Cheap Apartments for Rent in Olney, IL from $300 (41 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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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

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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600 Marshall Ave
1 to 2 Bedroom Apartments

600 Marshall Ave

600 Marshall AveMattoon, IL 61938

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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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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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. Southern Meadows Senior Living has the second lowest priced unit, which is a 1 Bed apartment currently listed from $650. Here is today’s list of the most affordable Olney apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Arthur Ave Apartments1x11BR,1BA$610
Southern Meadows Senior Living1 Bed Apt1BR,1BA$650
Valoré at Hidden HillsThe Dogwood - One Bedroom Apartment Home1BR,1BA$675
Cine Senior ApartmentsTwo Bedroom2BR,1BA$690
616 S 6th St0/1Studio,1BA$699
OldeTowne Apartments3 Bed/1.5 Bath3BR,1BA$799
Elmdale Apartments1 bed 1 bath1BR,1BA$800
North ParkMcCallister1BR,1BA$825
Campus Suites1 Bed 1 Bath1BR,1BA$830
Woodbridge Place Apartments1x1-7001BR,1BA$899

Best Value Apartments for Rent in Olney, IL and Nearby

As of June 20, 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 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
Baldwin Heights2 Bedroom2BR,1BA$1.18
Vail Estates ApartmentsTwo Bedroom One Bathroom2BR,1BA$1.10
Royal HeightsRoyal Heights 2 Bed w/ Study & 1.5 Bath3BR,1.5BA$0.38
Mission Viejo VillasB- Barcelona1BR,1BA$1.16
North ParkMcCallister1BR,1BA$1.10
Arthur Ave Apartments1x11BR,1BA$0.97
Southern Meadows Senior Living1 Bed Apt1BR,1BA$1.19

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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Best Local Schools in
Olney, IL

School data provided by Great Schools

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

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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 $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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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.

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How I Find the Perfect Rental for My Clients: A Real Estate Pro's Guide

Written by: Robin Stewart

Evaluating rental properties for clients draws many parallels to house-hunting. Whether an apartment, loft, townhouse, or other rental, finding the right place means finding “home” for your client.

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Pet-Friendly Renting: Everything You Need to Know Before You Move

Written by: Christine Leonard, Esq.

For so many of us, pets are the best companions and a big part of our lives. For this reason, a pet-friendly house or apartment is often a very important - and nonnegotiable - part of a move.

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Creative Ways Developers Reimagine Retail Spaces as Residential Units

Written by: Robin Stewart

Adaptive reuse is when a commercial property is converted and repurposed. The real estate industry has embraced a growing number of these projects.