Most Affordable Neighborhoods in Madison, WI
Some of the cheapest neighborhoods in Madison are Griffiths Beach, Carpenter-Ridgeway, and Sherman. These neighborhoods offer some of the lowest rent prices in Madison, making them ideal for renters on a budget. As of June 14, 2025, the average rent in Madison is $1,464, which is 2.4% higher than last year. However, it's important to remember that rental prices can vary significantly based on factors such as location, amenities, and floor plans.
Griffiths Beach
Average Rent
$1,129/Month
Units Available
14 Rentals
If you’re looking for a great, affordable neighborhood in Madison, Griffiths Beach might be the perfect place! It has an average rent price of $1,129, while the city’s average stands at $1,464. Griffiths Beach is near Broadway Station, Edgewood College, and Paunack Park.
Carpenter-Ridgeway
Average Rent
$1,168/Month
Year-Over-Year Rent Change
0.1%
TransitScore® Rating
42/100
Units Available
13 Rentals
Carpenter-Ridgeway is a top choice for budget-conscious renters for a variety of reasons. The average rent in Carpenter-Ridgeway is $1,168 while the city average is $1,464. This is a -0.1% difference from last year. Residents enjoy convenient access to Lakewood Plaza, Olbrich Botanical Gardens, and Dane County Regional/Truax Field. The neighborhood is considered somewhat walkable with a WalkScore® of 60.
Sherman
Average Rent
$1,210/Month
Year-Over-Year Rent Change
5.7%
TransitScore® Rating
40/100
Units Available
16 Rentals
Sherman in Madison, Wisconsin, offers numerous inexpensive apartment options, perfect for those seeking budget-friendly living. The neighborhood boasts several parks and recreational facilities ideal for outdoor activities, as well as shopping and dining options.
Burr Oaks
Average Rent
$1,233/Month
Year-Over-Year Rent Change
5.8%
TransitScore® Rating
42/100
Units Available
26 Rentals
Burr Oaks is a quiet neighborhood near Madison's best parks, restaurants, shopping, and attractions. The cozy area is separated enough from downtown that residents can enjoy a sense of peaceful seclusion without losing the conveniences of city life.
Bram's Addition
Average Rent
$1,287/Month
Year-Over-Year Rent Change
10.8%
TransitScore® Rating
42/100
Units Available
28 Rentals
Bram's Addition in Madison, Wisconsin, offers budget-friendly apartments with convenient access to local parks and public transportation. The neighborhood is on the south side of Madison and is known for its historic single-family homes and residential, walkable streets.
Indian Springs
Average Rent
$1,298/Month
TransitScore® Rating
31/100
Units Available
14 Rentals
When you’re looking for a great Madison neighborhood on a budget, check out Indian Springs. The average rent is $1,298, compared to the city average of $1,464. Indian Springs is convenient to Henry Vilas Zoo, South Towne Mall, and Edgewood College. The community is car-dependent with a WalkScore® of 28.
Berkeley Oaks
Average Rent
$1,315/Month
Year-Over-Year Rent Change
2%
TransitScore® Rating
31/100
Units Available
15 Rentals
Berkeley Oaks is a scenic neighborhood next to Warner Park and Lake Mendota. With dog parks, beaches, and boat ramps, this neighborhood is perfect for residents who want to be near the waterfront. Additionally, a 15-minute drive into Downtown Madison provides nearby entertainment and dining.
Oakbridge
Average Rent
$1,360/Month
Units Available
15 Rentals
Oakbridge is an affordable neighborhood in Madison with an average rent price of $1,360. Compare this to the city average of $1,464. Oakbridge provides easy access to Edgewood College, Dane County Regional/Truax Field, and North Country National Scenic Trail.
Rimrock Heights
Average Rent
$1,362/Month
TransitScore® Rating
33/100
Units Available
18 Rentals
If you’re looking for a great, affordable neighborhood in Madison, Rimrock Heights might be the perfect place! It has an average rent price of $1,362, while the city’s average stands at $1,464. Rimrock Heights is near Madison Area Technical College, Wingra Creek Plaza, and Herzing University.
Sherman Terrace
Average Rent
$1,383/Month
Year-Over-Year Rent Change
4.1%
TransitScore® Rating
44/100
Units Available
27 Rentals
Sherman Terrace is a top choice for budget-conscious renters for a variety of reasons. The average rent in Sherman Terrace is $1,383 while the city average is $1,464. This is a 4.1% difference from last year. Residents enjoy convenient access to Edgewood College, Third Lake Market, and Olbrich Botanical Gardens. The neighborhood is considered somewhat walkable with a WalkScore® of 59.
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Methodology
Transit Score measures access to public transit. Scores range from 0 (minimal transit) to 100 (rider’s paradise). Learn more about the Transit Score methodology. Rental data is sourced from CoStar Group’s Market Trend reports. As a leading authority in commercial real estate information, analytics, and news, CoStar performs in-depth research to build and sustain an extensive database of commercial real estate insights.
We've combined this data with public records to provide the most current rental information available.