Cheap Apartments for Rent in the Downtown Peoria Neighborhood of Peoria, IL from $400 (57 Rentals)

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

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The Avenue Apartments
$575 - $800
Total Monthly Price

Total Monthly Price

Base Rent
$535 - $760
Required Monthly Fees
$40
Total Monthly Price
$575 - $800
Studio to 2 Bedroom Apartments Available Now

The Avenue Apartments

900 W Moss AvePeoria, IL 61606
Corporate Housing
  • Verified
  • Customer Reviewed
  • Utilities Included

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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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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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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Peoria Flats
1 to 3 Bedroom Apartments

Peoria Flats

2317-2331 Martin Luther King Jr DrPeoria, IL 61604
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Hurlburt House
1 Bedroom Apartments

Hurlburt House

818 W Hurlburt StPeoria, IL 61605
Senior Living

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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Sandmeyer Flats
Studio to 2 Bedroom Apartments

Sandmeyer Flats

601-607 NW Bryan StPeoria, IL 61603
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Glen Oak Manor
2 Bedroom Apartments

Glen Oak Manor

2310 N Wisconsin AvePeoria, IL 61603
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Schlarman House
1 Bedroom Apartments

Schlarman House

707 Madison Ave NEPeoria, IL 61603
Senior Living
  • Utilities Included
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Cityscape Apartments
2 to 3 Bedroom Apartments

Cityscape Apartments

601 W Romeo B Garrett AvePeoria, IL 61605
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Savannah Meadows
1 to 2 Bedroom Apartments

Savannah Meadows

751 W Joan CtPeoria, IL 61614
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Twin Towers Place
1 to 3 Bedroom Apartments

Twin Towers Place

123 SW Jefferson AvePeoria, IL 61602
  • Utilities Included
  • Smoke Free

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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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 Linn St Commons priced from $600. The Avenue Apartments has the second lowest priced unit, which is a 1 Bed apartment currently listed from $650. Here are the most affordable Downtown Peoria apartments for rent in Peoria, IL:

Apartment ListingModel NameBed/BathPriced From
Linn St Commons1BR/1BA1BR,1BA$600
The Avenue Apartments1B/ 1BA1BR,1BA$650
Knoxville Manor ApartmentsGarden Level1BR,1BA$675
Civic Center Plaza ApartmentsStudioStudio,1BA$825
Crestwood Apartments2 bed 1 bath *2BR,1BA$850
Brandywine Crossing Apartments1 Bedroom G1BR,1BA$850
Hollybrook Apartments2 bedroom 1. 5 bath2BR,1BA$850
Forrest Edge Apartments2 bed 1.5 bath2BR,1BA$875
Marquette PlaceStudioStudio,1BA$880

Best Value Apartments for Rent in Downtown Peoria, IL

As of February 27, 2026 the best value apartment in the Downtown 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 Downtown Peoria apartment is the A Model at 1113 W Moss Ave starting at $1,000 with a $0.83 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.
511 W High St2 BR2BR,3BA$0.95
1113 W Moss AveA2BR,1BA$0.83
Churchview Garden Homes3 Bedroom3BR,2BA$0.88
Covington Place2BR/1.5BA Signature In Unit Wash/Dryer2BR,1.5BA$1.15
Hollybrook Apartments2 bedroom 1. 5 bath2BR,1.5BA$0.90
Crestwood Apartments2 bed 1 bath *2BR,1BA$0.94
Glen Willows2 Bedroom 1.5 Bathroom2BR,1.5BA$1.08
3207 N Peoria Ave, Unit 13207 N Peoria Ave2BR,1BA$1.18
Linn St Commons1BR/1BA1BR,1BA$0.87
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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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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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 $880.

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

The cheapest apartment in Downtown Peoria is Linn St Commons which is listed at $600, while the average apartment in Downtown Peoria costs $1,137.

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.

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 $322 which is $815 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

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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.

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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.