential Tax Tips for Renters

Written by: Christine Leonard, Esq.

Other than tax professionals, I can’t think of anyone who looks forward to tax season. For everybody else, April is a stressful month to collect information and meet deadlines.