Cheap Apartments for Rent in Penfield, IL from $500 (30 Rentals)

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

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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Parker Glen
1 to 3 Bedroom Apartments

Parker Glen

2501 N Neil StChampaign, IL 61820
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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.

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Willow Springs
2 Bedroom Apartments

Willow Springs

1606 Willow View RdUrbana, IL 61802
Furnished
  • 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.

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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 3 Beds unit found at Parker Glen priced from $525. Brunswick Apartments has the second lowest priced unit, which is a Studio apartment currently listed from $625. Here is today’s list of the most affordable Penfield apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Parker Glen3 Bedroom3BR,2BA$525
Brunswick ApartmentsStudioStudio,1BA$625
Golfview VillageThe Gilmore2BR,1BA$740
Town & Country ApartmentsKensington1BR,1BA$799
West Liberty Point2 Bedroom2BR,1BA$800
Aspen CourtThe Beech1BR,1BA$825
Townway Place1 Beds, 1 Baths1BR,1BA$850
University ParkOne Bedroom1BR,1BA$850
South Pointe CommonsSouth Pointe 3bd/1.5ba Townhouse3BR,1BA$883
Town Center Apartments2 Bedroom 1 Bath2BR,1BA$900

Best Value Apartments for Rent in Penfield, IL and Nearby

As of November 28, 2025 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 3 Bedroom 2 Bath Model at Town Center Apartments starting at $1,199 with a $1.01 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
Town Center Apartments3 Bedroom 2 Bath3BR,2BA$1.01
Eastland Apartments2 Bedroom2BR,2BA$1.19
South Pointe CommonsSouth Pointe 3bd/1.5ba Townhouse3BR,1.5BA$0.84
Campus OaksFloorplan A - Price per person4BR,2BA$0.75
Golfview VillageThe Gilmore2BR,1.5BA$0.74
Capstone QuartersTwo Bedroom Standard2BR,2BA$0.71
University ParkTwo Bedroom2BR,1BA$1.17
Falcon Way TownhomesTwo Bedroom Townhome2BR,1BA$1.17
West Liberty Point2 Bedroom2BR,1BA$1.07

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

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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 $671 at Falcon Way Townhomes.

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 $740 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 Parker Glen and starts from $525.

Expert Rental Resources

Helpful Apartment Articles, How-To's and Tips

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.

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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! 

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The Rental Move-In Inspection Checklist: A Guide for Renters

Written by: Trey Huguley

The move-in inspection checklist is a crucial tool for both tenants and landlords. This checklist, provided by the team at ApartmentHomeLiving.com, helps document the condition of an apartment at the time of move-in.

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Your Guide to Co-Signers: The Risks, Rewards, and Everything in Between

Written by: Christine Leonard, Esq.

For many people, obstacles can arise during the rental application process for a variety of issues.