Cheap 2 Bedroom Apartments for Rent in the Downtown Peoria Neighborhood of Peoria, IL from $547 (42 Rentals)

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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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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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property at 1411 W Barker Ave

$950

Total Monthly Price

Total Monthly Price

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

2 Bedroom Homes for Rent

Available Jun 1

1411 W Barker Ave

PeoriaIL61606
property at 611 Phelps St

$975

Total Monthly Price

Total Monthly Price

Base Rent
$975
Total Monthly Price
$975

2 Bedroom, 1 Bath Home for Rent

Available Now

611 Phelps St

PeoriaIL61603
property at 817 W Nebraska Ave

$975

Total Monthly Price

Total Monthly Price

Base Rent
$975
Total Monthly Price
$975

2 Bedroom, 1 Bath Home for Rent

Available Now

817 W Nebraska Ave

PeoriaIL61604

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 627 Fairholm Ave

$975

Total Monthly Price

Total Monthly Price

Base Rent
$975
Total Monthly Price
$975

2 Bedroom, 1 Bath Home for Rent

Available Now

627 Fairholm Ave

PeoriaIL61603
property at 319 W Nebraska Ave

$975

Total Monthly Price

Total Monthly Price

Base Rent
$975
Total Monthly Price
$975

2 Bedroom, 1 Bath Home for Rent

Available Now

319 W Nebraska Ave

PeoriaIL61604
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Madison Links Apartments
2 Bedroom Apartments

Madison Links Apartments

2405 Martin Luther King Jr DrPeoria, IL 61604
  • Utilities Included
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Peoria Flats
2 Bedroom Apartments

Peoria Flats

2317-2331 Martin Luther King Jr DrPeoria, IL 61604

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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Cityscape Apartments
2 Bedroom Apartments

Cityscape Apartments

601 W Romeo B Garrett AvePeoria, IL 61605
  • Utilities Included
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Sandmeyer Flats
2 Bedroom Apartments

Sandmeyer Flats

601-607 NW Bryan StPeoria, IL 61603
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Meadows Apartments
2 Bedroom Apartments

Meadows Apartments

140 Bluff St WEast Peoria, IL 61611
  • Utilities Included

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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Hillside Apartments
2 Bedroom Apartments

Hillside Apartments

100 Woodrow DrEast Peoria, IL 61611
  • Utilities Included
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The Hillsides
2 Bedroom Apartments

The Hillsides

4731 N Galena RdPeoria Heights, IL 61616
  • Utilities Included
Showing Results 1-42, Page 1 of 1

Downtown Peoria, Peoria, IL Local Guide

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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Pet Friendly Lifestyle
Downtown Peoria, Peoria, IL

Ranked #7

Among cities in Illinois for Apartment listings with Pet Friendly Amenities.

Pet Friendliness Lifestyle Score

4.0
Pet Friendly

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Best Local Schools in
Downtown Peoria, Peoria, IL

School data provided by Great Schools

Frequently Asked Questions about Cheap Downtown Peoria Apartments

What is a cheap apartment in Downtown Peoria?

A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in Downtown Peoria is under $850.

What is the price of a cheap apartment in Downtown Peoria?

The cheapest apartment in Downtown Peoria is The Avenue Apartments which is listed at $750, while the average apartment in Downtown Peoria costs $1,242.

What types of apartments are the cheapest in Downtown 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 6 regular apartments in Downtown 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 Downtown Peoria?

Cheap apartments in Downtown Peoria have an average cost of $430 which is $812 cheaper than the average rent for all rentals in Downtown 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.

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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.

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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.