Cheap Homes for Rent in Downtown Peoria Neighborhood of Peoria, IL from $500 (21 Rentals)

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

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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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Smart Renter's Guide: Calculating Affordable Rent & Housing Costs

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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 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
Hanssler Court Apartments1 Bedroom1BR,1BA$775
Civic Center Plaza ApartmentsStudioStudio,1BA$803

Best Value Apartments for Rent in Downtown Peoria, IL

As of June 10, 2025 the best value apartment in the Downtown Peoria area is the $1.04 price per square foot 3709 N Donna Ln Model at 3709 N Donna Ln, Unit 3709 in the in the Sunset Hills neighborhood starting from $1,039. The second greatest value Downtown Peoria apartment is the 2 BR/1.5BA - 2nd/3rd floor Model at Covington Place starting at $925 with a $0.97 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.
3709 N Donna Ln, Unit 37093709 N Donna Ln2BR,1BA$1.04
Covington Place2 BR/1.5BA - 2nd/3rd floor2BR,1.5BA$0.97
Glen Willows2 Bedroom 1.5 Bathroom2BR,1.5BA$1.06
3207 N Peoria Ave, Unit 53207 N Peoria Ave2BR,1BA$1.39
Hollybrook Apartments1 bedroom1BR,1BA$1.06
Crestwood Apartments1 Bedroom 1 Bathroom1BR,1BA$1.18
Linn St Commons1BR/1BA1BR,1BA$0.87
The Avenue Apartments1B/ 1BA1BR,1BA$1.06
Civic Center Plaza ApartmentsStudioStudio ,1BA$1.34
Hanssler Court Apartments1 Bedroom1BR,1BA$1.29

Quick Rent Budget Calculator

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Frequently Asked Questions about Downtown Peoria

What type of rentals are currently available in Downtown Peoria?

There are currently 147 Apartments for Rent in Downtown Peoria, IL with pricing that ranges from $575 to $3,200. There are also 57 Single Family Homes for rent, Condos, and Townhome rentals currently available in Downtown Peoria ranging from $550 to $1,750.

What is the current price range for Rental Homes in Downtown Peoria?

Today's rental pricing for Homes for Rent, Condos and Townhomes in Downtown Peoria ranges from $550 to $1,750 with an average monthly rent of $860.

Expert Rental Resources

Helpful Apartment Articles, How-To's and Tips

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.

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The Art of the Rental Viewing: What to look for during a property tour

Written by: Marie Brown

You’ve scrolled through countless listings, walked through a blur of rentals, and finally found what feels like the one. The pictures? Fantastic. The neighborhood seems just right.

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Know Your Budget: Calculating What You Can Realistically Afford When Renting

Written by: Lauren Harrington

Renting an apartment or house isn’t just about looking through online ads, choosing a few apartments or homes you want to tour, filling out an application, and putting down a deposit. Those things are all necessary and important.

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The Freedom of Short-Term Leases: Exploring the Advantages for Renters

Written by: Bobbi Jackson

If you’re looking to relocate right now, a popular solution that may best fit your current rental needs is a short-term lease.

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Navigating the Rental Market: Tips for First-Time Renters

Written by: Sandy Baker

Making the decision to rent is exciting and terrifying at the same time. For many people, there are a lot of unknowns.