40 Mahoning Ave
RantoulIL61866
Cheap Homes for Rent in Penfield, IL from $400 (8 Rentals)
Search the lowest-cost Homes available for rent right now in Penfield.
409 E Campbell Ave
RantoulIL61866
1088 Eastview Dr
RantoulIL61866
3570 N Vermilion St
DanvilleIL61832
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.
606 E Elm St
UrbanaIL61802
418 N High St
RantoulIL61866
426 W Maple St
HoopestonIL60942
220 N Johnson St
RankinIL60960
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.
Showing Results 1-8, Page 1 of 1
Penfield, IL Local Guide
Maple's during fall by Amanda Landers is licensed under CC BY 2.0
How much does it cost to rent a home in Penfield?
| Bedroom | Average Rent | Cheapest Rent | Highest Rent |
|---|---|---|---|
| Penfield 2 Bedroom Homes for Rent | $1,054 | $425 | $1,340 |
| Penfield 3 Bedroom Homes for Rent | $1,803 | $1,295 | $3,300 |
| Penfield 4 Bedroom Homes for Rent | $1,950 | $1,950 | $1,950 |
| Penfield 7 Bedroom Homes for Rent | $6,000 | $6,000 | $6,000 |
Browse Top Homes for Rent in Penfield
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Penfield, IL Local Guide
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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. Falcon Way Townhomes has the second lowest priced unit, which is a 1 Bed apartment currently listed from $758. Here is today’s list of the most affordable Penfield apartments for rent:
| Apartment Listing | Model Name | Bed/Bath | Priced From |
|---|---|---|---|
| Waterview Estates | 1x1Waterview Estates | 1BR,1BA | $730 |
| Falcon Way Townhomes | One Bedroom | 1BR,1BA | $758 |
| Townway Place | 1 Beds, 1 Baths | 1BR,1BA | $795 |
Best Value Apartments for Rent in Penfield, IL and Nearby
As of May 30, 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 D1 Model at Campus Circle Urbana starting at $919 with a $0.65 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 Listing | Model Name | Bed/Bath | Price Per Sq.Ft. |
|---|---|---|---|
| 200 Vine St | 2 Bedroom/2.5 bath | 2BR,2BA | $1.07 |
| Campus Circle Urbana | D1 | 4BR,4BA | $0.65 |
| Golfview Village | The McGavin | 3BR,1.5BA | $0.70 |
| Devonshire Village | 2 Bed 2 Bath Sm Apt | 2BR,2BA | $1.09 |
| Campus Oaks | Floorplan A - Price per person | 4BR,2BA | $0.75 |
| The Linc Apartments | 2x2 | 2BR,2BA | $0.88 |
| Town Center Apartments | 2 Bedroom 1 Bath | 2BR,1BA | $1.14 |
| University Park | Two Bedroom | 2BR,1BA | $1.17 |
| Capstone Quarters | Two Bedroom Select | 2BR,2BA | $0.80 |
| Waterview Estates | 1x1Waterview Estates | 1BR,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
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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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.
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See the most popular apartments and homes in Penfield, IL
Frequently Asked Questions about Penfield
What type of rentals are currently available in Penfield?
There are currently 39 Apartments for Rent in Penfield, IL with pricing that ranges from $635 to $1,845. There are also 35 Single Family Homes for rent, Condos, and Townhome rentals currently available in Penfield ranging from $425 to $6,000.
What is the current price range for Rental Homes in Penfield?
Today's rental pricing for Homes for Rent, Condos and Townhomes in Penfield ranges from $425 to $6,000 with an average monthly rent of $2,338.
How much are larger Three and Four Bedroom Rentals in Penfield?
For those who are looking for larger living arrangements, Three Bedroom Apartments in Penfield range from $785 to $1,473, while Three Bedroom Homes, Condos, and Townhomes for rent range from $1,295 to $3,300. Four Bedroom Single-Family rentals are also available starting from $1,950 and Four Bedroom Apartments start at $635.
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
Neighborhood and Market Insights: How to Choose the Right Area to Rent
Written by: Robin Stewart
Apartment-hunting can be a gargantuan task. Renters have a wish list of items—some luxuries, some necessities—but finding what you seek in the right place is perhaps the most important part of the journey.
A Seasoned Property Manager's Step-by-Step Guide to Getting Your Deposit Back
Written by: Lauren Harrington
I’m going to talk with you as a seasoned property manager and friend. So, let’s start with your security deposit. I want you to think about this guide as insider information. You deserve your deposit back.
Expert Solutions for Creating the Perfect Work-From-Home Apartment Layouts
Written by: Lauren Harrington
This article is based on first-hand experience managing apartment communities and helping renters adapt to their spaces after moving in.
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.