Cheap Homes for Rent in Prospect Heights, IL from $1,300 (15 Rentals)

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

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

property at 613 W Central Rd

613 W Central Rd

Mount ProspectIL60056

Chicago's Best Affordable Neighborhoods

Learn about Chicago and the best places to live with original content written by our Chicago, IL Local Expert Nicole Harms

Read Article
Showing Results 1-15, Page 1 of 1

Prospect Heights, IL Local Guide

Cheapest Available Prospect Heights Apartments for Rent

 

The cheapest available apartment rental in Prospect Heights, IL is a 1 Bed unit found at Briarwood Terrace Apartments in the North Northfield neighborhood priced from $1,425. 16 W Busse Ave in the Westgate neighborhood has the second lowest priced unit, which is a 1 Bed apartment currently listed from $1,495. Here is today’s list of the most affordable Prospect Heights apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Briarwood Terrace ApartmentsNorthpoint 1 w/ Balcony1BR,1BA$1,425
16 W Busse Aveunit 41BR,1BA$1,495
Circle Hill Apartments1 Bedroom/1 Bath1BR,1BA$1,500
Mandalane1A1BR,1BA$1,593
Stonebridge of Arlington Heights1x1 A Reno1BR,1BA$1,689

Best Value Apartments for Rent in Prospect Heights, IL

As of March 26, 2025 the best value apartment in the Prospect Heights area is the $1.48 price per square foot 2 BR/ 2 BA Model at Piper Lane in the in the Milwaukee Avenue neighborhood starting from $1,850. The second greatest value Prospect Heights apartment is the 2 Bedroom Model at 4 North Apartments starting at $2,750 with a $2.44 price per square foot in the Downtown Mount Prospect neighborhood. Here is today’s list of the best values for Prospect Heights apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Piper Lane2 BR/ 2 BA2BR,2BA$1.48
4 North Apartments2 Bedroom2BR,2BA$2.44
16 W Busse Aveunit 41BR,1BA$1.36
Circle Hill Apartments2 Bedroom/1.5 Baths2BR,1.5BA$1.78
Mallard LakeSuperior: Enhanced2BR,2BA$2.18
Stonebridge of Arlington Heights1x1 A Reno1BR,1BA$1.99
Arlington Club ApartmentsA11BR,1BA$2.46
Lake+House Apartments1 Bedroom1BR,1BA$2.31
Mandalane1A1BR,1BA$2.34
Briarwood Terrace ApartmentsNorthpoint 11BR,1BA$2.42

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 Prospect Heights

What type of rentals are currently available in Prospect Heights?

There are currently 292 Apartments for Rent in Prospect Heights, IL with pricing that ranges from $1,160 to $5,929. There are also 65 Single Family Homes for rent, Condos, and Townhome rentals currently available in Prospect Heights ranging from $1,300 to $5,500.

What is the current price range for Rental Homes in Prospect Heights?

Today's rental pricing for Homes for Rent, Condos and Townhomes in Prospect Heights ranges from $1,300 to $5,500 with an average monthly rent of $2,865.

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 A Local Expert’s Guide To 10 Budget-Friendly Neighborhoods to Rent in Chicago article

A Local Expert’s Guide To 10 Budget-Friendly Neighborhoods to Rent in Chicago

Written by: Nicole Harms

I’m Nicole, your ApartmentHomeLiving.com Local Expert for Chicago, IL. As a resident of the Chicago area for over 20 years, I’ve learned which neighborhoods are great and which are best avoided.

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.