Cheap Apartments for Rent in the Downtown Peoria Neighborhood of Peoria, IL from $460 (89 Rentals)

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

Rent According to Income: A Look at Income-Restricted Rentals

Find income-restricted rentals and housing subsidies. Explore government programs designed to help low-income families secure stable, affordable housing.

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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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How I Find the Perfect Rental for My Clients: A Real Estate Pro's Guide

Finding the right apartment starts with three things: location, cost, and amenities. Get the insider perspective from a real estate professional on how to nail all three.

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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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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
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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

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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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. The Avenue Apartments has the second lowest priced unit, which is a 1 Bed apartment currently listed from $795. Here are the most affordable Downtown Peoria apartments for rent in Peoria, IL:

Apartment ListingModel NameBed/BathPriced From
Cityscape2 Bedroom2BR,2BA$711
The Avenue Apartments1B/ 1BA1BR,1BA$795
600 W High St1BR/1.0BA1BR,1BA$800
Hollybrook Apartments1 bedroom1BR,1BA$825
Crestwood Apartments1 Bedroom 1 Bathroom1BR,1BA$825
Civic Center Plaza ApartmentsStudioStudio,1BA$825
The Hillsides1BDR1BR,1BA$875
Marquette PlaceStudioStudio,1BA$900
Glen Willows2 Bedroom 1 Bathroom2BR,1BA$925
919 W Crestwood Dr2BR/1.5BA2BR,1BA$995

Best Value Apartments for Rent in Downtown Peoria, IL

As of August 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 616 N Cooper St Model at 616 N Cooper St, Unit A starting at $1,500 with a $1.03 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
616 N Cooper St, Unit A616 N Cooper St2BR,1BA$1.03
1405 W Barker Ave, Unit Bedroom 11405 W Barker Ave1BR,1BA$1.06
Cityscape2 Bedroom2BR,2BA$0.70
Covington Place2BR/1.5BA Signature In Unit Wash/Dryer2BR,1.5BA$1.15
Brandywine Crossing Apartments2 Bedroom 2 Bath2BR,2BA$1.14
Glen Willows2 Bedroom 1 Bathroom2BR,1BA$1.06
Hollybrook Apartments1 bedroom1BR,1BA$1.06
600 W High St1BR/1.0BA1BR,1BA$1.12
Crestwood Apartments1 Bedroom 1 Bathroom1BR,1BA$1.18

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 $995.

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 $795, while the average apartment in Downtown Peoria costs $1,163.

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 $138 which is $1,025 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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Rent According to Income: A Look at Income-Restricted Rentals

Written by: Robin Stewart

The idea of affordable housing can be subjective. Every individual is in a different place financially and vocationally. What one may easily afford could be a struggle for someone else.

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Practical Tips for Renters: How to Identify a Great Rental and Avoid Red Flags

Written by: Robin Stewart

Renters want to find a great apartment, the right place for them, one that checks all the boxes of location, rental cost, amenities, safety, and more.

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First Apartment Regrets: Real Renters Share What They'd Do Differently

Written by: Robin Stewart

Hindsight is 20/20. Live and Learn. With age comes wisdom. We’re familiar with all those expressions, and all of them apply to lessons first-time renters learn.

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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.