Cheap Apartments for Rent near Pana, IL from $400 (72 Rentals)

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

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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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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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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600 Marshall Ave
1 to 2 Bedroom Apartments

600 Marshall Ave

600 Marshall AveMattoon, IL 61938

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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Pana, IL Local Guide

Cheapest Available Pana Apartments for Rent and Nearby

 

The cheapest available apartment rental in Pana, IL is a 1 Bed unit found at RESERVE AT LAKEVIEW priced from $421. Westport Apartments has the second lowest priced unit, which is a 1 Bed apartment currently listed from $484. Here is today’s list of the most affordable Pana apartments for rent:

Apartment ListingModel NameBed/BathPriced From
RESERVE AT LAKEVIEWOne Bedroom One Bathroom1BR,1BA$421
Westport ApartmentsOne Bedroom1BR,1BA$484
Country Place-Moweaqua I & ll1 Bedroom1BR,1BA$497
Roosevelt School ApartmentsStudioStudio,1BA$502
Stones Crossing ApartmentsNice one bedroom efficiency apartment1BR,1BA$600
Whispering Pines Apartments1 Bed, 1 Bath - Essential1BR,1BA$600
The Hickox CollectionThe Abe LincolnStudio,1BA$718
The Quarry ApartmentsSandstone2BR,1BA$775
Oakwood EstatesTwo Bedroom One Bath2BR,1BA$785
The Raymond ApartmentsTwo bedroom2BR,1BA$800

Best Value Apartments for Rent in Pana, IL and Nearby

As of August 16, 2026 the best value apartment in the Pana area is the $0.90 price per square foot Townhome Model at Ravenwood Townhomes in the starting from $895. The second greatest value Pana apartment is the Townhouse Model at The Boulevard Townhomes starting at $975 with a $1.04 price per square foot . Here is today’s list of the best values for Pana apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Ravenwood TownhomesTownhome2BR,1.5BA$0.90
The Boulevard TownhomesTownhouse2BR,1.5BA$1.04
Safe Harbor Properties2 Bdr 1 Bath with Balcony. Capitol View.2BR,1BA$1.08
Oakwood EstatesTwo Bedroom One Bath2BR,1BA$0.87
2474 N Florian62BR,1.5BA$1.14
The Raymond ApartmentsTwo bedroom2BR,1BA$1.00
The Quarry ApartmentsSandstone2BR,1BA$0.99
Westport ApartmentsOne Bedroom1BR,1BA$0.71
Country Place-Moweaqua I & ll1 Bedroom1BR,1BA$0.76
RESERVE AT LAKEVIEWOne Bedroom One Bathroom1BR,1BA$0.69

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

Explore Pana, IL Rentals by Map

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Frequently Asked Questions about Cheap Pana Apartments

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

The lowest price for a Cheap One Bedroom Pana Apartment is $421 at RESERVE AT LAKEVIEW.

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

Today's best deal for a Cheap Two Bedroom Apartment in Pana is starting from $507 at RESERVE AT LAKEVIEW.

What is the most affordable Pana Three Bedroom Apartment?

The best deal on a cheap Pana Three Bedroom Apartment rental is at Westport Apartments and starts from $665.

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.