Cheap Homes for Rent in Palestine, IL from $500 (10 Rentals)

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Search the lowest-cost Homes available for rent right now in Palestine.

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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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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Palestine, IL Local Guide

Cheapest Available Palestine Apartments for Rent and Nearby

 

The cheapest available apartment rental in Palestine, IL is a 2 Beds unit found at Historic Walnut Square in the Downtown Terre Haute neighborhood priced from $417. Lakewood Apartments has the second lowest priced unit, which is a Studio apartment currently listed from $500. Here is today’s list of the most affordable Palestine apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Historic Walnut SquareTwo Bedroom2BR,1BA$417
Lakewood ApartmentsStudioStudio,1BA$500
Sullivan Downtown Townhomes3 Bed 2.5 Bath Duplex3BR,2BA$534

Best Value Apartments for Rent in Palestine, IL and Nearby

As of July 28, 2025 the best value apartment in the Palestine area is the $1.16 price per square foot Single Family Home Model at Sullivan Downtown Townhomes in the starting from $1,598. The second greatest value Palestine apartment is the 2x2 Model at Arbors at Honey Creek starting at $610 with a $0.57 price per square foot in the Downtown Terre Haute neighborhood. Here is today’s list of the best values for Palestine apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Sullivan Downtown TownhomesSingle Family Home3BR,2.5BA$1.16
Arbors at Honey Creek2x22BR,2BA$0.57
Park Place1639, 3 bed3BR,1BA$1.15
ANTHONY SQUARE SENIOR LIVING2 Bed 1 Bath2BR,1BA$1.00
The Annex of Terre Haute2 bed 2 Bath A2BR,2BA$0.71
Historic Walnut SquareTwo Bedroom2BR,1BA$0.51
Ashton Apartments1BR/1.5BA1BR,1.5BA$0.88
The Landings1 Bedroom1BR,1BA$1.22
Union Pointe1 Bedroom1BR,2BA$0.92
Highland Terrace1 Bed 1 Bath1BR,1BA$1.23

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Frequently Asked Questions about Palestine

What type of rentals are currently available in Palestine?

There are currently 41 Apartments for Rent in Palestine, IL with pricing that ranges from $351 to $2,556. There are also 36 Single Family Homes for rent, Condos, and Townhome rentals currently available in Palestine ranging from $595 to $2,550.

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

Today's rental pricing for Homes for Rent, Condos and Townhomes in Palestine ranges from $595 to $2,550 with an average monthly rent of $1,551.

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

For those who are looking for larger living arrangements, Three Bedroom Apartments in Palestine range from $534 to $2,556, while Three Bedroom Homes, Condos, and Townhomes for rent range from $695 to $1,950. Four Bedroom Single-Family rentals are also available starting from $2,000 and Four Bedroom Apartments start at $514.

Expert Rental Resources

Helpful Apartment Articles, How-To's and Tips

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.

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Roommate Matching: Finding the Right Fit and Avoiding Pitfalls

Written by: Cheryl Bowman

A fantastic way to save money and enjoy a built-in community is to share an apartment. However, a bad roommate situation can turn your dream rental into a nightmare.

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The Art of the Rental Viewing: What to look for during a property tour

Written by: Marie Brown

You’ve scrolled through countless listings, walked through a blur of rentals, and finally found what feels like the one. The pictures? Fantastic. The neighborhood seems just right.

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Know Your Budget: Calculating What You Can Realistically Afford When Renting

Written by: Lauren Harrington

Renting an apartment or house isn’t just about looking through online ads, choosing a few apartments or homes you want to tour, filling out an application, and putting down a deposit. Those things are all necessary and important.

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The Freedom of Short-Term Leases: Exploring the Advantages for Renters

Written by: Bobbi Jackson

If you’re looking to relocate right now, a popular solution that may best fit your current rental needs is a short-term lease.