Cheap Apartments for Rent in Peoria, IL from $547 (144 Rentals)

How Many Bedrooms?Done
Select your price rangeDone
to
Note: Properties with the Total Monthly Price badge include all required fees. Hover over the badge for details.
Lifestyle Matching SearchDone
Learn more about Lifestyle Search
By AmenitiesDone
By Community TypeDone
Features and AvailabilityDone
Done

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.

Read Article

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.

Read Article
property at 4204 N Columbus Ave
$900

Total Monthly Price

Base Rent$900
Total Monthly Price$900
1 Bedroom, 1 Bath Home for Rent
Available Oct 1
Affordability

4204 N Columbus Ave

PeoriaIL61614

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.

Read Article
property at 627 Fairholm Ave
$975

Total Monthly Price

Base Rent$975
Total Monthly Price$975
2 Bedroom, 1 Bath Home for Rent
Available Now
Affordability

627 Fairholm Ave

PeoriaIL61603

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.

Read Article

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.

Read Article
Showing Results 1-50, Page 1 of 3

Peoria, IL Local Guide

Photo of Staff Writer - Local Guide Expert
Written By:
Staff Writer
Local Guide Expert

Cheapest Neighborhoods for Apartments in Peoria, IL

Pricing Updated: 09/11/2026

Current apartment rentals in the Peoria, IL area range in price from $547 to $2,675 with an overall median price of $1,185. The three Peoria neighborhoods with the lowest median rent pricing are Averyville at $995, East Bluff United at $1,000, and Lyndale Road at $1,014. Here is today’s list of the top 10 neighborhoods with the lowest median pricing for Peoria Apartments for rent:

NeighborhoodMedian PriceMin PriceAvailable Units
Averyville$995$77732
East Bluff United$1,000$7779
Lyndale Road$1,014$70045
Armstrong Ellis$1,025$77714
Oakcliff$1,030$70050
Fairfax Addition$1,045$70064
East Bluff NHS$1,050$7775
Joeanne Manor$1,065$79989
Willow Knolls$1,065$79982
Northmoore Hills$1,080$70079

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. The Avenue Apartments in the Averyville neighborhood has the second lowest priced unit, which is a 1 Bed apartment currently listed from $795. Here is today’s list of the most affordable Peoria apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Cityscape2 Bedroom2BR,2BA$711
The Avenue Apartments1B/ 1BA1BR,1BA$795
600 W High St1BR/1.0BA1BR,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
Knoxville Manor1BR/1.0BA1BR,1BA$850
Forest Hills Apartments1x11BR,1BA$854
Nordic Villa ApartmentsLoft1BR,1BA$875

Best Value Apartments for Rent in Peoria, IL

As of September 11, 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 1405 W Barker Ave Model at 1405 W Barker Ave, Unit Bedroom 1 starting at $1,200 with a $1.06 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
1405 W Barker Ave, Unit Bedroom 11405 W Barker Ave1BR,1BA$1.06
Cityscape2 Bedroom2BR,2BA$0.72
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$1.00
Hollybrook Apartments1 bedroom1BR,1BA$1.06
600 W High St1BR/1.0BA1BR,1BA$1.12

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
Decorative image

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.

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.

Read Article
Decorative image

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.

decorative image of people with a giant lease agreement

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

School data provided by Great Schools

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

Explore Peoria, IL Rentals by Map

Decorative image of map

See the most popular apartments and homes in Peoria, IL

View Map
Peoria, IL Apartments Map
View Map
Peoria, IL Rental Homes Map

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 The Avenue Apartments which is listed at $795, while the average apartment in Peoria costs $1,185.

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 72 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 $222 which is $963 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 Rent According to Income: A Look at Income-Restricted Rentals article

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 Exploring Rental Options: Apartments, Townhomes, and Lofts - Oh My! article

Exploring Rental Options: Apartments, Townhomes, and Lofts - Oh My!

Written by: Robin Stewart

Where do you see yourself? When you think of home, sweet home, are you in a 3/2 apartment? Dreaming of a tall townhome? Maybe an industrial loft heavy on cool vibes is on your visioning board.

decorative image for Practical Tips for Renters: How to Identify a Great Rental and Avoid Red Flags article

Practical Tips for Renters: How to Identify a Great Rental and Avoid Red Flags

Written by: Robin Stewart

Renters want to find a great apartment, the right place for them, one that checks all the boxes of location, rental cost, amenities, safety, and more.

decorative image for First Apartment Regrets: Real Renters Share What They'd Do Differently article

First Apartment Regrets: Real Renters Share What They'd Do Differently

Written by: Robin Stewart

Hindsight is 20/20. Live and Learn. With age comes wisdom. We’re familiar with all those expressions, and all of them apply to lessons first-time renters learn.