Cheap Apartments for Rent in Peoria, IL from $400 (100 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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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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Navigating the Rental Market: Tips for First-Time Renters

Entering the rental market? Learn these simple tips and strategies to avoid common pitfalls and make confident choices. Rent with peace of mind.

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Peoria, IL Local Guide

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Local Guide Expert

Cheapest Neighborhoods for Apartments in Peoria, IL

Pricing Updated: 03/13/2026

Current apartment rentals in the Peoria, IL area range in price from $629 to $3,900 with an overall median price of $2,216. The three Peoria neighborhoods with the lowest median rent pricing are Near Northside at $800, Olde Towne North at $800, and East Bluff NHS at $800. 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$1,200$80011
Olde Towne North$1,200$80011
East Bluff NHS$1,350$80020
Lyndale Road$1,350$9508
Detweiller Marina$1,397$73331
East Bluff United$1,397$73323
Oakcliff$1,722$9509
Joeanne Manor$1,800$95018
Skyline Drive$1,800$95020
Windchime$1,800$1,10010

Cheapest Available Peoria Apartments for Rent

 

The cheapest available apartment rental in Peoria, IL is a 1 Bed unit found at The Avenue Apartments in the Averyville neighborhood priced from $650. Knoxville Manor Apartments in the Northmoor Knolls neighborhood has the second lowest priced unit, which is a 1 Bed apartment currently listed from $675. Here is today’s list of the most affordable Peoria apartments for rent:

Apartment ListingModel NameBed/BathPriced From
The Avenue Apartments1B/ 1BA1BR,1BA$650
Knoxville Manor ApartmentsGarden Level1BR,1BA$675
Hollow HillsStudioStudio,1BA$700
Churchview Garden Homes1 Bedroom1BR,1BA$750
Versailles ApartmentsTradition - 1BR / 1BA1BR,1BA$795
Woods + Meadow ApartmentsOne Bedroom Apartment in North Peoria1BR,1BA$825
Crestwood Apartments1 Bedroom 1 Bathroom1BR,1BA$825
Nordic Villa ApartmentsLoft1BR,1BA$825
Civic Center Plaza ApartmentsStudioStudio,1BA$825

Best Value Apartments for Rent in Peoria, IL

As of March 14, 2026 the best value apartment in the Peoria area is the $0.95 price per square foot 2 BR Model at 511 W High St in the in the Averyville neighborhood starting from $2,100. The second greatest value Peoria apartment is the A Model at 1113 W Moss Ave starting at $1,000 with a $0.83 price per square foot in the Averyville 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.
511 W High St2 BR2BR,3BA$0.95
1113 W Moss AveA2BR,1BA$0.83
Flats at DunlapTwo Bedrooms, Two Bathrooms2BR,2BA$1.08
Versailles ApartmentsCrown - 2BR / 1BA2BR,1BA$1.03
Glen Willows2 Bedroom 1.5 Bathroom2BR,1.5BA$1.08
1702 W Tiffany Ct, Unit 41702 W Tiffany Ct2BR,1BA$1.06
Hollybrook Apartments1 bedroom1BR,1BA$1.06
Woods + Meadow ApartmentsOne Bedroom Apartment in North Peoria1BR,1BA$1.10
Hollow HillsStudioStudio ,1BA$1.08
The Avenue Apartments1B/ 1BA1BR,1BA$1.06

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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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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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.

Best Local Schools in
Peoria, IL

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Location, Location, Location!

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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 Hollow Hills 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 $650 at The Avenue Apartments.

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 Churchview Garden Homes and starts from $975.

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

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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.

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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.

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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.

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Renting with Roommates: Realistic Expectations for Shared Lease

Written by: Christine Leonard, Esq.

Given the high costs for housing, I have found that many people are looking for a roommate to share expenses. These arrangements can increase opportunities for more desirable and larger spaces.