Cheap Apartments for Rent in Olney, IL from $300 (44 Rentals)

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

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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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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Sugar Creek Crossing
1 to 2 Bedroom Apartments

Sugar Creek Crossing

211 Joanie LnRobinson, IL 62454
Senior Living
  • Utilities Included
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Newton Senior Housing
1 to 2 Bedroom Apartments

Newton Senior Housing

201 Eaton StNewton, IL 62448
Senior Living
  • 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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600 Marshall Ave
1 to 2 Bedroom Apartments

600 Marshall Ave

600 Marshall AveMattoon, IL 61938

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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Showing Results 1-44, Page 1 of 1

Olney, IL Local Guide

Cheapest Available Olney Apartments for Rent and Nearby

 

The cheapest available apartment rental in Olney, IL is a 1 Bed unit found at OldeTowne Apartments priced from $629. Valoré at Hidden Hills in the Outer Central North neighborhood has the second lowest priced unit, which is a 1 Bed apartment currently listed from $675. Here is today’s list of the most affordable Olney apartments for rent:

Apartment ListingModel NameBed/BathPriced From
OldeTowne Apartments1 Bed/1 Bath1BR,1BA$629
Valoré at Hidden HillsThe Dogwood - One Bedroom Apartment Home1BR,1BA$675
616 S 6th St0/1Studio,1BA$699
Lakewood Flats and Townhomes1sm wd1BR,1BA$765
Elmdale Apartments1 bed 1 bath1BR,1BA$800
Campus Suites1 Bed 1 Bath1BR,1BA$830
Chesterfield VillageStudioStudio,1BA$899
1905 12th St2BDR2BR,1BA$920
Mission Viejo VillasB- Barcelona1BR,1BA$945

Best Value Apartments for Rent in Olney, IL and Nearby

As of May 02, 2026 the best value apartment in the Olney area is the $0.99 price per square foot 3 Bed 2.5 Bath Model at Panther Heights in the starting from $1,380. The second greatest value Olney apartment is the 4BR/2BA - Furnished Model at Eagle Village - Historical Access starting at $565 with a $0.47 price per square foot in the Evansville West Side neighborhood. Here is today’s list of the best values for Olney apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Panther Heights3 Bed 2.5 Bath3BR,2.5BA$0.99
Eagle Village - Historical Access4BR/2BA - Furnished4BR,2BA$0.47
Lake Land Living3 Bedroom 1 baths3BR,1BA$0.47
Baldwin Heights3 Bedroom3BR,2BA$1.16
The Courtyard3 Bed 1 Bath3BR,1BA$1.27
North ParkBerkshire2BR,1.5BA$1.12
Woodbridge PlaceThe Pine2BR,1BA$1.03
Royal HeightsRoyal Heights 2 Bed w/ Study & 1.5 Bath3BR,1.5BA$0.38
Mission Viejo VillasB- Barcelona1BR,1BA$1.16
Valoré at Hidden HillsThe Pine - One Bedroom Apartment Home1BR,1BA$1.25

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

Learn the property manager's true secrets to a zero-deduction move-out. Use this step-by-step guide on documentation, cleaning, and lease-reading to reclaim your security deposit.

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10 Hidden Costs of Renting You Should Budget for Before Signing a Lease

Avoid financial stress when renting. Learn about the 10 most common hidden costs—from pet fees to utilities—you must budget for before you sign a lease.

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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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The Ultimate Long-Distance Moving Checklist: Tips from a Real Estate Pro

Moving is tough, especially long-distance. Learn how to minimize stress & expenses with proven strategies from a real estate pro, covering everything from logistics to finances.

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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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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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Olney, IL

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Remember the 3 Rules of Real Estate:
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Frequently Asked Questions about Cheap Olney Apartments

What is the Cheapest Studio apartment in Olney?

Currently the most affordable Cheap Studio Apartment in Olney is at 616 S 6th St listed at $699.

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

The lowest price for a Cheap One Bedroom Olney Apartment is $629 at OldeTowne Apartments.

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

Today's best deal for a Cheap Two Bedroom Apartment in Olney is starting from $749 at 616 S 6th St.

What is the most affordable Olney Three Bedroom Apartment?

The best deal on a cheap Olney Three Bedroom Apartment rental is at OldeTowne Apartments and starts from $799.

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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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.