Cheap Apartments for Rent in Peoria, IL from $400 (93 Rentals)

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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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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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Cheapest Neighborhoods for Apartments in Peoria, IL

Pricing Updated: 01/26/2026

Current apartment rentals in the Peoria, IL area range in price from $547 to $3,200 with an overall median price of $1,524. The three Peoria neighborhoods with the lowest median rent pricing are North Peoria at $600, West Peoria at $547, 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
North Peoria$1,175$600196
West Peoria$1,175$547188
Sunset Hills$1,200$57596
Averyville$1,300$57550
Downtown Peoria$1,300$547137
Central South$1,391$547155
Armstrong Ellis$1,400$57527
Detweiller Marina$1,425$57563
East Bluff NHS$1,425$60017
East Bluff United$1,425$57523

Cheapest Available Peoria Apartments for Rent

 

The cheapest available apartment rental in Peoria, IL is a 1 Bed unit found at Linn St Commons in the Averyville neighborhood priced from $600. The Avenue Apartments in the Averyville neighborhood has the second lowest priced unit, which is a 1 Bed apartment currently listed from $650. Here is today’s list of the most affordable Peoria apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Linn St Commons1BR/1BA1BR,1BA$600
The Avenue Apartments1B/ 1BA1BR,1BA$650
Knoxville Manor ApartmentsGarden Level1BR,1BA$675
Hollow HillsStudioStudio,1BA$700
Willow Knolls ApartmentsStudioStudio,1BA$700
Woods + Meadow ApartmentsStudio Apartment in North PeoriaStudio,1BA$725
Versailles ApartmentsMonarch - 1BR / 1BA1BR,1BA$740
Westporte ApartmentsWPSTStudio,1BA$790
The Village on UniversityTucker at Village North1BR,1BA$799
Old Orchard Trace ApartmentsOO1U1BR,1BA$800

Best Value Apartments for Rent in Peoria, IL

As of January 26, 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 417 W Columbia Ter Model at 417 W Columbia Ter, Unit #2 starting at $1,275 with a $0.71 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
417 W Columbia Ter, Unit #2417 W Columbia Ter2BR,1BA$0.71
Flats at DunlapThree Bedrooms, Two Bathrooms3BR,2BA$1.08
Hollybrook Apartments2 bedroom 1. 5 bath2BR,1.5BA$0.90
3421 N Indiana Ave, Unit 3421 N Indiana Ave Peoria3421 N Indiana Ave2BR,1BA$1.08
Crestwood Apartments2 bed 1 bath *2BR,1BA$0.94
Glen Willows2 Bedroom 1.5 Bathroom2BR,1.5BA$1.08
Linn St Commons1BR/1BA1BR,1BA$0.87
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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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 $800.

What is the price of a cheap apartment in Peoria?

The cheapest apartment in Peoria is Linn St Commons which is listed at $600, while the average apartment in Peoria costs $1,524.

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 108 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 $300 which is $1,224 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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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.

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Apartment Common Area Rules: What Renters Need to Know

Written by: Christine Leonard, Esq.

Back in the day when I rented one of my first apartments, the property didn’t even have laundry in the building. Now, rental properties are often competing against each other to provide the best amenities.