Cheap Apartments for Rent near Penfield, IL from $533 (25 Rentals)

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

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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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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302 W Locust St
1 Bedroom Apartments

302 W Locust St

302 W Locust StUrbana, IL 61801
property at 1605 N Willow Rd
$850 - $1,100
1 To 2 Bedroom Rentals
Available Now
Affordability

1605 N Willow Rd

UrbanaIL61801

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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Penfield, IL Local Guide

Cheapest Available Penfield Apartments for Rent and Nearby

 

The cheapest available apartment rental in Penfield, IL is a 1 Bed unit found at Parker Glen priced from $533. West Liberty Point 1BR has the second lowest priced unit, which is a 1 Bed apartment currently listed from $725. Here is today’s list of the most affordable Penfield apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Parker Glen1Bdrm1BR,1BA$533
West Liberty Point 1BRWest Liberty Point 1BR - West...1BR,1BA$725
Townway Place1 Beds, 1 Baths1BR,1BA$800
Town Center Apartments3 Bedroom 2 Bath3BR,2BA$830
Eastland ApartmentsStudio ApartmentStudio,1BA$845

Best Value Apartments for Rent in Penfield, IL and Nearby

As of September 10, 2026 the best value apartment in the Penfield area is the $0.66 price per square foot D2 Model at Campus Circle Urbana in the in the Downtown Champaign neighborhood starting from $899. The second greatest value Penfield apartment is the 4x2 Model at The Forge on Lincoln starting at $655 with a $0.55 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.
Campus Circle UrbanaD24BR,4BA$0.66
The Forge on Lincoln4x24BR,2BA$0.55
Town Center Apartments3 Bedroom 2 Bath3BR,2BA$0.70
Golfview VillageThe McGavin3BR,1.5BA$0.73
The Foundry3x33BR,3BA$0.65
Devonshire Village2 Bed 2 Bath Sm Apt2BR,2BA$1.09
Capstone QuartersTwo Bedroom Standard2BR,2BA$0.73
Urbana Estates2X1Urbana Estates2BR,1BA$1.07
Prairie Green Apartment Homes2 x 12BR,1BA$1.02
Parker Glen1Bdrm1BR,1BA$0.72

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

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Frequently Asked Questions about Cheap Penfield Apartments

What is the Cheapest Studio apartment in Penfield?

Currently the most affordable Cheap Studio Apartment in Penfield is at Eastland Apartments listed at $845.

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

The lowest price for a Cheap One Bedroom Penfield Apartment is $533 at Parker Glen.

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 $629 at Parker Glen.

What is the most affordable Penfield Three Bedroom Apartment?

The best deal on a cheap Penfield Three Bedroom Apartment rental is at Parker Glen and starts from $714.

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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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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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.

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First Apartment Regrets: Real Renters Share What They'd Do Differently

Written by: Robin Stewart

Hindsight is 20/20. Live and Learn. With age comes wisdom. We’re familiar with all those expressions, and all of them apply to lessons first-time renters learn.