Cheap Homes for Rent in Peoria, IL from $500 (45 Rentals)

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Search the lowest-cost Homes available for rent right now in 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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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

1 To 2 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

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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Showing Results 1-45, Page 1 of 1

Peoria, IL Local Guide

Cheapest Neighborhoods for Apartments in Peoria, IL

Pricing Updated: 08/17/2026

Current apartment rentals in the Peoria, IL area range in price from $547 to $2,675 with an overall median price of $1,158. The three Peoria neighborhoods with the lowest median rent pricing are East Bluff NHS at $900, East Bluff United at $900, and Armstrong Ellis at $950. Here is today’s list of the top 10 neighborhoods with the lowest median pricing for Peoria Apartments for rent:

NeighborhoodMedian PriceMin PriceAvailable Units
East Bluff NHS$900$69510
East Bluff United$900$69513
Armstrong Ellis$950$77516
Averyville$967$69535
Sunset Hills$969$69567
Lyndale Road$995$70037
Fairfax Addition$1,004$69558
Oakcliff$1,004$70043
Joeanne Manor$1,045$77081
Northmoore Hills$1,045$70065

Cheapest Available Peoria Apartments for Rent

 

The cheapest available apartment rental in Peoria, IL is a 2 Beds unit found at Cityscape in the Averyville neighborhood priced from $711. The Avenue Apartments in the Averyville neighborhood has the second lowest priced unit, which is a 1 Bed apartment currently listed from $795. Here is today’s list of the most affordable Peoria apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Cityscape2 Bedroom2BR,2BA$711
The Avenue Apartments1B/ 1BA1BR,1BA$795
Willow Knolls ApartmentsStudio / 1 BathStudio,1BA$799
600 W High St1BR/1.0BA1BR,1BA$800
Hollybrook Apartments1 bedroom1BR,1BA$825
Hollow Hills ApartmentsStudio / 1 Bath (518 sqft)Studio,1BA$825
Civic Center Plaza ApartmentsStudioStudio,1BA$825
Crestwood Apartments1 Bedroom 1 Bathroom1BR,1BA$825
ASPEN BLUFF APARTMENTSOne Bedroom One Bathroom1BR,1BA$850

Best Value Apartments for Rent in Peoria, IL

As of August 17, 2026 the best value apartment in the Peoria area is the $1.03 price per square foot 616 N Cooper St Model at 616 N Cooper St, Unit A in the in the Averyville neighborhood starting from $1,500. The second greatest value Peoria apartment is the 2 Bedroom Model at Cityscape starting at $711 with a $0.70 price per square foot in the Averyville neighborhood. Here is today’s list of the best values for Peoria apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
616 N Cooper St, Unit A616 N Cooper St2BR,1BA$1.03
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
Hillcrest Apartments2 BR / 1 BA2BR,1BA$1.15
Forest Hills Apartments1x11BR,1BA$1.00
Hollybrook Apartments1 bedroom1BR,1BA$1.06
600 W High St1BR/1.0BA1BR,1BA$1.12
Crestwood Apartments1 Bedroom 1 Bathroom1BR,1BA$1.18
1401 E Richwoods Blvd, Unit 31401 E Richwoods Blvd1BR,1BA$1.08

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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Peoria, IL

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Remember the 3 Rules of Real Estate:
Location, Location, Location!

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Frequently Asked Questions about Peoria

What type of rentals are currently available in Peoria?

There are currently 247 Apartments for Rent in Peoria, IL with pricing that ranges from $547 to $2,675. There are also 103 Single Family Homes for rent, Condos, and Townhome rentals currently available in Peoria ranging from $528 to $4,500.

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

Today's rental pricing for Homes for Rent, Condos and Townhomes in Peoria ranges from $528 to $4,500 with an average monthly rent of $1,381.

How much are larger Three and Four Bedroom Rentals in Peoria?

For those who are looking for larger living arrangements, Three Bedroom Apartments in Peoria range from $620 to $2,042, while Three Bedroom Homes, Condos, and Townhomes for rent range from $662 to $2,950. Four Bedroom Single-Family rentals are also available starting from $528 and Four Bedroom Apartments start at $630.

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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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.

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.