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2025 Sherman Ave
(608) 636-8217
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1815 Brittany Pl #1
(608) 420-6176
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209 E. Mifflin St
(608) 255-3753
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810 Oakland Ave
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405 Moorland Rd
(608) 292-4414
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2019 Sherman Avenue
(608) 238-2044
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1202 Mckenna Blvd
(608) 420-4673
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637 Gorham St
(608) 255-3753
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407 Wisconsin Avenue
(608) 772-4356
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Apartments Under $500 in Madison, WI

1 of 10 Results
11
$410
Campus Area Houses
2.6
110 S Brooks St Madison, WI
9+ BR | Aug. 17, 2023
Contact
Dog Friendly
Cat Friendly
Surface Parking
Greenbush
11
$475 - 500
PER
ROOM
2025 Sherman Ave
Madison, WI
Studio - 1 BR | Aug. 1, 2023
Contact
Heat Included
4
$ Ask - 1,850
1815 Brittany Pl #1
Madison, WI
Studio | Available Now
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Dog Friendly
Cat Friendly
Balcony, Deck, Patio
Storage
Dishwasher
6
$275
209 E. Mifflin St
Madison, WI
Studio | Available Now
Contact
Cat Friendly
Air Conditioning
Balcony, Deck, Patio
Capitol
15
$500
PER
ROOM
810 Oakland Ave
Madison, WI
2 BR | Available Now
Furnished
Student
House
Air Conditioning
In Unit Laundry
3
$ Ask - 1,720
405 Moorland Rd
Madison, WI
Studio | Available Now
Contact
Cat Friendly
Balcony, Deck, Patio
Storage
Dishwasher
3
$450
PER
ROOM
2019 Sherman Avenue
2019 Sherman Ave Madison, WI
Studio | Available Now
Contact
Heat Included
Virtual Tour
2
$ Ask - 1,310
1202 Mckenna Blvd
Madison, WI
Studio | Available Now
Contact
Dog Friendly
Cat Friendly
Balcony, Deck, Patio
Storage
Dishwasher
5
$500
637 Gorham St
Madison, WI
Studio | Available Now
Contact
Air Conditioning
Old Market Place
16
$320 - 495
407 Wisconsin Avenue
Madison, WI
Studio | Available Now
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Capitol
1 - 10 of 10 Results
  1. Home
  2. Madison
  3. Apartments Under $500

How much does it cost to rent an apartment in Madison?

Madison Apartments
Bed Type Average Rent Range
Studio $1,020 $600 - $1,680
1BR $1,490 $830 - $2,330
2BR $1,680 $930 - $3,580
3BR $2,000 $1,230 - $3,500
4+BR $2,500 $410 - $7,000
Frequently Asked Questions

How many apartments are available in Madison, WI on Rentable.co?

Rentable.co has over 36,238 apartments available in Madison.

What is the average rent for a studio apartment in Madison, WI?

The average rent for a studio apartment in Madison is around $1,020 per month.

What is the average rent for a one-bedroom apartment in Madison, WI?

The average rent for a one-bedroom apartment in Madison is around $1,490 per month.

What is the average rent for a two-bedroom apartment in Madison, WI?

The average rent for a two-bedroom apartment in Madison is around $1,680 per month.

How expensive is living in Madison, WI?

Based on average rent prices in Madison, to afford a studio apartment you would need an annual salary of $41,000 to live comfortably.

How many apartments under $500 are available in Madison, WI on Rentable.co?

Rentable.co has 10 apartments under $500 available for rent in Madison.

Which neighborhoods have the most apartments under $500 for rent in Madison, WI?

  1. Capitol
  2. Old Market Place
  3. UW Madison Campus
  4. Greenbush
  5. Vilas

Asset 2
Apartments by Bedrooms
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4 Bedroom Apartments
Studio Apartments
Apartments by Affordability
Cheap Apartments
Apartments Under $500
Apartments Under $600
Apartments Under $700
Apartments Under $800
Apartments Under $900
Apartments Under $1,000
Apartments Under $1,200
Apartments with Amenities
Apartments With Utilities Included
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Madison:
March Rent Report

Welcome to the March 2023 Madison Apartment Report. In this assessment of the local rental market, Rentable data scientists and rental experts break down the March 2023 key findings and figures for the Madison rental landscape.

Our experts analyze the pricing trends — one-bedroom, two-bedroom, year-over-year and month-over-month — in Madison and surrounding areas and provide comparisons to the entire metro area, nearby cities and some of the most desirable and expensive cities in the United States. Take a look at the last 12 months of Madison average rent prices in the chart below.

Monthly Rent Report

Madison Rent Prices Increase From February to March

Madison rent prices increased over the last month. From February to March, the city experienced a 5.95% increase for the price of a one-bedroom apartment. The rent price for a Madison one-bedroom apartments currently stands at $1,247.0.

When we take a look at the two-bedroom comparison from February to March, Madison experienced a 3.56% increase for the price of a two-bedroom apartment. The rent price for a Madison two-bedroom apartments currently stands at $1,514.0.

March Prices: Madison vs. Surrounding Areas

Rent Prices in Madison and Surrounding Areas

Rent prices have increased in Madison over the last month. But how have the surrounding areas fared when it comes to the recent volatility in apartment prices? Rent prices in 6 of the Madison suburbs increased last month. On the other hand, 1 local areas experienced a decrease in the price of a one-bedroom apartment.

More key findings include:

  • Rent increased in Fitchburg, WI, Cottage Grove, WI, Middleton, WI, Waunakee, WI, Verona, WI, De Forest, WI .

  • Rent decreased in Sun Prairie, WI.

  • 3 suburbs are currently priced higher than the city of Madison.

  • 4 suburbs are currently priced lower than the city of Madison.

March 2023 Pricing Trends: Madison vs. National Comparisons

Madison Rent Prices More Affordable Than Major Cities

Rent growth in Madison over the past year has been on the rise. When compared to major cities nearby, along with some of the most expensive cities in the country, Madison average rent prices appear to be relatively affordable for local residents.

The price for a Madison one-bedroom apartment remains vastly more affordable than four of the largest cities in the United States — New York City, Washington, D.C. San Francisco and Los Angeles. And pricing compares quite similarly to nearby Midwest cities.

For more information about Madison and surrounding area rent prices, take a look at the complete data set below.

Data set for Madison and suburbs

1 BR March 1 BR M/M % Change 2 BR March 2 BR M/M % Change
Madison, WI $1,177.0 4.34% $1,462.0 1.04%
Fitchburg, WI $1,210.0 0.33% $1,371.0 0.00%
Sun Prairie, WI $1,304.0 -0.69% $1,443.0 -1.90%
Cottage Grove, WI $1,185.0 0.25% $1,740.0 0.87%
Middleton, WI $1,475.0 4.02% $1,950.0 -0.21%
Waunakee, WI $1,230.0 0.66% $1,700.0 0.00%
Verona, WI $1,105.0 1.47% $1,335.0 0.53%
De Forest, WI $1,505.0 0.20% $1,949.0 -0.66%

Methodology

Each month, using over 1 million Rentable listings across the United States, we calculate the median 1-bedroom and 2-bedroom rent prices by city, state, and nation, and track the month-over-month percent change. To avoid small sample sizes, we restrict the analysis for our reports to cities meeting minimum population and property count thresholds.