Cheap Apartments for Rent in the Downtown Peoria Neighborhood of Peoria, IL from $400 (83 Rentals)

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

property at 1616 W Barker Ave

$450

Total Monthly Price

Total Monthly Price

Base Rent
$450
Total Monthly Price
$450

1 Bedroom, 2.5 Bath Home for Rent

Available Now

1616 W Barker Ave

PeoriaIL61606

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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 Jun 1

1411 W Barker Ave

PeoriaIL61606
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
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

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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 1 Bed unit found at The Avenue Apartments priced from $650. Knoxville Manor Apartments has the second lowest priced unit, which is a 1 Bed apartment currently listed from $675. Here are the most affordable Downtown Peoria apartments for rent in Peoria, IL:

Apartment ListingModel NameBed/BathPriced From
The Avenue Apartments1B/ 1BA1BR,1BA$650
Knoxville Manor ApartmentsGarden Level1BR,1BA$675
Churchview Garden Homes1 Bedroom1BR,1BA$750
Hollybrook Apartments1 bedroom1BR,1BA$825
Crestwood Apartments1 Bedroom 1 Bathroom1BR,1BA$825
Civic Center Plaza ApartmentsStudioStudio,1BA$825
Westporte ApartmentsWP1B1BR,1BA$850

Best Value Apartments for Rent in Downtown Peoria, IL

As of April 13, 2026 the best value apartment in the Downtown Peoria area is the $0.79 price per square foot A Model at 1113 W Moss Ave in the in the Averyville neighborhood starting from $950. The second greatest value Downtown Peoria apartment is the 2 Beds, 1 Baths Model at Carriage Hill Apartments starting at $950 with a $0.95 price per square foot in the Averyville 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.
1113 W Moss AveA2BR,1BA$0.79
Carriage Hill Apartments2 Beds, 1 Baths2BR,1BA$0.95
Covington Place2BR/1.5BA Signature In Unit Wash/Dryer2BR,1.5BA$1.15
Glen Willows2 Bedroom 1 Bathroom2BR,1BA$1.06
Hollybrook Apartments1 bedroom1BR,1BA$1.06
Crestwood Apartments1 Bedroom 1 Bathroom1BR,1BA$1.18
1200 N Orange St, Unit Basement Studio #41200 N Orange StStudio ,1BA$1.23
1012 W Armstrong Ave, Unit 1012-21012 W Armstrong Ave1BR,1BA$1.06
Churchview Garden Homes1 Bedroom1BR,1BA$1.17
The Avenue Apartments1B/ 1BA1BR,1BA$1.06

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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 #11

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 $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 $650, while the average apartment in Downtown Peoria costs $1,345.

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 $427 which is $918 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 What Does “Rent Burdened” Mean? How Much Rent Is Too Much article

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.

decorative image for 18 Must-Ask Rental Tour Questions That Reveal the Truth about a Property article

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.

decorative image for A Renters Guide for Tips on Writing Your Notice for Not Renewing Your Apartment article

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.