Cheap Apartments for Rent in Peoria, IL from $400 (124 Rentals)

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

property at 1616 W Barker Ave

$450

Total Monthly Price

Total Monthly Price

Base Rent
$450
Total Monthly Price
$450

1 Bedroom, 2.5 Bath Home for Rent

Available Now

1616 W Barker Ave

PeoriaIL61606

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.

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property at 415 E Frye Ave

$800

Total Monthly Price

Total Monthly Price

Base Rent
$800
Total Monthly Price
$800

1 Bedroom, 1 Bath Townhome for Rent

Available May 1

415 E Frye Ave

PeoriaIL61603

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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property at 813 W Saint James St

$875

Total Monthly Price

Total Monthly Price

Base Rent
$875
Total Monthly Price
$875

1 Bedroom, 1 Bath Home for Rent

Available Now

813 W Saint James St

PeoriaIL61606

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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property at 1411 W Barker Ave

$950 - $1,200

Total Monthly Price

Total Monthly Price

Base Rent
$950 - $1,200
Total Monthly Price
$950 - $1,200

2 To 3 Bedroom Homes for Rent

Available Jun 1

1411 W Barker Ave

PeoriaIL61606

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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Written By:
Staff Writer
Local Guide Expert

Cheapest Neighborhoods for Apartments in Peoria, IL

Pricing Updated: 04/28/2026

Current apartment rentals in the Peoria, IL area range in price from $547 to $2,675 with an overall median price of $1,595. The three Peoria neighborhoods with the lowest median rent pricing are East Bluff NHS at $750, East Bluff United at $575, and Sunset Hills at $575. Here is today’s list of the top 10 neighborhoods with the lowest median pricing for Peoria Apartments for rent:

NeighborhoodMedian PriceMin PriceAvailable Units
East Bluff NHS$1,050$75016
East Bluff United$1,050$57520
Sunset Hills$1,150$57578
West Peoria$1,150$547154
Central South$1,163$547126
Downtown Peoria$1,242$547112
North Peoria$1,250$700122
Lyndale Road$1,350$70041
Oakcliff$1,350$70046
Fairfax Addition$1,472$57571

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. Hollow Hills in the Windchime neighborhood has the second lowest priced unit, which is a Studio apartment currently listed from $700. Here is today’s list of the most affordable Peoria apartments for rent:

Apartment ListingModel NameBed/BathPriced From
The Avenue Apartments1B/ 1BA1BR,1BA$650
Hollow HillsStudioStudio,1BA$700
Churchview Garden Homes1 Bedroom1BR,1BA$750
107 NE Roanoke AveStudioStudio,1BA$750
Willow Knolls ApartmentsStudioStudio,1BA$750
Nordic Villa ApartmentsLoft1BR,1BA$825
Civic Center Plaza ApartmentsStudioStudio,1BA$825
Crestwood Apartments1 Bedroom 1 Bathroom1BR,1BA$825

Best Value Apartments for Rent in Peoria, IL

As of April 28, 2026 the best value apartment in the Peoria area is the $0.79 price per square foot A Model at 1113 W Moss Ave in the in the Averyville neighborhood starting from $950. The second greatest value Peoria apartment is the Three Bedrooms Two Bathroom Model at ASPEN BLUFF APARTMENTS starting at $1,150 with a $1.14 price per square foot in the Sunset Hills 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.
1113 W Moss AveA2BR,1BA$0.79
ASPEN BLUFF APARTMENTSThree Bedrooms Two Bathroom3BR,2BA$1.14
Versailles ApartmentsCrown - 2BR / 1BA2BR,1BA$1.06
Carriage Hill Apartments2 Beds, 1 Baths2BR,1BA$0.95
502 W High St1 Bedroom1BR,1BA$1.03
Glen Willows2 Bedroom 1 Bathroom2BR,1BA$1.06
Forest Hills Apartments1x11BR,1BA$1.12
Hollybrook Apartments1 bedroom1BR,1BA$1.06
1012 W Armstrong Ave, Unit 1012-21012 W Armstrong Ave1BR,1BA$1.06
The Avenue Apartments1B/ 1BA1BR,1BA$1.06

10 Hidden Costs of Renting You Should Budget for Before Signing a Lease

Avoid financial stress when renting. Learn about the 10 most common hidden costs—from pet fees to utilities—you must budget for before you sign a lease.

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

Explore Peoria, IL Rentals by Map

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Frequently Asked Questions about Cheap Peoria Apartments

What is a cheap apartment in Peoria?

A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in Peoria is under $825.

What is the price of a cheap apartment in Peoria?

The cheapest apartment in Peoria is The Avenue Apartments which is listed at $650, while the average apartment in Peoria costs $1,595.

What types of apartments are the cheapest in Peoria?

Student, low-income, and by-the-bed apartments are typically the cheapest rentals in most cities, though they require qualifying criteria to rent. There are 143 regular apartments in Peoria that we think qualify as ‘cheap apartments’ that do not have special requirements to apply to rent.

How do the prices of cheap apartments compare to the average apartment in Peoria?

Cheap apartments in Peoria have an average cost of $407 which is $1,188 cheaper than the average rent for all rentals in Peoria.

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 Expert Solutions for Creating the Perfect Work-From-Home Apartment Layouts article

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.

decorative image for What Does “Rent Burdened” Mean? How Much Rent Is Too Much article

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.

decorative image for Maximizing Your Refund: Essential Tax Tips for Renters article

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.

decorative image for 18 Must-Ask Rental Tour Questions That Reveal the Truth about a Property article

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.