Cheap Apartments for Rent in Pana, IL from $400 (20 Rentals)

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Search the lowest-cost Apartments available for rent right now in Pana.

Smart Renter's Guide: Calculating Affordable Rent & Housing Costs

Wondering how to determine your rental budget? This comprehensive guide covers everything from the 30% rule to hidden fees and effective budgeting strategies.

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Navigating the Rental Market: Tips for First-Time Renters

Entering the rental market? Learn these simple tips and strategies to avoid common pitfalls and make confident choices. Rent with peace of mind.

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property at 205 North St

205 North St

RaymondIL62560

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Pana, IL Local Guide

Cheapest Available Pana Apartments for Rent and Nearby

 

The cheapest available apartment rental in Pana, IL is a 1 Bed unit found at RESERVE AT LAKEVIEW priced from $421. Stones Crossing Apartments has the second lowest priced unit, which is a 1 Bed apartment currently listed from $625. Here is today’s list of the most affordable Pana apartments for rent:

Apartment ListingModel NameBed/BathPriced From
RESERVE AT LAKEVIEWOne Bedroom One Bathroom1BR,1BA$421
Stones Crossing ApartmentsNice one bedroom efficiency apartment1BR,1BA$625
The Hickcox CollectionThe HickoxStudio,1BA$628
Timber CoveThe RegattaStudio,1BA$655
Safe Harbor PropertiesStudioStudio,1BA$675

Best Value Apartments for Rent in Pana, IL and Nearby

As of May 17, 2025 the best value apartment in the Pana area is the $0.88 price per square foot Townhome Model at Ravenwood Townhomes in the starting from $875. The second greatest value Pana apartment is the 2BR/1.0BA Model at Decatur Flats Apartments starting at $799 with a $0.92 price per square foot . Here is today’s list of the best values for Pana apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Ravenwood TownhomesTownhome2BR,1.5BA$0.88
Decatur Flats Apartments2BR/1.0BA2BR,1BA$0.92
2474 N Florian1st Floor2BR,1.5BA$1.13
CandlesA11BR,1BA$1.10
Denison PlaceOne Bedroom1BR,1BA$0.84
Lincoln Tower Apartments1 Bed 1 Bath1BR,1BA$1.07
Moundford Terrace2 Bedroom 1 Bath2BR,1BA$1.06
Safe Harbor PropertiesStudioStudio ,1BA$1.08
RESERVE AT LAKEVIEWOne Bedroom One Bathroom1BR,1BA$0.69
Stones Crossing ApartmentsVery nice and updated one bedroom for rent!!!!!1BR,1BA$1.16

Quick Rent Budget Calculator

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Remember the 3 Rules of Real Estate:
Location, Location, Location!

Explore Pana, IL Rentals by Map

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See the most popular apartments and homes in Pana, IL

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Getting Around Pana, IL

Walk Score®

50 / 100

Somewhat Walkable

Some errands can be accomplished on foot

Bike Score®

45 / 100

Somewhat Bikeable

Minimal bike infrastructure

What Are Walk Score®, Transit Score®, and Bike Score® Ratings?

  • Walk Score® measures the walkability of any address.
  • Transit Score® measures access to public transit.
  • Bike Score® measures the bikeability of any address.

Frequently Asked Questions about Cheap Pana Apartments

What is the Cheapest Studio apartment in Pana?

Currently the most affordable Cheap Studio Apartment in Pana is at The Hickcox Collection listed at $628.

How much is rent for a Cheap One Bedroom Pana Apartment?

The lowest price for a Cheap One Bedroom Pana Apartment is $421 at RESERVE AT LAKEVIEW.

What is the lowest price for a Cheap Two Bedroom Pana Apartment for rent?

Today's best deal for a Cheap Two Bedroom Apartment in Pana is starting from $725 at Moundford Terrace.

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 Know Your Budget: Calculating What You Can Realistically Afford When Renting article

Know Your Budget: Calculating What You Can Realistically Afford When Renting

Written by: Lauren Harrington

Renting an apartment or house isn’t just about looking through online ads, choosing a few apartments or homes you want to tour, filling out an application, and putting down a deposit. Those things are all necessary and important.

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The Freedom of Short-Term Leases: Exploring the Advantages for Renters

Written by: Bobbi Jackson

If you’re looking to relocate right now, a popular solution that may best fit your current rental needs is a short-term lease.

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Navigating the Rental Market: Tips for First-Time Renters

Written by: Sandy Baker

Making the decision to rent is exciting and terrifying at the same time. For many people, there are a lot of unknowns.

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Rise of Digital Nomads: Remote Work Tips for Apartment Renters

Written by: Brandie Parton

As a digital nomad, you no longer call a set address or office building your home for eight hours of the day or more.