Cheap Apartments for Rent near Underwood, MN from $550 (83 Rentals)

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

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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Granite Manor/Runestone
$953 - $1,763
Total Monthly Price12 Month Lease Term

Total Monthly Price

Base Rent
$945 - $1,755
Required Monthly Fees
$8
Total Monthly Price
$953 - $1,763
Studio to 3 Bedroom Apartments Available Now

Granite Manor/Runestone

4727 Arbor Crossing SEAlexandria, MN 56308
Pet Friendly
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  • 3D Tour
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Pheasant Run
$969 - $1,394
Total Monthly Price

Total Monthly Price

Base Rent
$950 - $1,375
Required Monthly Fees
$19
Total Monthly Price
$969 - $1,394
1 to 3 Bedroom Apartments Available May 16, 2099

Pheasant Run

825 34th Ave EAlexandria, MN 56308
Family Friendly
  • Verified
  • Customer Reviewed
  • Utilities Included

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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Hillside Apartments
Rent Specials
$1,055 - $2,155
Total Monthly Price

Total Monthly Price

Base Rent
$995 - $2,095
Required Monthly Fees
$60
Total Monthly Price
$1,055 - $2,155
Studio to 4 Bedroom Apartments Available Sep 1

Hillside Apartments

1825 Oakview Ave SEAlexandria, MN 56308
Pet Friendly
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  • 3D Tour
  • Smoke Free
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Sunset Ridge Apartments
$1,210 - $1,310
Total Monthly Price12 Month Lease Term

Total Monthly Price

Base Rent
$1,150 - $1,250
Required Monthly Fees
$60
Total Monthly Price
$1,210 - $1,310
1 to 2 Bedroom Apartments Available Sep 1

Sunset Ridge Apartments

2387-2467 Pioneer RdFergus Falls, MN 56537
  • Verified

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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Silver Birch
1 to 2 Bedroom Apartments

Silver Birch

303 Washington AveDetroit Lakes, MN 56501
Senior Living
  • Utilities Included
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Page House
1 Bedroom Apartments

Page House

221 E Cavour AveFergus Falls, MN 56537
  • Utilities Included
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Osakis Community Manor
1 to 2 Bedroom Apartments

Osakis Community Manor

480 W Main StOsakis, MN 56360
Senior Living
  • Utilities Included
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Goldenwood
1 to 2 Bedroom Apartments

Goldenwood

1145 Friberg AveFergus Falls, MN 56537
Senior Living
  • Utilities Included

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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Underwood, MN Local Guide

Cheapest Available Underwood Apartments for Rent and Nearby

 

The cheapest available apartment rental in Underwood, MN is a 1 Bed unit found at Liberty Lights Apartments priced from $600. North Valley Apartments has the second lowest priced unit, which is a Studio apartment currently listed from $700. Here is today’s list of the most affordable Underwood apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Liberty Lights Apartments1 Bedroom1BR,1BA$600
North Valley ApartmentsEfficiencyStudio,1BA$700
Spruce Place Apartments2 Bedroom | Spruce Place2BR,1BA$755
Center Street ApartmentsWahp 2 bed2BR,1BA$795
Twenty08 ApartmentsA.1 TIFStudio,1BA$820
10th Avenue Apartments1873 - Studio/1BAStudio,1BA$850
Water Station Apartments1 bedroom1BR,1BA$860
The ColonyHummingbirdStudio,1BA$882
Central LakesB.1 INCOME RESTRICTED1BR,1BA$893
Cascade ApartmentsOne Bedroom1BR,1BA$898

Best Value Apartments for Rent in Underwood, MN and Nearby

As of August 27, 2026 the best value apartment in the Underwood area is the $0.81 price per square foot 3 Bedroom Model at Pelican Rapids Townhomes in the starting from $1,280. The second greatest value Underwood apartment is the Three Bedroom Model at Blue Eagle Townhomes starting at $1,212 with a $1.15 price per square foot . Here is today’s list of the best values for Underwood apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Pelican Rapids Townhomes3 Bedroom3BR,1BA$0.81
Blue Eagle TownhomesThree Bedroom3BR,2BA$1.15
Broadway Garden Estates1 bedroom 1 bathroom1BR,1BA$1.19
Runestone Grand Apartments2 Bedroom2BR,1BA$1.07
Lakewood Apartments2 BD/1 BA2BR,1BA$1.29
Center Street ApartmentsWahp 2 bed2BR,1BA$0.99
Water Station Apartments1 bedroom1BR,1BA$1.08
Spruce Place Apartments2 Bedroom | Spruce Place2BR,1BA$1.05
Central LakesB.1 INCOME RESTRICTED1BR,1BA$1.25
Liberty Lights Apartments1 Bedroom Garage1BR,1BA$1.27

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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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 Underwood, MN Rentals by Map

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See the most popular apartments and homes in Underwood, MN

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Frequently Asked Questions about Cheap Underwood Apartments

What is the Cheapest Studio apartment in Underwood?

Currently the most affordable Cheap Studio Apartment in Underwood is at North Valley Apartments listed at $700.

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

The lowest price for a Cheap One Bedroom Underwood Apartment is $600 at Liberty Lights Apartments.

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

Today's best deal for a Cheap Two Bedroom Apartment in Underwood is starting from $700 at Liberty Lights Apartments.

What is the most affordable Underwood Three Bedroom Apartment?

The best deal on a cheap Underwood Three Bedroom Apartment rental is at Liberty Lights Apartments and starts from $850.

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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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.

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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.