Cheap Homes for Rent in Peoria, IL from $500 (20 Rentals)

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

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Peoria, IL Local Guide

Cheapest Neighborhoods for Apartments in Peoria, IL

Pricing Updated: 06/07/2025

Current apartment rentals in the Peoria, IL area range in price from $575 to $3,200 with an overall median price of $1,606. The three Peoria neighborhoods with the lowest median rent pricing are Lyndale Road at $575, Oakcliff at $575, and North Peoria at $575. Here is today’s list of the top 10 neighborhoods with the lowest median pricing for Peoria Apartments for rent:

NeighborhoodMedian PriceMin PriceAvailable Units
Lyndale Road$1,027$57512
Oakcliff$1,027$57511
North Peoria$1,195$57595
Windchime$1,245$70054
Northmoore Hills$1,295$65063
Northmoor Knolls$1,295$65060
Willow Knolls$1,295$70030
Central South$1,400$57552
Fairfax Addition$1,400$57568
Sunset Hills$1,400$57545

Cheapest Available Peoria Apartments for Rent

 

The cheapest available apartment rental in Peoria, IL is a 1 Bed unit found at Linn St Commons in the Averyville neighborhood priced from $600. The Avenue Apartments in the Averyville neighborhood has the second lowest priced unit, which is a 1 Bed apartment currently listed from $650. Here is today’s list of the most affordable Peoria apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Linn St Commons1BR/1BA1BR,1BA$600
The Avenue Apartments1B/ 1BA1BR,1BA$650
Knoxville Manor ApartmentsGarden Level1BR,1BA$675
Willow Knolls ApartmentsStudioStudio,1BA$700
Hollow HillsStudioStudio,1BA$700

Best Value Apartments for Rent in Peoria, IL

As of June 07, 2025 the best value apartment in the Peoria area is the $0.66 price per square foot 3 Bed 1 Bath Model at 1512 E Gardner Ln in the in the Northmoor Knolls neighborhood starting from $795. The second greatest value 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 Peoria apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
1512 E Gardner Ln3 Bed 1 Bath3BR,1BA$0.66
Covington Place2 BR/1.5BA - 2nd/3rd floor2BR,1.5BA$0.97
Glen Willows2 Bedroom 1.5 Bathroom2BR,1.5BA$1.06
Versailles ApartmentsRoyal - 2BR / 1BA2BR,1BA$0.99
Crescent Creek Apartments1x11BR,1BA$0.88
Brighton Woods1Bed1Bath1BR,1BA$1.06
Hollybrook Apartments1 bedroom1BR,1BA$1.06
Linn St Commons1BR/1BA1BR,1BA$0.87
Hollow HillsStudioStudio ,1BA$1.08
The Avenue Apartments1B/ 1BA1BR,1BA$1.06

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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Frequently Asked Questions about Peoria

What type of rentals are currently available in Peoria?

There are currently 241 Apartments for Rent in Peoria, IL with pricing that ranges from $575 to $3,200. There are also 66 Single Family Homes for rent, Condos, and Townhome rentals currently available in Peoria ranging from $550 to $2,500.

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 $550 to $2,500 with an average monthly rent of $933.

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.