Cheap Apartments for Rent in Thompson, IA from $400 (42 Rentals)

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

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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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.

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The Edge Apartments
$1,061 - $1,311
Total Monthly Price12 Month Lease Term

Total Monthly Price

Base Rent
$1,050 - $1,300
Required Monthly Fees
$11
Total Monthly Price
$1,061 - $1,311
1 to 2 Bedroom Apartments Available May 8

The Edge Apartments

1902 Warren StMankato, MN 56001
Outdoors
  • Verified
  • Customer Reviewed
  • Utilities Included

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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Rolfe 20-Unit
1 to 2 Bedroom Apartments

Rolfe 20-Unit

1106-1108 Elm StRolfe, IA 50581
property at 220 E 7th St

$795

Total Monthly Price

Total Monthly Price

Base Rent
$795
Total Monthly Price
$795

1 Bedroom, 1 Bath Condo for Rent

Available May 2

220 E 7th St

Albert LeaMN56007
property at 702 E Main St

$850

Total Monthly Price12 Month Lease Term

Total Monthly Price

Base Rent
$850
Total Monthly Price
$850

Studio, 1 Bath Home for Rent

Available Now

702 E Main St

Albert LeaMN56007
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Grant Village
1 Bedroom Apartments

Grant Village

815-843 6th St SWMason City, IA 50401
Senior Living
  • Utilities Included

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

Wondering how to determine your rental budget? This comprehensive guide covers everything from the 30% rule to hidden fees and effective budgeting strategies.

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property at 821 Jefferson Ave

$950 - $995

Total Monthly Price

Total Monthly Price

Base Rent
$995
Total Monthly Price
$995

1 Bedroom Rentals

Available Now

821 Jefferson Ave

Albert LeaMN56007
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201 Pilgrim St
2 Bedroom Apartments

201 Pilgrim St

201 Pilgrim StSaint Clair, MN 56080
  • Utilities Included
Showing Results 1-42, Page 1 of 1

Thompson, IA Local Guide

Cheapest Available Thompson Apartments for Rent and Nearby

 

The cheapest available apartment rental in Thompson, IA is a 1 Bed unit found at Shalom Tower II priced from $405. Rolfe 20-Unit has the second lowest priced unit, which is a 1 Bed apartment currently listed from $495. Here is today’s list of the most affordable Thompson apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Shalom Tower IITower I Efficiency1BR,1BA$405
Rolfe 20-Unit1 Bedroom1BR,1BA$495
Key ApartmentsEfficiencyStudio,1BA$500
18 S Adams AveOne Bedroom1BR,1BA$525
Burt 18-Unit (Countryside Properties)1 Bedroom1BR,1BA$525
Key West ApartmentsStudioStudio,1BA$550
Meadow Bloom Apartments2 Bedroom2BR,1BA$607
CityView ApartmentsStudioStudio,1BA$650
Deer Creek Apartments1 Bed 1 Bath Apartment1BR,1BA$670
Eytcheson Estates Sherburn2 Bedroom2BR,1BA$701

Best Value Apartments for Rent in Thompson, IA and Nearby

As of April 20, 2026 the best value apartment in the Thompson area is the $1.09 price per square foot 2 Bedroom Loft Model at Skye Lofts Apartments in the starting from $1,490. The second greatest value Thompson apartment is the 3 Bedroom 1.5 Bathrooms Model at Pebble Creek Apartments starting at $1,150 with a $1.03 price per square foot . Here is today’s list of the best values for Thompson apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Skye Lofts Apartments2 Bedroom Loft2BR,1.5BA$1.09
Pebble Creek Apartments3 Bedroom 1.5 Bathrooms3BR,1.5BA$1.03
Autumn Glen Townhomes2 Bedroom2BR,2BA$1.10
Shalom Tower IITower II - One Bedroom1BR,1BA$0.73
CityView Apartments2 bedroom2BR,1BA$1.08
Meadow Bloom Apartments2 Bedroom2BR,1BA$0.79
Eytcheson Estates Sherburn2 Bedroom2BR,1BA$0.93
Eytcheson Estates Welcome1 Bedroom2BR,1BA$0.93
Rolfe 20-Unit2 Bedroom2BR,1BA$0.97
18 S Adams AveOne Bedroom1BR,1BA$0.95

10 Hidden Costs of Renting You Should Budget for Before Signing a Lease

Avoid financial stress when renting. Learn about the 10 most common hidden costs—from pet fees to utilities—you must budget for before you sign a lease.

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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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The 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.

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Cash or credit? Understanding the Importance of Credit Score in Real Estate and Renting

Discover how your credit score impacts your ability to lease or buy a home. Learn how credit scores are determined, how to check yours, and strategies to improve it for real estate success.

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

Explore Thompson, IA Rentals by Map

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See the most popular apartments and homes in Thompson, IA

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Frequently Asked Questions about Cheap Thompson Apartments

What is the Cheapest Studio apartment in Thompson?

Currently the most affordable Cheap Studio Apartment in Thompson is at Key Apartments listed at $500.

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

The lowest price for a Cheap One Bedroom Thompson Apartment is $405 at Shalom Tower II.

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

Today's best deal for a Cheap Two Bedroom Apartment in Thompson is starting from $595 at Rolfe 20-Unit.

What is the most affordable Thompson Three Bedroom Apartment?

The best deal on a cheap Thompson Three Bedroom Apartment rental is at Pebble Creek Apartments and starts from $1,150.

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

decorative image for What Does “Rent Burdened” Mean? How Much Rent Is Too Much article

What Does “Rent Burdened” Mean? How Much Rent Is Too Much

Written by: Lauren Harrington

This article draws from first-hand renter experiences and recurring financial challenges reported after moving in.

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Maximizing Your Refund: Essential Tax Tips for Renters

Written by: Christine Leonard, Esq.

Other than tax professionals, I can’t think of anyone who looks forward to tax season. For everybody else, April is a stressful month to collect information and meet deadlines.

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18 Must-Ask Rental Tour Questions That Reveal the Truth about a Property

Written by: Lauren Harrington

Renting your next home can feel thrilling and overwhelming at the same time.

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A Renters Guide for Tips on Writing Your Notice for Not Renewing Your Apartment

Written by: Bob Mallory

Packing up everything you own to move is so stressful for many that ending your apartment lease can feel like a small or unimportant task. Ending your lease involves more than simply turning over your keys on the last day.