Cheap Apartments for Rent in Peoria, IL from $400 (110 Rentals)

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

Rent According to Income: A Look at Income-Restricted Rentals

Find income-restricted rentals and housing subsidies. Explore government programs designed to help low-income families secure stable, affordable housing.

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Renters Insurance 101: What It Is, What It Covers, and Why You Need It

From theft to fire to water damage, the unexpected can happen to any renter. Discover why renters insurance is one of the smartest and most affordable investments you can make as a tenant.

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How I Find the Perfect Rental for My Clients: A Real Estate Pro's Guide

Finding the right apartment starts with three things: location, cost, and amenities. Get the insider perspective from a real estate professional on how to nail all three.

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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 1411 W Barker Ave

$950 - $1,200

Total Monthly Price

Total Monthly Price

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

1 To 2 Bedroom Homes for Rent

Available Now

1411 W Barker Ave

PeoriaIL61606

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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Peoria, IL Local Guide

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Local Guide Expert

Cheapest Neighborhoods for Apartments in Peoria, IL

Pricing Updated: 07/27/2026

Current apartment rentals in the Peoria, IL area range in price from $547 to $2,675 with an overall median price of $1,556. The three Peoria neighborhoods with the lowest median rent pricing are Central South at $547, Sunset Hills at $695, and West Peoria at $547. Here is today’s list of the top 10 neighborhoods with the lowest median pricing for Peoria Apartments for rent:

NeighborhoodMedian PriceMin PriceAvailable Units
Central South$1,150$54782
Sunset Hills$1,150$69552
West Peoria$1,150$547101
Averyville$1,237$69516
Lyndale Road$1,282$70034
Oakcliff$1,282$70039
Downtown Peoria$1,295$54766
North Peoria$1,312$700106
Armstrong Ellis$1,525$7508
East Bluff NHS$1,525$6955

Cheapest Available Peoria Apartments for Rent

 

The cheapest available apartment rental in Peoria, IL is a 2 Beds unit found at Cityscape in the Averyville neighborhood priced from $711. Knoxville Manor Apartments in the Northmoor Knolls neighborhood has the second lowest priced unit, which is a 1 Bed apartment currently listed from $775. Here is today’s list of the most affordable Peoria apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Cityscape2 Bedroom2BR,2BA$711
Knoxville Manor ApartmentsLevel 21BR,1BA$775
The Avenue Apartments1B/ 1BA1BR,1BA$795
Glen Oak Manor2BR/1.0BA2BR,1BA$800
Hollybrook Apartments1 bedroom1BR,1BA$825
Crestwood Apartments1 Bedroom 1 Bathroom1BR,1BA$825
Civic Center Plaza ApartmentsStudioStudio,1BA$825
ASPEN BLUFF APARTMENTSOne Bedroom One Bathroom1BR,1BA$850
The Village on UniversityKing Remodel at Village NorthStudio,1BA$855
Nordic Villa ApartmentsLoft1BR,1BA$875

Best Value Apartments for Rent in Peoria, IL

As of July 27, 2026 the best value apartment in the Peoria area is the $1.18 price per square foot 3 Bedroom 2 Bath Model at Eagle Point Apartments in the in the Northmoor Knolls neighborhood starting from $1,600. The second greatest value Peoria apartment is the 2 Bedroom Model at Cityscape starting at $711 with a $0.70 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.
Eagle Point Apartments3 Bedroom 2 Bath2BR,2BA$1.18
Cityscape2 Bedroom2BR,2BA$0.70
Covington Place2BR/1.5BA Signature In Unit Wash/Dryer2BR,1.5BA$1.15
Brandywine Crossing Apartments2 Bedroom 2 Bath2BR,2BA$1.14
Glen Willows2 Bedroom 1 Bathroom2BR,1BA$1.06
Hillcrest Apartments2 BR / 1 BA2BR,1BA$1.15
Forest Hills Apartments1x11BR,1BA$1.12
Versailles ApartmentsHamlet - 1BR / 1BA1BR,1BA$1.13
Hollybrook Apartments1 bedroom1BR,1BA$1.06
Crestwood Apartments1 Bedroom 1 Bathroom1BR,1BA$1.18

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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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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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.

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Peoria, IL

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

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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 $875.

What is the price of a cheap apartment in Peoria?

The cheapest apartment in Peoria is Knoxville Manor Apartments which is listed at $775, while the average apartment in Peoria costs $1,556.

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 112 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 $257 which is $1,299 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

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Rent According to Income: A Look at Income-Restricted Rentals

Written by: Robin Stewart

The idea of affordable housing can be subjective. Every individual is in a different place financially and vocationally. What one may easily afford could be a struggle for someone else.

decorative image for Renters Insurance 101: What It Is, What It Covers, and Why You Need It article

Renters Insurance 101: What It Is, What It Covers, and Why You Need It

Written by: Robin Stewart

Insurance seems to be a part of life. In some states, having insurance is the law, as is the case for automobile insurance. Renters are no exception.

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Apartment Occupancy Rates: Renter Attraction vs Renter Retention

Written by: Robin Stewart

There’s a tenet in marketing about client or customer attraction and retention. Studies and data have consistently shown it costs less to keep a current customer than to attract a new one.

decorative image for How I Find the Perfect Rental for My Clients: A Real Estate Pro's Guide article

How I Find the Perfect Rental for My Clients: A Real Estate Pro's Guide

Written by: Robin Stewart

Evaluating rental properties for clients draws many parallels to house-hunting. Whether an apartment, loft, townhouse, or other rental, finding the right place means finding “home” for your client.