Cheap Apartments for Rent in Penfield, IL from $500 (26 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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302 W Locust St
1 Bedroom Apartments

302 W Locust St

302 W Locust StUrbana, IL 61801
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Willow Springs
2 Bedroom Apartments

Willow Springs

1606 Willow View RdUrbana, IL 61802
Furnished
  • Utilities Included

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 1-26, Page 1 of 1

Penfield, IL Local Guide

Cheapest Available Penfield Apartments for Rent and Nearby

 

The cheapest available apartment rental in Penfield, IL is a Studio unit found at Brunswick Apartments priced from $625. Urbana Estates has the second lowest priced unit, which is a 1 Bed apartment currently listed from $800. Here is today’s list of the most affordable Penfield apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Brunswick ApartmentsStudioStudio,1BA$625
Urbana Estates1x1Urbana Estates1BR,1BA$800
Town & Country ApartmentsFairfield1BR,1BA$819
Falcon Way TownhomesThree Bedroom Townhome3BR,1BA$823
Aspen CourtThe Beech1BR,1BA$825
South Pointe CommonsSouth Pointe 3bd/1.5ba Townhouse3BR,1BA$827
University ParkOne Bedroom1BR,1BA$850
Townway Place1 Beds, 1 Baths1BR,1BA$850
ONYXThe Cottage2BR,1BA$875
Town Center Apartments2 Bedroom 1 Bath2BR,1BA$900

Best Value Apartments for Rent in Penfield, IL and Nearby

As of January 13, 2026 the best value apartment in the Penfield area is the $1.07 price per square foot 2 Bedroom/2.5 bath Model at 200 Vine St in the starting from $1,675. The second greatest value Penfield apartment is the 2 Bed 2 Bath Private Entry Model at Devonshire Village starting at $1,450 with a $1.21 price per square foot . Here is today’s list of the best values for Penfield apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
200 Vine St2 Bedroom/2.5 bath2BR,2BA$1.07
Devonshire Village2 Bed 2 Bath Private Entry2BR,2BA$1.21
Town Center Apartments3 Bedroom 2 Bath3BR,2BA$1.01
Falcon Way TownhomesThree Bedroom Townhome3BR,1BA$0.75
South Pointe CommonsSouth Pointe 3bd/1.5ba Townhouse3BR,1.5BA$0.79
Campus OaksFloorplan A - Price per person4BR,2BA$0.75
Golfview VillageThe Gilmore2BR,1.5BA$0.74
University ParkTwo Bedroom2BR,1BA$1.17
Prairie Green Apartment Homes2 Bed 1 Bath2BR,1BA$1.19
West Liberty Point1 Bedroom1BR,1BA$1.17

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 Penfield, IL Rentals by Map

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Frequently Asked Questions about Cheap Penfield Apartments

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

The lowest price for a Cheap One Bedroom Penfield Apartment is $789 at Brunswick Apartments.

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

Today's best deal for a Cheap Two Bedroom Apartment in Penfield is starting from $875 at ONYX.

What is the most affordable Penfield Three Bedroom Apartment?

The best deal on a cheap Penfield Three Bedroom Apartment rental is at Falcon Way Townhomes and starts from $823.

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 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.

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Apartment Common Area Rules: What Renters Need to Know

Written by: Christine Leonard, Esq.

Back in the day when I rented one of my first apartments, the property didn’t even have laundry in the building. Now, rental properties are often competing against each other to provide the best amenities.

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How to Negotiate Your Apartment Lease and Save Money

Written by: Christine Leonard, Esq.

Everything is a negotiation in real estate!