Cheap Apartments for Rent in Peoria, IL from $400 (99 Rentals)

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

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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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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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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Smart Renter's Guide: Calculating Affordable Rent & Housing Costs

Wondering how to determine your rental budget? This comprehensive guide covers everything from the 30% rule to hidden fees and effective budgeting strategies.

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Peoria, IL Local Guide

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Local Guide Expert

Cheapest Neighborhoods for Apartments in Peoria, IL

Pricing Updated: 10/31/2025

Current apartment rentals in the Peoria, IL area range in price from $495 to $3,500 with an overall median price of $1,674. The three Peoria neighborhoods with the lowest median rent pricing are Near Northside at $744, Olde Towne North at $744, and East Bluff NHS at $744. Here is today’s list of the top 10 neighborhoods with the lowest median pricing for Peoria Apartments for rent:

NeighborhoodMedian PriceMin PriceAvailable Units
Near Northside$1,095$7448
Olde Towne North$1,200$7447
East Bluff NHS$1,224$74415
East Bluff United$1,224$73318
Averyville$1,324$70041
Armstrong Ellis$1,349$73319
Detweiller Marina$1,349$72430
Warehouse District$1,385$7504
Lyndale Road$1,475$7009
Northmoore Hills$1,600$70019

Cheapest Available Peoria Apartments for Rent

 

The cheapest available apartment rental in Peoria, IL is a 1 Bed unit found at Linn St Commons in the Averyville neighborhood priced from $600. The Avenue Apartments in the Averyville neighborhood has the second lowest priced unit, which is a 1 Bed apartment currently listed from $650. Here is today’s list of the most affordable Peoria apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Linn St Commons1BR/1BA1BR,1BA$600
The Avenue Apartments1B/ 1BA1BR,1BA$650
Knoxville Manor ApartmentsGarden Level1BR,1BA$675
Hollow HillsStudioStudio,1BA$700
Willow Knolls ApartmentsStudioStudio,1BA$700
Woods + Meadow ApartmentsStudio Apartment in North PeoriaStudio,1BA$725
The Village on UniversityKing at Village NorthStudio,1BA$725
Crestwood Apartments1 Bedroom 1 Bathroom1BR,1BA$775
Hollybrook Apartments1 bedroom1BR,1BA$775
1512 E Gardner Ln3 Bed 1 Bath3BR,1BA$795

Best Value Apartments for Rent in Peoria, IL

As of October 31, 2025 the best value apartment in the Peoria area is the $0.90 price per square foot 501 W Columbia Ter Model at 501 W Columbia Ter, Unit Unit 3 in the in the Averyville neighborhood starting from $1,350. The second greatest value Peoria apartment is the 3 Bed 1 Bath Model at 1512 E Gardner Ln starting at $795 with a $0.66 price per square foot in the Northmoor Knolls neighborhood. Here is today’s list of the best values for Peoria apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
501 W Columbia Ter, Unit Unit 3501 W Columbia Ter3BR,1BA$0.90
1512 E Gardner Ln3 Bed 1 Bath3BR,1BA$0.66
Brighton Woods2Bed2Bath2BR,2BA$0.95
2315 N Bigelow St, Unit A2315 N Bigelow St2BR,1BA$0.83
Covington Place2 BR/1.5BA - 2nd/3rd floor2BR,1.5BA$0.97
Glen Willows2 Bedroom 1.5 Bathroom2BR,1.5BA$1.06
Hollybrook Apartments1 bedroom1BR,1BA$0.99
Linn St Commons1BR/1BA1BR,1BA$0.87
Hollow HillsStudioStudio ,1BA$1.08
The Avenue Apartments1B/ 1BA1BR,1BA$1.06

Apartment Common Area Rules: What Renters Need to Know

From the lounge to the laundry room, understand your rights and responsibilities in shared apartment spaces. Get tips on pet rules, noise, and security.

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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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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.

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Peoria Overview

If you are looking for a new place to call home, Peoria, IL might just be calling your name. With numerous landmarks, beautiful weather, and scenic views, you are sure to feel right at home in no time. While looking into a apartments in Peoria, take note of some of the reasons that living in the city is a great idea.

Why live in Peoria, IL?

Peoria is a fantastic place to live, with many opportunities for entertainment. The city is the largest on the Illinois River, with beautiful views. There are no shortage of places to get in your outdoor fix and experience nature around the city, with over 9000 acres in parks. Peoria is also Illinois’s oldest urbanized area. If you are someone who values pleasant fellow residents, Peoria ranks high on the Top 10 Best Mannered Cities for the entire nation on a consistent basis, so you are sure to make a few new friends in no time. Additionally, if you are looking to further your education, you need look no further, as the opportunities abound.

Peoria, IL
Population: 111,388

Ranked #270

in US Census Population by City

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Best Local Schools in
Peoria, IL

School data provided by Great Schools

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

Explore Peoria, IL Rentals by Map

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Getting Around Peoria, IL

Walk Score®

49 / 100

Car-Dependent

Most errands require a car

Bike Score®

46 / 100

Somewhat Bikeable

Minimal bike infrastructure

Transit Score®

31 / 100

Some Transit

A few nearby public transportation options

What Are Walk Score®, Transit Score®, and Bike Score® Ratings?

  • Walk Score® measures the walkability of any address.
  • Transit Score® measures access to public transit.
  • Bike Score® measures the bikeability of any address.

Frequently Asked Questions about Cheap Peoria Apartments

What is the Cheapest Studio apartment in Peoria?

Currently the most affordable Cheap Studio Apartment in Peoria is at Willow Knolls Apartments listed at $700.

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

The lowest price for a Cheap One Bedroom Peoria Apartment is $600 at Linn St Commons.

What is the lowest price for a Cheap Two Bedroom Peoria Apartment for rent?

Today's best deal for a Cheap Two Bedroom Apartment in Peoria is starting from $750 at The Avenue Apartments.

What is the most affordable Peoria Three Bedroom Apartment?

The best deal on a cheap Peoria Three Bedroom Apartment rental is at 1512 E Gardner Ln and starts from $795.

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.