Apartments for Rent in Illinois under $500
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Studio $460Base rent4.0 (19)405 E College St, Carbondale, IL 62901Apply online • Pet friendly • In unit laundry
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1 bd $421+Base rent4.5 (10)1035 SOUTH MAIN ST, DECATUR, IL 62521Apply online • Pet friendly • Fitness center
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2 bd $267+3 bd $296+Base rent4.5 (4)2225 North 12Th Street, Quincy, IL 62305Pet friendly • Fitness center • Pool
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Only 2 units leftStudio $300Base rent4.5 (1)2237-2239 E 81St St, Chicago, IL 60617Apply online • Hardwood Floors -
4 bd $440Base rent710 S. Illinois Ave, Carbondale, IL 62901Fitness center • Washer/Dryer • Hardwood Floors
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Rent specials1 bd $375+Base rent220 N Ada St, Chicago, IL 60607Apply online • Pet friendly -
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Only 3 units leftStudio $100Base rent244 W. Alexander Street, Chicago, IL 60616Apply online • Pet friendly -
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5 units availableStudio $500Base rent221 W. Alexander Street, Chicago, IL 60616Apply online • Pet friendly -
1 bd $389+2 bd $454+Base rent Income restricted2617 J T Coffman Drive #100, Champaign, IL 61822Apply online • Pet friendly -
Ask for pricing3.5 (2)2656-58 W. Iowa St., Chicago, IL 60622Pet friendly • Parking • Dishwasher
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Ask for PricingIncome restricted4.0 (6)15 E 112Th Pl, Chicago, IL 60628Apply online • In unit laundry • Air conditioner
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Ask for pricing739 N Ada St, Chicago, IL 60642Cat friendly • Dishwasher • Patio/Balcony
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Ask for pricing3.5 (3)2020 N. Bissell St., Chicago, IL 60614Pet friendly • In unit laundry • Dishwasher
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Ask for pricing3622 N. Marshfield Ave., Chicago, IL 60613Pet friendly • Dishwasher • Patio/Balcony
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Ask for pricing1727-29 N. Halsted St., Chicago, IL 60614Dishwasher • Air conditioner • Washer/Dryer
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Studio $75Base rent5.0 (7)822-26 Wesley, Evanston, IL 60202Pet friendly
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Studio $200Base rent5.0 (1)1722 W Hastings, CHICAGO, IL 60608Pet friendly -
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Studio $16Base rent301 W Beaufort St, Normal, IL 61761Pet friendly -
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4 bd $225+Base rent1233 N. Hoyne Ave., Chicago, IL 60622Cat friendly -
Ask for pricingIncome restricted278 E. St. Charles Road, Carol Stream, IL 60188
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Studio $159+2 bd $162+3 bd $242+Base rent17745 ROSEWOOD DRIVE, Lansing, IL 60438 -
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Studio $350Base rent1843 W Cullerton, CHICAGO, IL 60608Pet friendly -
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Studio $450+Base rent5.0 (1)5259 W Montrose, Chicago, IL 60641Pet friendly -
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Studio $99+Base rentGNP Management Group, LLC As Agent, Chicago, IL 60611Pet friendly
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Frequently asked questions
When were prices and availability in Illinois last updated?
Prices and availability in Illinois were last updated on 13 Jul 2026.
What are the best apartments in Illinois?
The best apartments in Illinois are: Shoreham and Tides, Matteson Blu, HIGHPOINT Barrington, Enclave Crystal Lake Townhomes and Apartments and Bristol Station.
What type of rental buildings are in Illinois?
In Illinois, 33% of the residents are renting compared to 67% owning a home, according to data from the U.S. Census Bureau. Large-scale apartment buildings with more than 50 units represent 17% of Illinois's rentals, 61% are small-scale complexes with under 50 units, and 20% are single-family rentals.
Renting apartments in Illinois under $500
Searching for apartments for rent in Illinois under $500 is not an easy task, but luckily you have come to the right place. Whether you are a student on a budget, a young professional on the move, or simply a frugal person, RentCafe can help you find what you are looking for. Just make sure you know what you consider non-negotiable and what you can compromise on. Your new home is just a few clicks away. In Illinois, where the average rent is $801 per month, there are 88 units available for less than $500. Click on any of these units to see pictures, floor plans, amenities and more. After you have picked your favorite, you can contact the property to check availability. Considering that you are trying to spend as little as possible, looking at 1 bedroom apartments and studio apartments might be a good idea.
We’ll help you find the cheapest rental near you
Finding a nice cheap apartment is by no means impossible. You just have to be patient. Your “apartments near me under $500” search can bear fruit sooner than you think if you look carefully and check our site often. You never know when discount deals and special offers might pop up. Keep in mind that you are not the only one looking for an affordable apartment in Illinois. Choose “Save Search” to receive the latest apartments available directly to your inbox. This way, you will be able to stay one step ahead of the competition. With the cheapest apartments in Illinois going for $140 per month, there are great deals waiting to be discovered. Feeling lucky? Expand your search to 2 bedroom apartments and 3 bedroom apartments as well for more space.