Cheap Apartments for Rent in Penfield, IL from $400 (26 Rentals)

How Many Bedrooms?Done
Select your price rangeDone
to
Lifestyle Matching SearchDone
Learn more about Lifestyle Search
By AmenitiesDone
By Community TypeDone
Features and AvailabilityDone
Done

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

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.

Read Article

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.

Read Article

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.

Read Article
close
View Me
302 W Locust St
1 Bedroom Apartments

302 W Locust St

302 W Locust StUrbana, IL 61801
close
View Me
West Liberty Point
1 Bedroom Apartments

West Liberty Point

1320 Mccullough StRantoul, IL 61866
  • Utilities Included

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.

Read Article
close
View Me
Willow Springs
2 Bedroom Apartments

Willow Springs

1606 Willow View RdUrbana, IL 61802
Furnished
  • Utilities Included
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 1 Bed unit found at Waterview Estates priced from $730. Golfview Village has the second lowest priced unit, which is a 2 Beds apartment currently listed from $750. Here is today’s list of the most affordable Penfield apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Waterview Estates1x1Waterview Estates1BR,1BA$730
Golfview VillageThe Gilmore2BR,1BA$750
Townway Place1 Beds, 1 Baths1BR,1BA$795
Urbana Estates1x1Urbana Estates1BR,1BA$800
Falcon Way TownhomesThree Bedroom Townhome3BR,1BA$827
Aspen CourtThe Beech1BR,1BA$847
University ParkOne Bedroom1BR,1BA$850
Element on MainStudioStudio,1BA$875
Town & Country ApartmentsKensington1BR,1BA$900
Prairie Green Apartment Homes2 Bed 1 Bath2BR,1BA$925

Best Value Apartments for Rent in Penfield, IL and Nearby

As of April 14, 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 Three Bedroom Townhome Model at Falcon Way Townhomes starting at $827 with a $0.75 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
Falcon Way TownhomesThree Bedroom Townhome3BR,1BA$0.75
Campus OaksFloorplan A - Price per person4BR,2BA$0.75
Golfview VillageThe Gilmore2BR,1.5BA$0.75
The Linc Apartments2x22BR,2BA$0.88
Town Center Apartments2 Bedroom 1 Bath2BR,1BA$1.14
University ParkTwo Bedroom2BR,1BA$1.17
Capstone QuartersTwo Bedroom Select2BR,2BA$0.80
Prairie Green Apartment Homes2 Bed 1 Bath2BR,1BA$1.19
Waterview Estates1x1Waterview Estates1BR,1BA$1.09

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.

Read Article
Decorative image

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.

Read Article
Decorative image

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.

Read Article
Decorative image

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.

Read Article
Decorative image

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.

decorative image of people with a giant lease agreement

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

Explore Penfield, IL Rentals by Map

Decorative image of map

See the most popular apartments and homes in Penfield, IL

View Map
Penfield, IL Apartments Map
View Map
Penfield, IL Rental Homes Map

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 Element on Main listed at $875.

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

The lowest price for a Cheap One Bedroom Penfield Apartment is $730 at Waterview Estates.

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 $750 at Golfview Village.

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 $827.

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 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.

decorative image for Maximizing Your Refund: Essential Tax Tips for Renters article

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.

decorative image for 18 Must-Ask Rental Tour Questions That Reveal the Truth about a Property article

18 Must-Ask Rental Tour Questions That Reveal the Truth about a Property

Written by: Lauren Harrington

Renting your next home can feel thrilling and overwhelming at the same time.

decorative image for A Renters Guide for Tips on Writing Your Notice for Not Renewing Your Apartment article

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.