Cheap Apartments for Rent in the Lake Terrace Neighborhood of Orlando, FL from $400 (121 Rentals)

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Search the lowest-cost Apartments available for rent right now in the Lake Terrace area of Orlando.

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

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property at 4510 Cranston Pl

$950

Total Monthly Price

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$950
Total Monthly Price
$950

1 Bedroom, 1 Bath Home for Rent

Available Now

4510 Cranston Pl

OrlandoFL32812
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Sands Orlando
Rent Specials
$1,075 - $1,915
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$1,075 - $1,915
Total Monthly Price
$1,075 - $1,915
Studio to 3 Bedroom Apartments Available Now

Sands Orlando

3700 Curry Ford RdOrlando, FL 32806
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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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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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Mondrian Lake Eola
Rent Specials
$1,459 - $3,288
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$1,459 - $3,288
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Studio to 3 Bedroom Apartments Available Now

Mondrian Lake Eola

125 E Pine StOrlando, FL 32801
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Skye at Conway
Rent Specials
$1,532 - $2,047
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$1,532 - $2,047
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1 to 2 Bedroom Apartments Available Now

Skye at Conway

3149 Landtree PlOrlando, FL 32812
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The Soul of the City Beautiful: What Life in Orlando Is Really Like

Orlando is much more than theme parks. Uncover the city's rich history, diverse neighborhoods like Winter Park and Downtown, and its bustling cultural and culinary life.

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Lake Terrace, Orlando, FL Local Guide

Cheapest Available Lake Terrace Apartments for Rent

 

The cheapest available apartment rental in the Lake Terrace area of Orlando, FL is a 1 Bed unit found at Delaney priced from $1,000. Primrose Orlando has the second lowest priced unit, which is a 1 Bed apartment currently listed from $1,000. Here are the most affordable Lake Terrace apartments for rent in Orlando, FL:

Apartment ListingModel NameBed/BathPriced From
Delaney1 x 1 FRONT1BR,1BA$1,000
Primrose OrlandoUpgraded Unit1BR,1BA$1,000
Lake Davis2nd Floor1BR,1BA$1,094
The Cornerstone ApartmentsPalmStudio,1BA$1,151
Woodlake VillasStudioStudio,1BA$1,152
Barber Park ApartmentsLaketree s1wlStudio,1BA$1,195
CelanoEola1BR,1BA$1,199
Conway ForestTangelo1BR,1BA$1,199
Sands Orlando1 Bedroom 1A1BR,1BA$1,214
Magnolia Apartments1BD/1Bath1BR,1BA$1,225

Best Value Apartments for Rent in Lake Terrace, FL

As of May 28, 2026 the best value apartment in the Lake Terrace area is the $1.37 price per square foot Bradford Model at ARIUM Mariner's Village in the in the East Central Park neighborhood starting from $1,773. The second greatest value Lake Terrace apartment is the Floorplan 2 Model at Azalea Gardens starting at $1,750 with a $1.46 price per square foot in the North Orange neighborhood. Here is today’s list of the best values for Lake Terrace apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
ARIUM Mariner's VillageBradford2BR,2BA$1.37
Azalea GardensFloorplan 22BR,2BA$1.46
Lake Lucerne Towers2BR/2.0BA2BR,2BA$1.50
Hourglass Flats1/1 Updated1BR,1BA$2.02
Hollow Brook1BR70%1BR,1BA$1.67
Conway ForestTangelo1BR,1BA$1.64
Bridgewater by Trion Living1 Bedroom1BR,1BA$1.82
The FrederickThe Grant1BR,1BA$1.97
Primrose OrlandoUpgraded Unit1BR,1BA$1.71
Delaney1 x 1 FRONT1BR,1BA$2.00

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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Your Guide to the Perfect Orlando Neighborhood for Student Renters

Learn About the Best Neighborhoods to Rent Near College Campuses in Orlando, FL | Find Orlando Off-Campus Student Housing at ApartmentHomeLiving.com

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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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Lifestyle Ratings

ApartmentHomeLiving.com works hard to bring you our detailed rental analysis called 'Lifestyle Ratings' - a comparison of rentals in metropolitan areas across the United States, including Orlando. LifeStyle Ratings are the best way to sort through finding a place to live - beyond price and floorplan. This takes in many factors including rankings of the best places for proximity to parks, luxury amenities, kid and pet-friendly communities, availability of transit options, and much more. Use Lifestyle Search in the site filter options on this page - and find your Perfect place!

Frequently Asked Questions about Cheap Lake Terrace Apartments

What is a cheap apartment in Lake Terrace?

A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in Lake Terrace is under $1,225.

What is the price of a cheap apartment in Lake Terrace?

The cheapest apartment in Lake Terrace is Delaney which is listed at $1,000, while the average apartment in Lake Terrace costs $6,522.

What types of apartments are the cheapest in Lake Terrace?

Student, low-income, and by-the-bed apartments are typically the cheapest rentals in most cities, though they require qualifying criteria to rent. There are 9 regular apartments in Lake Terrace that we think qualify as ‘cheap apartments’ that do not have special requirements to apply to rent.

How do the prices of cheap apartments compare to the average apartment in Lake Terrace?

Cheap apartments in Lake Terrace have an average cost of $208 which is $6,314 cheaper than the average rent for all rentals in Lake Terrace.

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.

Helpful Local Expert Guides

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An Orlando Local Expert’s Guide To 10 Budget-Friendly Neighborhoods to Rent

Written by: Darla Ferrara

For many, Orlando is the place where you vacation, not live. However, this city, located in the central region of Florida, offers a vibrant tech community, plenty of outdoor activities, and some of the best schools in the country.

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Your Guide to the Perfect Orlando Neighborhood for Student Renters

Written by: Darla Ferrara

There is never a dull moment in Orlando, Florida. Along with top-tier universities, technical schools, and local colleges, there are world-class entertainment venues, the ocean within driving distance, and lots of sunshine.

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Unlock Your Orlando Commute: An Expert Guide to Ideal Neighborhoods Near Major Local Employers

Written by: Darla Ferrara

When I first moved to Orlando, Florida, in the 1990s, one of the things that drew me here was the remarkably low unemployment rates. There was a job for everyone. Two decades later, that fundamental appeal remains.

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The Soul of the City Beautiful: What Life in Orlando Is Really Like

Written by: Darla Ferrara

When people think of Orlando, Florida, they dream of theme parks and sunny weather, and rightfully so. It’s that energy that keeps this city a mainstay in the global tourist industry.

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.

decorative image for What Does “Rent Burdened” Mean? How Much Rent Is Too Much article

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.

decorative image for Maximizing Your Refund: Essential Tax Tips for Renters article

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.