Cheap Homes for Rent in Elwin, IL from $400 (21 Rentals)

How Many Bedrooms?Done
Select your price rangeDone
By AmenitiesDone
By Community TypeDone
Done

Search the lowest-cost Homes available for rent right now in Elwin.

Showing Results 1-21, Page 1 of 1

Elwin, IL Local Guide

Cheapest Available Elwin Apartments for Rent and Nearby

 

The cheapest available apartment rental in Elwin, IL is a 1 Bed unit found at RESERVE AT LAKEVIEW priced from $421. Rider Place has the second lowest priced unit, which is a 1 Bed apartment currently listed from $500. Here is today’s list of the most affordable Elwin apartments for rent:

Apartment ListingModel NameBed/BathPriced From
RESERVE AT LAKEVIEWOne Bedroom One Bathroom1BR,1BA$421
Rider Place1 Bedroom1BR,1BA$500
Stones Crossing ApartmentsNO DEPOSIT, 299 FIRST MONTHS RENT MOVES YOU IN!!!!1BR,1BA$550
Denison PlaceOne Bedroom1BR,1BA$675
Butler Place2 Beds, 1 Baths2BR,1BA$695

Best Value Apartments for Rent in Elwin, IL and Nearby

As of March 25, 2025 the best value apartment in the Elwin area is the $0.88 price per square foot Townhome Model at Ravenwood Townhomes in the starting from $875. The second greatest value Elwin apartment is the 2 Beds, 1 Baths Model at Butler Place starting at $695 with a $0.87 price per square foot . Here is today’s list of the best values for Elwin apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Ravenwood TownhomesTownhome2BR,1.5BA$0.88
Butler Place2 Beds, 1 Baths2BR,1BA$0.87
CandlesA11BR,1BA$1.10
Denison PlaceOne Bedroom1BR,1BA$0.84
Cobblestone ApartmentsCobblestone 2BD2BR,1BA$1.06
Lincoln Tower Apartments1 Bed 1 Bath1BR,1BA$1.07
Decatur Flats Apartments1BR/1.0BA1BR,1BA$1.01
RESERVE AT LAKEVIEWOne Bedroom One Bathroom1BR,1BA$0.69
Stones Crossing ApartmentsNO DEPOSIT 399 FIRST MONTHS RENT MOVES YOU IN!!...1BR,1BA$1.07
Rider Place1 Bedroom1BR,1BA$0.92

Quick Rent Budget Calculator

How much rent can you afford?

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.

decorative image of people with a giant lease agreement

Frequently Asked Questions about Elwin

What type of rentals are currently available in Elwin?

There are currently 37 Apartments for Rent in Elwin, IL with pricing that ranges from $500 to $1,800. There are also 36 Single Family Homes for rent, Condos, and Townhome rentals currently available in Elwin ranging from $400 to $2,950.

What is the current price range for Rental Homes in Elwin?

Today's rental pricing for Homes for Rent, Condos and Townhomes in Elwin ranges from $400 to $2,950 with an average monthly rent of $849.

Expert Rental Resources

Helpful Apartment Articles, How-To's and Tips

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.

decorative image for Understanding Amenity Fees: Know Where You Might Be Able to Save Money article

Understanding Amenity Fees: Know Where You Might Be Able to Save Money

Written by: Amber Kanuckel

With the rising costs of housing, a lot of renters are asking this question: Is it possible to opt out of various amenities that your rental property offers so that you can avoid paying the fees.

decorative image for Renting Smart: Lease Basics Every Renter Needs article

Renting Smart: Lease Basics Every Renter Needs

Written by: Christine Leonard, Esq.

Often, in the excitement of finding a new place to live, there’s a rush to make it happen, and - too often - a new tenant signs a lease without reading it carefully.

decorative image for Battling the Butts: Your Guide to the Reality of Smoke-Free Renting article

Battling the Butts: Your Guide to the Reality of Smoke-Free Renting

Written by: Andrea Lee Negroni, JD

While many apartment buildings are “no smoking” properties, it’s hard to know exactly how many. In 2017, the National Apartment Association reported more than half of rental properties had smoke free policies.

decorative image for How Your Move-In Inspection Can Protect Your Security Deposit article

How Your Move-In Inspection Can Protect Your Security Deposit

Written by: Christine Leonard, Esq.

If you’re anything like most people, housing costs represent a huge chunk of your monthly budget. On top of that, moving can be both a stressful and expensive affair.