Cheap Homes for Rent near Oakwood, IL from $425 (30 Rentals)

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Search the lowest-cost Homes 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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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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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. 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 Oakwood apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Brook Haven ApartmentsStudioStudio,1BA$525
Wabash Shore Apartments1BR/1.0BA1BR,1BA$699
2008 S Vawter St4 Beds4BR,2BA$800
Townway Place1 Beds, 1 Baths1BR,1BA$800
The Grove1BR1BR,1BA$816
The Verander2Br2BR,1BA$872
1304 Silver St - Newly Renovated1 Bed, 1 Bath1BR,1BA$875
Town & Country ApartmentsDanbury1BR,1BA$875
Eastland ApartmentsStudio ApartmentStudio,1BA$895
808 N Lincoln Ave. Urbana, IL2 Bed / 1 Bath2BR,1BA$895

Best Value Apartments for Rent in Oakwood, IL and Nearby

As of August 23, 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 Onyx Apartments 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
Onyx Apartments4x24BR,2BA$0.55
The Linc Apartments3x33BR,3BA$0.65
Devonshire Village2 Bed 2 Bath Sm Apt2BR,2BA$1.09
2008 S Vawter St3 Beds3BR,1BA$0.97
Campus OaksFloorplan A - Price per person4BR,2BA$0.75
Urbana Estates2X1Urbana Estates2BR,1BA$1.07
Element on Main2x12BR,1BA$1.31
808 N Lincoln Ave. Urbana, IL2 Bed / 1 Bath2BR,1BA$1.15
The AtriumSingle (shared common area)1BR,1BA$1.33

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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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.

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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 Oakwood

What type of rentals are currently available in Oakwood?

There are currently 48 Apartments for Rent in Oakwood, IL with pricing that ranges from $525 to $2,828. There are also 38 Single Family Homes for rent, Condos, and Townhome rentals currently available in Oakwood ranging from $425 to $5,500.

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

Today's rental pricing for Homes for Rent, Condos and Townhomes in Oakwood ranges from $425 to $5,500 with an average monthly rent of $963.

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

For those who are looking for larger living arrangements, Three Bedroom Apartments in Oakwood range from $738 to $2,350, while Three Bedroom Homes, Condos, and Townhomes for rent range from $625 to $2,000. Four Bedroom Single-Family rentals are also available starting from $895 and Four Bedroom Apartments start at $637.

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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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.

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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.