Cheap Apartments for Rent near Penfield, IL from $500 (20 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
close
View Me
302 W Locust St
1 Bedroom Apartments

302 W Locust St

302 W Locust StUrbana, IL 61801

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
Showing Results 1-20, 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 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
Waterview Estates1x1Waterview Estates1BR,1BA$730
Townway Place1 Beds, 1 Baths1BR,1BA$800
Urbana Estates1x1Urbana Estates1BR,1BA$800

Best Value Apartments for Rent in Penfield, IL and Nearby

As of July 14, 2026 the best value apartment in the Penfield area is the $0.68 price per square foot South Pointe 5bd/3.0ba Townhouse Model at South Pointe Commons in the starting from $1,197. The second greatest value Penfield apartment is the D1 Model at Campus Circle Urbana starting at $839 with a $0.60 price per square foot in the Downtown Champaign neighborhood. 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.
South Pointe CommonsSouth Pointe 5bd/3.0ba Townhouse5BR,3BA$0.68
Campus Circle UrbanaD14BR,4BA$0.60
Parker Glen3 Bdrm3BR,2BA$1.08
The Linc Apartments3x33BR,3BA$0.57
Devonshire Village2 Bed 2 Bath Sm Apt2BR,2BA$1.09
Campus OaksFloorplan A - Price per person4BR,2BA$0.75
Town Center Apartments2 Bedroom 1 Bath2BR,1BA$1.14
University ParkTwo Bedroom2BR,1BA$1.17
Capstone QuartersTwo Bedroom Select2BR,2BA$0.80
Waterview Estates1x1Waterview Estates1BR,1BA$1.09

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

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.

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

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 $830 at Waterview Estates.

What is the most affordable Penfield Three Bedroom Apartment?

The best deal on a cheap Penfield Three Bedroom Apartment rental is at Urbana Estates and starts from $1,000.

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 Renters Insurance 101: What It Is, What It Covers, and Why You Need It article

Renters Insurance 101: What It Is, What It Covers, and Why You Need It

Written by: Robin Stewart

Insurance seems to be a part of life. In some states, having insurance is the law, as is the case for automobile insurance. Renters are no exception.

decorative image for Apartment Occupancy Rates: Renter Attraction vs Renter Retention article

Apartment Occupancy Rates: Renter Attraction vs Renter Retention

Written by: Robin Stewart

There’s a tenet in marketing about client or customer attraction and retention. Studies and data have consistently shown it costs less to keep a current customer than to attract a new one.

decorative image for How I Find the Perfect Rental for My Clients: A Real Estate Pro's Guide article

How I Find the Perfect Rental for My Clients: A Real Estate Pro's Guide

Written by: Robin Stewart

Evaluating rental properties for clients draws many parallels to house-hunting. Whether an apartment, loft, townhouse, or other rental, finding the right place means finding “home” for your client.

decorative image for Pet-Friendly Renting: Everything You Need to Know Before You Move article

Pet-Friendly Renting: Everything You Need to Know Before You Move

Written by: Christine Leonard, Esq.

For so many of us, pets are the best companions and a big part of our lives. For this reason, a pet-friendly house or apartment is often a very important - and nonnegotiable - part of a move.