Cheap Apartments for Rent near Peaks Island, ME from $1,174 (52 Rentals)

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

property at 280 State St
$1,630

Total Monthly Price

Base Rent$1,630
Total Monthly Price$1,630
Studio, 1 Bath Condo for Rent
Available Now
Furnished

280 State St, Unit 2

280 State St
PortlandME04101
  • Smoke Free

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

Total Monthly Price

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

11 Shepley St

11 Shepley StPortland, ME 04101
Furnished
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  • Utilities Included
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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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Bayview Court
Studio to 2 Bedroom Apartments

Bayview Court

335 ForestPortland, ME 04101
  • Utilities Included

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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The Bellamy
1 to 3 Bedroom Apartments

The Bellamy

240 Harvard StPortland, ME 04103
property at 757 Main St
$1,850 - $2,250
2 Bedroom Rentals
Available Now

757 Main St

South PortlandME04106
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147 Pleasant Ave
1 to 2 Bedroom Apartments

147 Pleasant Ave

147 Pleasant AvePortland, ME 04103
  • Utilities Included

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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Showing Results 1-50, Page 1 of 2

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 1 Bed unit found at 645 Congress Apartments in the Downtown Portland neighborhood priced from $1,520. Redbank Village in the South Portland neighborhood has the second lowest priced unit, which is a 1 Bed apartment currently listed from $1,650. Here is today’s list of the most affordable Peaks Island apartments for rent:

Apartment ListingModel NameBed/BathPriced From
645 Congress Apartments1 Bedroom1BR, 1BA$1,520
Redbank VillageThe Kennebunk1BR, 1BA$1,650
Terrace Pond2 Bed 1 Bath2BR, 1BA$1,800
11 Shepley St1Bedroom1BR, 1BA$1,850
The Lofts @ 225StudioStudio, 1BA$1,850
Olde English Village ApartmentsTwo Bedroom Executive2BR, 1BA$1,895
Foxcroft Apartments, LLCFennec2BR, 1BA$1,900
The ArmatureStudio - Workforce HousingStudio, 1BA$1,925
North Village ApartmentsStudioStudio, 1BA$1,950
The LindenOne Bedroom1BR, 1BA$1,965

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

As of September 22, 2026 the best value apartment in the Peaks Island area is the $2.20 price per square foot Market Rate 3 Bedroom Townhome Model at Island View in the North Deering neighborhood starting from $4,250. The second greatest value Peaks Island apartment is the 65 Pine St 2 Bedroom Model at Thomas Edwards House in the Downtown Portland neighborhood starting at $2,800 with a $2.43 price per square foot. 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.
Island ViewMarket Rate 3 Bedroom Townhome3BR, 2BA$2.20
Thomas Edwards House65 Pine St 2 Bedroom2BR, 1BA$2.43
Liberty CommonsTHE EISENHOWER2BR, 2BA$2.45
Olde English Village ApartmentsTwo Bedroom Executive2BR, 1BA$1.99
Foxcroft Apartments, LLCSwift2BR, 1.5BA$2.05
Summit Terrace2 Bed | Balcony2BR, 1BA$2.19
Waterside Apartments2 Bedroom 1 Bath Waterside2BR, 1BA$2.47
Apartments at Blue Spruce Farm2 Bedroom 1 Bath BSF2BR, 1BA$2.53
Terrace Pond2 Bed 1 Bath2BR, 1BA$2.29
645 Congress Apartments1 Bedroom1BR, 1BA$2.18

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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Navigating the Rental Market: Tips for First-Time Renters

Entering the rental market? Learn these simple tips and strategies to avoid common pitfalls and make confident choices. Rent with peace of mind.

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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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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 The Lofts @ 225 listed at $1,850.

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 $1,800 at Terrace Pond.

What is the most affordable Peaks Island Three Bedroom Apartment?

The best deal on a cheap Peaks Island Three Bedroom Apartment rental is at Redbank Village and starts from $2,105.

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 Rent According to Income: A Look at Income-Restricted Rentals article

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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How Commercial-to-Residential Property Conversions Help the Housing Crisis

Written by: Robin Stewart

Many housing markets throughout America share a common complaint: a lack of affordable rental properties.

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Exploring Rental Options: Apartments, Townhomes, and Lofts - Oh My!

Written by: Robin Stewart

Where do you see yourself? When you think of home, sweet home, are you in a 3/2 apartment? Dreaming of a tall townhome? Maybe an industrial loft heavy on cool vibes is on your visioning board.

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Practical Tips for Renters: How to Identify a Great Rental and Avoid Red Flags

Written by: Robin Stewart

Renters want to find a great apartment, the right place for them, one that checks all the boxes of location, rental cost, amenities, safety, and more.