Cheap Apartments for Rent in the Downtown Peoria Neighborhood of Peoria, IL from $400 (76 Rentals)

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

property at 1515 W Callender Ave

$750

Total Monthly Price

Total Monthly Price

Base Rent
$750
Total Monthly Price
$750

1 Bedroom, 2.5 Bath Home for Rent

Available Now

1515 W Callender Ave

PeoriaIL61606

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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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

2 To 3 Bedroom Homes for Rent

Available Now

1411 W Barker Ave

PeoriaIL61606
property at 308 E Virginia Ave

$975

Total Monthly Price

Total Monthly Price

Base Rent
$975
Total Monthly Price
$975

2 Bedroom, 1 Bath Home for Rent

Available Now

308 E Virginia Ave

PeoriaIL61603
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 617 E Republic St

$975

Total Monthly Price

Total Monthly Price

Base Rent
$975
Total Monthly Price
$975

2 Bedroom, 1 Bath Home for Rent

Available Now

617 E Republic St

PeoriaIL61603

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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1833 N Wisconsin Ave
Studio to 1 Bedroom Apartments

1833 N Wisconsin Ave

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

Madison Links Apartments

2405 Martin Luther King Jr DrPeoria, IL 61604
  • Utilities Included
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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
  • Utilities Included
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2112-2117 N Linn St
1 Bedroom Apartments

2112-2117 N Linn St

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

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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Showing Results 1-50, Page 1 of 2

Downtown Peoria, Peoria, IL Local Guide

Cheapest Available Downtown Peoria Apartments for Rent

 

The cheapest available apartment rental in the Downtown Peoria area of Peoria, IL is a 2 Beds unit found at Cityscape priced from $711. Knoxville Manor Apartments has the second lowest priced unit, which is a 1 Bed apartment currently listed from $775. Here are the most affordable Downtown Peoria apartments for rent in Peoria, IL:

Apartment ListingModel NameBed/BathPriced From
Cityscape2 Bedroom2BR,2BA$711
Knoxville Manor ApartmentsLevel 21BR,1BA$775
The Avenue Apartments1B/ 1BA1BR,1BA$795
Hollybrook Apartments1 bedroom1BR,1BA$825
Crestwood Apartments1 Bedroom 1 Bathroom1BR,1BA$825
Civic Center Plaza ApartmentsStudioStudio,1BA$825
Brandywine Crossing Apartments1 Bedroom G1BR,1BA$876
Glen Willows2 Bedroom 1 Bathroom2BR,1BA$925
EMR Apartments1/1 Standard1BR,1BA$963

Best Value Apartments for Rent in Downtown Peoria, IL

As of July 12, 2026 the best value apartment in the Downtown Peoria area is the $1.27 price per square foot 3 Bedroom Model at 107 NE Roanoke Ave in the in the Averyville neighborhood starting from $1,525. The second greatest value Downtown Peoria apartment is the CC2BR Model at Covington Court Apartments starting at $1,295 with a $1.26 price per square foot in the Northmoor Knolls neighborhood. Here is today’s list of the best values for Downtown Peoria apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
107 NE Roanoke Ave3 Bedroom3BR,1BA$1.27
Covington Court ApartmentsCC2BR2BR,2BA$1.26
Cityscape2 Bedroom2BR,2BA$0.70
Covington Place2BR/1.5BA Signature In Unit Wash/Dryer2BR,1.5BA$1.15
Glen Willows2 Bedroom 1 Bathroom2BR,1BA$1.06
2213 W Reservoir Blvd, Unit 22132213 W Reservoir Blvd2BR,1BA$1.27
Hollybrook Apartments1 bedroom1BR,1BA$1.06
Crestwood Apartments1 Bedroom 1 Bathroom1BR,1BA$1.18
Brandywine Crossing Apartments1 Bedroom G1BR,1BA$1.35
The Avenue Apartments1B/ 1BA1BR,1BA$1.29

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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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 #3

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

Lifestyle Ratings

ApartmentHomeLiving.com works hard to bring you our detailed rental search system called 'Lifestyle ratings', composed of rentals and neighborhoods across the USA, and customized analysis for Central Peoria, IL. Lifestyle Ratings show you the best fit for your needs and interests. This takes in many factors including rankings of the best places for the best outdoor access, luxury amenities, transit availability, pet-friendly communities, apartment complexes for the kids, and other valuable search options. Find Lifestyle Search in the filter options (above). Happy Searching!

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 $963.

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

The cheapest apartment in Downtown Peoria is Knoxville Manor Apartments which is listed at $775, while the average apartment in Downtown Peoria costs $1,525.

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 2 regular apartments in Downtown Peoria that we think qualify as ‘cheap apartments’ that do not have special requirements to apply to rent.

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 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.

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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.