Cheap Apartments for Rent in Payson, IL from $300 (24 Rentals)

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

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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Keokuk Family Flats
1 to 3 Bedroom Apartments

Keokuk Family Flats

2812 Lincoln AveKeokuk, IA 52632
  • Utilities Included
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601-605 W Orchard St
Studio to 3 Bedroom Apartments

601-605 W Orchard St

601-605 W Orchard StMacomb, IL 61455
Student Housing
  • 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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Showing Results 1-24, Page 1 of 1

Payson, IL Local Guide

Cheapest Available Payson Apartments for Rent and Nearby

 

The cheapest available apartment rental in Payson, IL is a Studio unit found at Macomb Rentals priced from $390. Monroe City Senior Housing 62+ has the second lowest priced unit, which is a 1 Bed apartment currently listed from $875. Here is today’s list of the most affordable Payson apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Macomb RentalsStudio, 1 bathStudio,1BA$390
Monroe City Senior Housing 62+1 Bed 1 Bath1BR,1BA$875
Creekside Park2 BR / 2 BA2BR,2BA$880
Forest Village Apartments3 Bedroom3BR,1BA$895
Jefferson House Senior Living1 Bed/1 Bath1BR,1BA$1,094

Best Value Apartments for Rent in Payson, IL and Nearby

As of June 22, 2026 the best value apartment in the Payson area is the $0.43 price per square foot 203 S 6th St Model at 203 S 6th St, Unit 1 in the starting from $650. The second greatest value Payson apartment is the 3 BR / 2 BA Model at Creekside Park starting at $1,029 with a $0.85 price per square foot . Here is today’s list of the best values for Payson apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
203 S 6th St, Unit 1203 S 6th St2BR,1BA$0.43
Creekside Park3 BR / 2 BA3BR,2BA$0.85
View 212 bed 1 bath2BR,1BA$2.00
Forest Village Apartments3 Bedroom3BR,1BA$0.99
5050 Pulliam St, Unit 50505050 Pulliam St2BR,1BA$1.25
Monroe City Senior Housing 62+1 Bed 1 Bath1BR,1BA$1.46
421 N 20th St421 N 20th St1BR,1BA$2.59
Jefferson House Senior Living1 Bed/1 Bath1BR,1BA$2.08
716 Ohio St, Unit 4716 Ohio StStudio ,1BA$1.30
329 S Lafayette St329 S Lafayette StStudio ,1BA$1.25

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!

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Frequently Asked Questions about Cheap Payson Apartments

What is the Cheapest Studio apartment in Payson?

Currently the most affordable Cheap Studio Apartment in Payson is at Macomb Rentals listed at $390.

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

The lowest price for a Cheap One Bedroom Payson Apartment is $510 at Macomb Rentals.

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

Today's best deal for a Cheap Two Bedroom Apartment in Payson is starting from $450 at Macomb Rentals.

What is the most affordable Payson Three Bedroom Apartment?

The best deal on a cheap Payson Three Bedroom Apartment rental is at Forest Village Apartments and starts from $895.

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 Apartment Occupancy Rates: Renter Attraction vs Renter Retention article

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.

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

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.