Cheap Apartments for Rent in Peoria, IL from $400 (94 Rentals)

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

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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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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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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International Place
Studio to 2 Bedroom Apartments

International Place

6500 N University StPeoria, IL 61614
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Brookview Apartments
Studio to 2 Bedroom Apartments

Brookview Apartments

2820 W War Memorial DrPeoria, IL 61615
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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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Pine Hill
1 to 2 Bedroom Apartments

Pine Hill

806-808 W Pine Hill LnPeoria, IL 61614
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Richwoods Plaza
1 to 2 Bedroom Apartments

Richwoods Plaza

6709 N University StPeoria, IL 61614
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1833 N Wisconsin Ave
Studio to 1 Bedroom Apartments

1833 N Wisconsin Ave

1833 N Wisconsin AvePeoria, IL 61603
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Madison Links Apartments
1 to 2 Bedroom Apartments

Madison Links Apartments

2405 Martin Luther King Jr DrPeoria, IL 61604
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3013-3021 N Woodbine Ter
1 to 2 Bedroom Apartments

3013-3021 N Woodbine Ter

3013-3021 N Woodbine TerPeoria, IL 61604
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Linn St Commons
1 Bedroom Apartments

Linn St Commons

2112-2117 N Linn StPeoria, IL 61604
  • Utilities Included

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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Peoria, IL Local Guide

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Local Guide Expert

Cheapest Neighborhoods for Apartments in Peoria, IL

Pricing Updated: 06/12/2026

Current apartment rentals in the Peoria, IL area range in price from $547 to $2,675 with an overall median price of $1,638. The three Peoria neighborhoods with the lowest median rent pricing are North Peoria at $700, West Peoria at $547, and Central South 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
North Peoria$1,250$700115
West Peoria$1,250$547122
Central South$1,275$547100
Sunset Hills$1,275$77764
Armstrong Ellis$1,537$77712
Averyville$1,537$77723
Downtown Peoria$1,537$54782
East Bluff NHS$1,537$7778
East Bluff United$1,537$77711
Fairfax Addition$1,550$70061

Cheapest Available Peoria Apartments for Rent

 

The cheapest available apartment rental in Peoria, IL is a Studio unit found at Hollow Hills in the Windchime neighborhood priced from $700. The Village on University in the Northmoor Knolls neighborhood has the second lowest priced unit, which is a Studio apartment currently listed from $725. Here is today’s list of the most affordable Peoria apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Hollow HillsStudioStudio,1BA$700
The Village on UniversityAnderson at Village SouthStudio,1BA$725
Willow Knolls ApartmentsStudioStudio,1BA$750
The Avenue Apartments1B/ 1BA1BR,1BA$795
Hollybrook Apartments1 bedroom1BR,1BA$825
Crestwood Apartments1 Bedroom 1 Bathroom1BR,1BA$825
Civic Center Plaza ApartmentsStudioStudio,1BA$825
Nordic Villa ApartmentsLoft1BR,1BA$875
Brandywine Crossing Apartments1 Bedroom G1BR,1BA$876

Best Value Apartments for Rent in Peoria, IL

As of June 12, 2026 the best value apartment in the Peoria area is the $0.93 price per square foot 501 W Columbia Ter Model at 501 W Columbia Ter in the in the Averyville neighborhood starting from $1,400. The second greatest value Peoria apartment is the 1319 W Daytona Dr Model at 1319 W Daytona Dr, Unit 1 starting at $1,350 with a $0.90 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 Ter501 W Columbia Ter3BR,1BA$0.93
1319 W Daytona Dr, Unit 11319 W Daytona Dr2BR,2BA$0.90
8817 N Picture Ridge Rd, Unit Windows to private wooded8817 N Picture Ridge Rd1BR,1.5BA$1.00
ASPEN BLUFF APARTMENTSThree Bedrooms Two Bathroom3BR,2BA$1.14
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
109 Stewart St, Unit 2109 Stewart St1BR,1BA$1.00

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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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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See the most popular apartments and homes in Peoria, IL

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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 $876.

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 $1,638.

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 128 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 $233 which is $1,405 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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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.

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Pet-Friendly Renting: Everything You Need to Know Before You Move

Written by: Christine Leonard, Esq.

For so many of us, pets are the best companions and a big part of our lives. For this reason, a pet-friendly house or apartment is often a very important - and nonnegotiable - part of a move.

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Creative Ways Developers Reimagine Retail Spaces as Residential Units

Written by: Robin Stewart

Adaptive reuse is when a commercial property is converted and repurposed. The real estate industry has embraced a growing number of these projects.

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Neighborhood and Market Insights: How to Choose the Right Area to Rent

Written by: Robin Stewart

Apartment-hunting can be a gargantuan task. Renters have a wish list of items—some luxuries, some necessities—but finding what you seek in the right place is perhaps the most important part of the journey.