Cheap Apartments for Rent in Peaks Island, ME from $1,100 (51 Rentals)

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

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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11 Shepley St
Rent Specials
$1,850 - $2,500
Total Monthly Price

Total Monthly Price

Base Rent
$1,850 - $2,500
Total Monthly Price
$1,850 - $2,500
1 Bedroom Apartments Available May 15

11 Shepley St

11 Shepley StPortland, ME 04101
Furnished
  • Verified
  • Utilities Included
  • 3D Tour

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 Bellamy
1 to 3 Bedroom Apartments

The Bellamy

240 Harvard StPortland, ME 04103

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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Bayview Court
Studio to 2 Bedroom Apartments

Bayview Court

335 ForestPortland, ME 04101
  • Utilities Included
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147 Pleasant Ave
1 to 2 Bedroom Apartments

147 Pleasant Ave

147 Pleasant AvePortland, ME 04103
  • Utilities Included
property at 210 Beach St

$2,100

2 Bedroom Rentals

Available Now

210 Beach St

SacoME04072

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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Peaks Island, ME Local Guide

Cheapest Available Peaks Island Apartments for Rent and Nearby

 

The cheapest available apartment rental in Peaks Island, ME is a Studio unit found at 645 Congress Apartments in the Downtown Portland neighborhood priced from $1,500. 117 Lofts in the Downtown Portland neighborhood has the second lowest priced unit, which is a Studio apartment currently listed from $1,610. Here is today’s list of the most affordable Peaks Island apartments for rent:

Apartment ListingModel NameBed/BathPriced From
645 Congress ApartmentsStudioStudio,1BA$1,500
117 LoftsStudioStudio,1BA$1,610
Forest Glen ApartmentsForest Glen2BR,1BA$1,775
The LindenStudio/Efficiency1BR,1BA$1,799
The Lofts @ 225StudioStudio,1BA$1,850
Summit Terrace at WoodlandSummit1BR,1BA$1,865
Olde English Village ApartmentsTwo Bedroom Executive2BR,1BA$1,895
Foxcroft Apartments, LLCFennec2BR,1BA$1,900
The CascoThe Casco - Little Diamond IslandStudio,1BA$1,990
JM Real Estate Portland Rentals50 Monument Unit 306Studio,1BA$1,999

Best Value Apartments for Rent in Peaks Island, ME and Nearby

As of May 05, 2026 the best value apartment in the Peaks Island area is the $2.50 price per square foot 12 White Birth Ln #24 Model at Birchlane in the in the North Deering neighborhood starting from $3,000. The second greatest value Peaks Island apartment is the THE WASHINGTON DELUXE Model at Liberty Commons starting at $2,798 with a $2.83 price per square foot in the Stroudwater neighborhood. Here is today’s list of the best values for Peaks Island apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Birchlane12 White Birth Ln #243BR,2BA$2.50
Liberty CommonsTHE WASHINGTON DELUXE2BR,1.5BA$2.83
Olde English Village ApartmentsTwo Bedroom Executive2BR,1BA$1.99
Summit Terrace2 Bed | Balcony2BR,1BA$2.13
Foxcroft Apartments, LLCSwift2BR,1.5BA$2.05
Waterside Apartments2 Bedroom 1 Bath Waterside2BR,1BA$2.75
Back Bay Tower2 Bed 1 Bath2BR,1BA$2.64
Winchester WoodsTwo Bedroom2BR,1BA$2.53
Forest Glen ApartmentsForest Glen2BR,1BA$2.09
Apartments at Blue Spruce Farm1 Bedroom 1 Bath BSF1BR,1BA$2.91

A Seasoned Property Manager's Step-by-Step Guide to Getting Your Deposit Back

Learn the property manager's true secrets to a zero-deduction move-out. Use this step-by-step guide on documentation, cleaning, and lease-reading to reclaim your security deposit.

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10 Hidden Costs of Renting You Should Budget for Before Signing a Lease

Avoid financial stress when renting. Learn about the 10 most common hidden costs—from pet fees to utilities—you must budget for before you sign a lease.

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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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Quick Rent Budget Calculator

How much rent can you afford?

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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Pet Friendly Lifestyle

Ranked #

Among cities in Maine for Apartment listings with Pet Friendly Amenities.

Pet Friendliness Lifestyle Score

Pet Friendly

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

Explore Peaks Island, ME Rentals by Map

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See the most popular apartments and homes in Peaks Island, ME

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Frequently Asked Questions about Cheap Peaks Island Apartments

What is the Cheapest Studio apartment in Peaks Island?

Currently the most affordable Cheap Studio Apartment in Peaks Island is at 645 Congress Apartments listed at $1,500.

How much is rent for a Cheap One Bedroom Peaks Island Apartment?

The lowest price for a Cheap One Bedroom Peaks Island Apartment is $1,520 at 645 Congress Apartments.

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

Today's best deal for a Cheap Two Bedroom Apartment in Peaks Island is starting from $1,775 at Forest Glen Apartments.

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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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.

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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.