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Apartments for Rent in Madison, WI under $500

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  • Only 1 unit left
    Studio $500
    Base rent
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    Midvale

    609 N Midvale Blvd, Madison, WI 53705
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    Income restricted
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    AMPHORA APARTMENTS

    7933 TREE LN, MADISON, WI 53717
    Fitness center • Air conditioner • Laundry Facilities
  • 2-0-city
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Frequently asked questions

When were prices and availability in Madison, WI last updated?

Prices and availability in Madison, WI were last updated on 24 Oct 2026.

What are the best apartments in Madison, WI?
What type of rental buildings are in Madison, WI?

In Madison, 54% of the residents are renting compared to 46% owning a home, according to data from the U.S. Census Bureau. Large-scale apartment buildings with more than 50 units represent 26% of Madison's rentals, 66% are small-scale complexes with under 50 units, and 7% are single-family rentals.

Renting apartments in Madison, WI under $500

Searching for apartments for rent in Madison, WI 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.

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 Madison, WI. 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 Madison, WI going for $500 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.