
Cheap Apartments for Rent in Richmond, IL from $500 (2 Rentals)
Search the lowest-cost Apartments available for rent right now in Richmond.

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.

Tuckaway Townhomes
Roommate Matching: Finding the Right Fit and Avoiding Pitfalls
When searching for a roommate, follow this list of essential steps and set clear expectations to create a solid foundation for a harmonious living situation.
Richmond, IL Local Guide

How much does it cost to rent an apartment in Richmond?
| Bedroom | Average Rent | Cheapest Rent | Highest Rent |
|---|---|---|---|
| Richmond Studio Apartments | $1,759 | $1,350 | $2,196 |
| Richmond 1 Bedroom Apartments | $1,410 | $553 | $1,950 |
| Richmond 2 Bedroom Apartments | $1,668 | $660 | $2,724 |
| Richmond 3 Bedroom Apartments | $1,688 | $864 | $2,600 |
Browse Top Apartments in Richmond
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Richmond, IL Local Guide
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Best Value Apartments for Rent in Richmond, IL and Nearby
As of December 16, 2025 the best value apartment in the Richmond area is the $0.62 price per square foot 3 Bedroom Townhome Model at Tuckaway Townhomes in the in the Lincoln Hills neighborhood starting from $864. The second greatest value Richmond apartment is the 2 Beds, 2 baths Model at West Harbor Residences at Reva Bay starting at $1,900 with a $1.52 price per square foot in the Amber Shores neighborhood. Here is today’s list of the best values for Richmond apartments based on price per square foot:
| Apartment Listing | Model Name | Bed/Bath | Price Per Sq.Ft. |
|---|---|---|---|
| Tuckaway Townhomes | 3 Bedroom Townhome | 3BR,2BA | $0.62 |
| West Harbor Residences at Reva Bay | 2 Beds, 2 baths | 2BR,2BA | $1.52 |
| The Ridges of Geneva East | Geneva | 2BR,2BA | $1.79 |
| River Place | Residence #5, 6, 7 and 8 (Plus Den) | 1BR,2BA | $1.77 |
| The Woods of Terra Springs | Maple | 1BR,1BA | $1.80 |
| Anita Terrace Apartments | 2 Bdrm/1 Bath | 2BR,1BA | $1.68 |
| Prairie Apartments | 2 Bedroom Upper LK | 2BR,1BA | $1.62 |
| Lakewood Tower | 2 Bed 790SF | 2BR,1BA | $1.52 |
| Whitetail Ridge | 1-Bedroom Senior 60% | 1BR,1BA | $1.59 |
| Fawn Ridge Apartments | Valley View | 1BR,1BA | $1.76 |
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.
Read ArticleThe Ultimate Long-Distance Moving Checklist: Tips from a Real Estate Pro
Moving is tough, especially long-distance. Learn how to minimize stress & expenses with proven strategies from a real estate pro, covering everything from logistics to finances.
Read ArticleQuick 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.
Best Local Schools in Richmond, IL
Richmond-Burton High School
School data provided by Great Schools
Remember the 3 Rules of Real Estate:Location, Location, Location!
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Getting Around Richmond, IL
Walk Score®
30 / 100
Car-Dependent
Most errands require a car
Bike Score®
39 / 100
Somewhat Bikeable
Minimal bike infrastructure
What Are Walk Score®, Transit Score®, and Bike Score® Ratings?
- Walk Score® measures the walkability of any address.
- Transit Score® measures access to public transit.
- Bike Score® measures the bikeability of any address.
Frequently Asked Questions about Cheap Richmond Apartments
What is the Cheapest Studio apartment in Richmond?
Currently the most affordable Cheap Studio Apartment in Richmond is at Patriot Prairie of Woodstock (FKA Prairie View) listed at $1,350.
How much is rent for a Cheap One Bedroom Richmond Apartment?
The lowest price for a Cheap One Bedroom Richmond Apartment is $1,154 at Whitetail Ridge.
What is the lowest price for a Cheap Two Bedroom Richmond Apartment for rent?
Today's best deal for a Cheap Two Bedroom Apartment in Richmond is starting from $1,200 at Lakewood Tower.
What is the most affordable Richmond Three Bedroom Apartment?
The best deal on a cheap Richmond Three Bedroom Apartment rental is at Tuckaway Townhomes and starts from $864.
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

Renting with Roommates: Realistic Expectations for Shared Lease
Written by: Christine Leonard, Esq.
Given the high costs for housing, I have found that many people are looking for a roommate to share expenses. These arrangements can increase opportunities for more desirable and larger spaces.

Apartment Common Area Rules: What Renters Need to Know
Written by: Christine Leonard, Esq.
Back in the day when I rented one of my first apartments, the property didn’t even have laundry in the building. Now, rental properties are often competing against each other to provide the best amenities.

How to Negotiate Your Apartment Lease and Save Money
Written by: Christine Leonard, Esq.
Everything is a negotiation in real estate!

The Rental Move-In Inspection Checklist: A Guide for Renters
Written by: Trey Huguley
The move-in inspection checklist is a crucial tool for both tenants and landlords. This checklist, provided by the team at ApartmentHomeLiving.com, helps document the condition of an apartment at the time of move-in.