Cheap Apartments for Rent near Walloon Lake, MI from $400 (53 Rentals)

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

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 2276 S M-37

$1,200

1 Bedroom, 1 Bath Townhome for Rent

Available Now

2276 S M-37, Unit B

2276 S M-37
Traverse CityMI49685

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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property at 10944 N Mackinaw Hwy

$1,500

Total Monthly Price

Total Monthly Price

Base Rent
$1,500
Total Monthly Price
$1,500

2 Bedroom, 1 Bath Home for Rent

Available Sep 19

10944 N Mackinaw Hwy

Carp LakeMI49718
property at 1788 St Joseph St

$1,595

Total Monthly Price

Total Monthly Price

Base Rent
$1,595
Total Monthly Price
$1,595

2 Bedroom, 1.5 Bath Townhome for Rent

Available Jul 15

1788 St Joseph St

Traverse CityMI49696
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Legends Morgan Farms
$1,718 - $2,283
Total Monthly Price

Total Monthly Price

Base Rent
$1,718 - $2,283
Total Monthly Price
$1,718 - $2,283
1 to 2 Bedroom Apartments Available Jul 31

Legends Morgan Farms

12300 S Lovell LnTraverse City, MI 49684
Eco-Friendly
  • Verified
  • Customer Reviewed
  • Utilities Included

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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Chelsea Park West
$1,743 - $2,210
Total Monthly Price

Total Monthly Price

Base Rent
$1,743 - $2,210
Total Monthly Price
$1,743 - $2,210
1 to 2 Bedroom Apartments Available Now

Chelsea Park West

2054 Essex View DrTraverse City, MI 49685
Eco-Friendly
  • Verified
  • Customer Reviewed
  • 3D Tour
property at 586 Applegate Dr

$1,800

Total Monthly Price

Total Monthly Price

Base Rent
$1,800
Total Monthly Price
$1,800

2 Bedroom, 1 Bath Home for Rent

Available Oct 1

586 Applegate Dr

Traverse CityMI49696
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Victories Square
Studio to 2 Bedroom Apartments

Victories Square

1899 Migizi WayPetoskey, MI 49770
  • Utilities Included
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Stargate Motel
2 to 3 Bedroom Apartments

Stargate Motel

4646 S Straits HwyIndian River, MI 49749
  • Utilities Included
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Huron Apartments
1 to 2 Bedroom Apartments

Huron Apartments

210 W EtheringtonMackinaw City, MI 49701
Corporate Housing
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Mackinaw Apartments
1 to 2 Bedroom Apartments

Mackinaw Apartments

1327 Mackinaw AveCheboygan, MI 49721
Corporate Housing
  • Utilities Included
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Lighthouse Village
2 to 3 Bedroom Apartments

Lighthouse Village

400 Duncan AveCheboygan, MI 49721
  • Utilities Included
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Inland Lakes Motel
1 to 2 Bedroom Apartments

Inland Lakes Motel

1225 S Grandview Beach RdIndian River, MI 49749
Corporate Housing
  • Utilities Included
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Cheboygan Shores
1 Bedroom Apartments

Cheboygan Shores

328 Duncan AveCheboygan, MI 49721
Senior Living
  • Utilities Included

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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Garfield Oaks
1 to 2 Bedroom Apartments

Garfield Oaks

3011 Garfield Rd NTraverse City, MI 49686
  • Utilities Included
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Brookside Commons
1 to 3 Bedroom Apartments

Brookside Commons

4155 Sprucewood DrTraverse City, MI 49684
  • Utilities Included
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Liv Arbors
1 to 5 Bedroom Apartments

Liv Arbors

2955 Leggett DrTraverse City, MI 49685
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Totem Lodges
1 to 3 Bedroom Apartments

Totem Lodges

4846 S Straits HwyIndian River, MI 49749
  • Utilities Included
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Manitou Woods
1 to 3 Bedroom Apartments

Manitou Woods

1021 Manitou DrTraverse City, MI 49686
  • Utilities Included
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Annika Place
1 to 2 Bedroom Apartments

Annika Place

947 S Garfield AveTraverse City, MI 49686

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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Showing Results 1-50, Page 1 of 2

Walloon Lake, MI Local Guide

Cheapest Available Walloon Lake Apartments for Rent and Nearby

 

The cheapest available apartment rental in Walloon Lake, MI is a 1 Bed unit found at Oak Terrace priced from $796. Mackinaw Apartments has the second lowest priced unit, which is a 2 Beds apartment currently listed from $835. Here is today’s list of the most affordable Walloon Lake apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Oak Terrace1 BEDROOM1BR,1BA$796
Mackinaw ApartmentsTwo Bedroom2BR,1BA$835
Lighthouse Gardens Apartments1Br1BR,1BA$1,146
Aspen VillageNew Double-Wide3BR,1BA$1,200
Brookside CommonsTwo Bedroom2BR,1BA$1,227
The Block at Petoskey1BA Workforce Housing Unit*1BR,1BA$1,295
Little Traverse Village1 Bedroom 1 Bathroom1BR,1BA$1,350
Townhouse LaneTownhouse Ln2BR,1BA$1,395
Village Glen ApartmentsTwo Bed Two Bath2BR,2BA$1,478
Annika PlaceOne Bedroom1BR,1BA$1,495

Best Value Apartments for Rent in Walloon Lake, MI and Nearby

As of July 09, 2026 the best value apartment in the Walloon Lake area is the $1.62 price per square foot Empire Model at Liv East Bay in the starting from $3,095. The second greatest value Walloon Lake apartment is the Townhouse Ln Model at Townhouse Lane starting at $1,395 with a $1.29 price per square foot . Here is today’s list of the best values for Walloon Lake apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Liv East BayEmpire4BR,2.5BA$1.62
Townhouse LaneTownhouse Ln2BR,1.5BA$1.29
Brookside CommonsTwo Bedroom2BR,1BA$1.20
Village Glen ApartmentsTwo Bed Two Bath2BR,2BA$1.46
Holiday Village Townhomes2 BED/1.5 BATH2BR,1.5BA$1.87
Buena Vista EstatesThree Bed Two Bath3BR,2BA$1.70
Eagle Ridge Apartment HomesOne Bedroom End1BR,1BA$1.97
Mackinaw ApartmentsTwo Bedroom2BR,1BA$1.09
Lighthouse Gardens Apartments2Br2BR,1BA$1.83
Oak Terrace1 BEDROOM1BR,1BA$1.38

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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Quick Rent Budget Calculator

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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 Walloon Lake, MI Rentals by Map

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See the most popular apartments and homes in Walloon Lake, MI

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Frequently Asked Questions about Cheap Walloon Lake Apartments

How much is rent for a Cheap One Bedroom Walloon Lake Apartment?

The lowest price for a Cheap One Bedroom Walloon Lake Apartment is $796 at Oak Terrace.

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

Today's best deal for a Cheap Two Bedroom Apartment in Walloon Lake is starting from $835 at Mackinaw Apartments.

What is the most affordable Walloon Lake Three Bedroom Apartment?

The best deal on a cheap Walloon Lake Three Bedroom Apartment rental is at Aspen Village and starts from $1,200.

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 Renters Insurance 101: What It Is, What It Covers, and Why You Need It article

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.

decorative image for Apartment Occupancy Rates: Renter Attraction vs Renter Retention article

Apartment Occupancy Rates: Renter Attraction vs Renter Retention

Written by: Robin Stewart

There’s a tenet in marketing about client or customer attraction and retention. Studies and data have consistently shown it costs less to keep a current customer than to attract a new one.

decorative image for How I Find the Perfect Rental for My Clients: A Real Estate Pro's Guide article

How I Find the Perfect Rental for My Clients: A Real Estate Pro's Guide

Written by: Robin Stewart

Evaluating rental properties for clients draws many parallels to house-hunting. Whether an apartment, loft, townhouse, or other rental, finding the right place means finding “home” for your client.

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Pet-Friendly Renting: Everything You Need to Know Before You Move

Written by: Christine Leonard, Esq.

For so many of us, pets are the best companions and a big part of our lives. For this reason, a pet-friendly house or apartment is often a very important - and nonnegotiable - part of a move.