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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 27 Sep 2026.

What are the best apartments in Illinois?
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.

Apartments in Illinois under $500

Balancing snug and cheap is no joke when it comes to renting a place to live. “Are there any apartments near me under $500?” is a great question to start from. Knowing your budget means you’re one step ahead and on the right track. We’ve taken care of the rest and found 47 apartments for rent in Illinois on which you’ll spend less than $500. A small, cheap rental means you’ll have to budget your living space as well. The great news is that keeping it simple pays off in more than one way. The cost of utilities is likely to run low, and you get the added benefit of not having to spend too much time cleaning up the whole place. Smaller apartments are more likely to be closer to the city center, so there are potential cuts to your transportation costs too. And here’s one more very special secret to add to your book-of-perks: you’re less likely to overshop when you know your space is limited.

Rentals near you under $500

Our goal is to help you find cheap apartments that live up to your dreams without crushing your budget. It may be a long shot to go looking for 3 bedroom apartments or even 2 bedroom for less than $500. The average rental size in Illinois is 625 Sqft, but the $500 limit will probably narrow your search to places with a smaller square footage. Go through our listings and be on the look-out for a hassle-free studio or a 1 bedroom apartment. We trust you’ll turn it into a cozy home which is also budget-friendly to the core.