Cheap Apartments for Rent in Peru, IN from $349 (54 Rentals)

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Search the lowest-cost Apartments available for rent right now in Peru.

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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Brentwood Greene
1 to 2 Bedroom Apartments

Brentwood Greene

1534 Dodge StKokomo, IN 46902
Senior Living

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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Beckford Place
Studio to 2 Bedroom Apartments

Beckford Place

1315 N Beckford PlMarion, IN 46952
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2930 Albright
1 to 2 Bedroom Apartments

2930 Albright

2930 Albright RdKokomo, IN 46902
Corporate Housing
  • Utilities Included
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Lincolnwood Apartments
1 to 4 Bedroom Apartments

Lincolnwood Apartments

2101 Mark LnKokomo, IN 46902
  • Utilities Included
  • Smoke Free

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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property at 831 S Webster St
$749 - $899
1 To 2 Bedroom Rentals
Available Now
Cost Per Sq.Ft.

831 S Webster St

KokomoIN46901
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Holly Apartments
1 Bedroom Apartments

Holly Apartments

1826 S Goyer RdKokomo, IN 46902

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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Peru, IN Local Guide

Cheapest Available Peru Apartments for Rent and Nearby

 

The cheapest available apartment rental in Peru, IN is a 1 Bed unit found at Chamberlain House priced from $349. Apperson Way Apartments has the second lowest priced unit, which is a 1 Bed apartment currently listed from $398. Here is today’s list of the most affordable Peru apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Chamberlain House1 bedroom1BR,1BA$349
Apperson Way Apartments1 Bedroom1BR,1BA$398
The Annex of Kokomo3 bed 3 Bath3BR,3BA$490
Walnut ManorSTUDIOStudio,1BA$650
Green Town ApartmentsOne Bd rm1BR,1BA$700
Turtle Creek KokomoSpringStudio,1BA$715
Somerset ApartmentsOne Bedroom1BR,1BA$722
Pechewa PlaceUpstairs 1 Bedroom1BR,1BA$729
Kingston Green Apartments1 BEDROOM G1BR,1BA$800
First Flats1bd/1bath Partially Renovated1BR,1BA$800

Best Value Apartments for Rent in Peru, IN and Nearby

As of September 13, 2026 the best value apartment in the Peru area is the $1.17 price per square foot 3 Bedroom Townhomes Model at Apperson Way Apartments in the starting from $1,227. The second greatest value Peru apartment is the 3 Bed 1 bath Model at Hilltop Ridge starting at $1,019 with a $1.01 price per square foot . Here is today’s list of the best values for Peru apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Apperson Way Apartments3 Bedroom Townhomes3BR,2BA$1.17
Hilltop Ridge3 Bed 1 bath3BR,1BA$1.01
Chamberlain House2 bedroom2BR,1BA$0.55
Welcome to Jefferson Crossing Townhomes2 bed 1 bath TH2BR,1BA$1.07
Carter West Apartments & Townhouses2bed/1bath Renovated2BR,1BA$1.21
Georgetown Apartments2BR/1.0BA2BR,1BA$1.09
Fox Acres Apartments1 Bed Room1BR,1BA$1.11
The Annex of Kokomo2 Bed 2 Bath2BR,2BA$0.91
Somerset ApartmentsOne Bedroom1BR,1BA$1.05
Pechewa PlaceUpstairs 1 Bedroom1BR,1BA$1.22

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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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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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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Peru, IN

School data provided by Great Schools

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

Explore Peru, IN Rentals by Map

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Frequently Asked Questions about Cheap Peru Apartments

What is the Cheapest Studio apartment in Peru?

Currently the most affordable Cheap Studio Apartment in Peru is at Walnut Manor listed at $650.

How much is rent for a Cheap One Bedroom Peru Apartment?

The lowest price for a Cheap One Bedroom Peru Apartment is $349 at Chamberlain House.

What is the lowest price for a Cheap Two Bedroom Peru Apartment for rent?

Today's best deal for a Cheap Two Bedroom Apartment in Peru is starting from $479 at Apperson Way Apartments.

What is the most affordable Peru Three Bedroom Apartment?

The best deal on a cheap Peru Three Bedroom Apartment rental is at Apperson Way Apartments and starts from $551.

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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Exploring Rental Options: Apartments, Townhomes, and Lofts - Oh My!

Written by: Robin Stewart

Where do you see yourself? When you think of home, sweet home, are you in a 3/2 apartment? Dreaming of a tall townhome? Maybe an industrial loft heavy on cool vibes is on your visioning board.

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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.