Cheap Apartments for Rent in Pana, IL from $400 (32 Rentals)

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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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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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600 Marshall Ave
1 to 2 Bedroom Apartments

600 Marshall Ave

600 Marshall AveMattoon, IL 61938
property at 205 North St

$700 - $800

1 To 2 Bedroom Rentals

Available Now

205 North St

RaymondIL62560

Smart Renter's Guide: Calculating Affordable Rent & Housing Costs

Wondering how to determine your rental budget? This comprehensive guide covers everything from the 30% rule to hidden fees and effective budgeting strategies.

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Showing Results 1-32, Page 1 of 1

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. Roosevelt School Apartments has the second lowest priced unit, which is a 1 Bed apartment currently listed from $496. 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
Roosevelt School Apartments1 Bedroom1BR,1BA$496
Whispering Pines Apartments1 Bed, 1 Bath - Essential1BR,1BA$600
Stones Crossing ApartmentsNice one bedroom efficiency apartment1BR,1BA$625
The Quarry ApartmentsObsidian1BR,1BA$655
616 S 6th St0/1Studio,1BA$699
Safe Harbor PropertiesStudioStudio,1BA$730
Decatur Flats Apartments1 bed 1 bath Renovated1BR,1BA$750
Timber CoveThe Yawl1BR,1BA$765
Oakwood EstatesTwo Bedroom One Bath2BR,1BA$785

Best Value Apartments for Rent in Pana, IL and Nearby

As of February 06, 2026 the best value apartment in the Pana area is the $0.96 price per square foot 2 Bedroom 2 Bath Model at Prairie Vista in the starting from $1,250. The second greatest value Pana apartment is the Townhome Model at Ravenwood Townhomes starting at $895 with a $0.90 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.
Prairie Vista2 Bedroom 2 Bath2BR,2BA$0.96
Ravenwood TownhomesTownhome2BR,1.5BA$0.90
The Boulevard TownhomesTownhouse2BR,1.5BA$1.04
2474 N FlorianUnit 102BR,1.5BA$1.00
Oakwood EstatesTwo Bedroom One Bath2BR,1BA$0.87
Roosevelt School Apartments1 Bedroom1BR,1BA$0.66
Lincoln Tower Apartments1 Bed 1 Bath1BR,1BA$1.07
Decatur Flats Apartments1 bed 1 bath Renovated1BR,1BA$1.07
Timber CoveThe Yawl1BR,1BA$1.09
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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The Ultimate Long-Distance Moving Checklist: Tips from a Real Estate Pro

Moving is tough, especially long-distance. Learn how to minimize stress & expenses with proven strategies from a real estate pro, covering everything from logistics to finances.

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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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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

What is the Cheapest Studio apartment in Pana?

Currently the most affordable Cheap Studio Apartment in Pana is at Roosevelt School Apartments listed at $502.

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 Roosevelt School Apartments and starts from $662.

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

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.

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18 Must-Ask Rental Tour Questions That Reveal the Truth about a Property

Written by: Lauren Harrington

Renting your next home can feel thrilling and overwhelming at the same time.

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A Renters Guide for Tips on Writing Your Notice for Not Renewing Your Apartment

Written by: Bob Mallory

Packing up everything you own to move is so stressful for many that ending your apartment lease can feel like a small or unimportant task. Ending your lease involves more than simply turning over your keys on the last day.

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Renting with Roommates: Realistic Expectations for Shared Lease

Written by: Christine Leonard, Esq.

Given the high costs for housing, I have found that many people are looking for a roommate to share expenses. These arrangements can increase opportunities for more desirable and larger spaces.