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Apartments for Rent in Illinois under $500

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When were prices and availability in Illinois last updated?

Prices and availability in Illinois were last updated on 3 Oct 2026.

What are the best apartments in Illinois?
What type of rental buildings are in Illinois?

In Illinois 33% of the housing is rented out compared to 67% of homes are owned, according to the most recent Census Bureau estimates. 17% of Illinois's apartments are found in large buildings of 50 units or more, 61% are located in smaller apartment complexes with less than 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 $489 per month, there are 45 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 $194 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.