Cheap Apartments for Rent in Olney, IL from $300 (49 Rentals)

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

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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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

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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property at 1520 Main St

$675 - $750

1 To 2 Bedroom Rentals

Available Sep 1

1520 Main St

VincennesIN47591
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600 Marshall Ave
1 to 2 Bedroom Apartments

600 Marshall Ave

600 Marshall AveMattoon, IL 61938

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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616 S 6th St
Studio to 2 Bedroom Apartments

616 S 6th St

616 S 6th StMattoon, IL 61938
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1905 12th St
1 to 3 Bedroom Apartments

1905 12th St

1905 12th StCharleston, IL 61920
Student Housing
  • Utilities Included

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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Showing Results 1-49, 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 Arthur Ave Apartments priced from $610. OldeTowne Apartments has the second lowest priced unit, which is a 1 Bed apartment currently listed from $629. Here is today’s list of the most affordable Olney apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Arthur Ave Apartments1x11BR,1BA$610
OldeTowne Apartments1 Bed/1 Bath1BR,1BA$629
Southern Meadows1 Bed Apt1BR,1BA$650
Valoré at Hidden HillsThe Dogwood - One Bedroom Apartment Home1BR,1BA$675
Cine Senior ApartmentsTwo Bedroom2BR,1BA$690
Woodbridge Place Apartments1x1-7001BR,1BA$799
Elmdale Apartments1 bed 1 bath1BR,1BA$800
Campus Suites1 Bed 1 Bath1BR,1BA$830
Lakewood Flats and TownhomesThe Dogwood1BR,1BA$865
Mission Viejo VillasB- Barcelona1BR,1BA$945

Best Value Apartments for Rent in Olney, IL and Nearby

As of August 16, 2026 the best value apartment in the Olney area is the $1.07 price per square foot Prime Living at Its Finest: Luxurious Stand-Alo... Model at Circle Point Villas in the in the Gibson County neighborhood starting from $1,650. The second greatest value Olney apartment is the 3 Bed 2.5 Bath Model at Panther Heights starting at $1,380 with a $0.99 price per square foot . 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.
Circle Point VillasPrime Living at Its Finest: Luxurious Stand-Alo...3BR,2BA$1.07
Panther Heights3 Bed 2.5 Bath3BR,2.5BA$0.99
Eagle Village - Historical Access4BR/2BA - Furnished4BR,2BA$0.47
The Millennium ApartmentsMillennium Apartments 2BR/2BA 26/27 Waiting List2BR,2BA$0.51
Melrose on 4thMelrose Apartments 2BR/2BA 26/27 Waiting List2BR,2BA$0.55
Baldwin Heights2 Bedroom2BR,1BA$1.10
Vail Estates ApartmentsTwo Bedroom One Bathroom2BR,1BA$1.10
North ParkHarrington2BR,1BA$1.02
Royal HeightsRoyal Heights 2 Bed w/ Study & 1.5 Bath3BR,1.5BA$0.38
Arthur Ave Apartments1x11BR,1BA$0.97

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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Best Local Schools in
Olney, IL

School data provided by Great Schools

Remember the 3 Rules of Real Estate:
Location, Location, Location!

Explore Olney, IL Rentals by Map

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See the most popular apartments and homes in Olney, IL

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Frequently Asked Questions about Cheap Olney Apartments

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

The lowest price for a Cheap One Bedroom Olney Apartment is $610 at Arthur Ave 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 $690 at Cine Senior Apartments.

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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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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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.

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Apartment Occupancy Rates: Renter Attraction vs Renter Retention

Written by: Robin Stewart

There’s a tenet in marketing about client or customer attraction and retention. Studies and data have consistently shown it costs less to keep a current customer than to attract a new one.