$1,059 – $2,100/mo

Studio–4 bedrooms
1–4 baths
314–1,765 sq ft
18 units available
Pet friendly

427 N Lake St, Madison, WI, 53715

As of November 2, 2026, Theory in Madison, WI has 18 apartments for rent from $1,059 to $2,100/mo. Studios start at $2,100, two-bedrooms at $1,189, and 4-bedrooms at $1,059.

Floor plans

Theory has 18 units available across 16 floor plans: a studio layout (314 sq ft), 4 two-bedroom layouts (654–956 sq ft), and 11 4-bedroom layouts (986–1,765 sq ft). Prices checked November 2, 2026.

S1

Studio • 1 Bath • 314 Sq Ft

Starting at $2,100/mo

1 available unit	Price	Sq ft	Available	Open unit
S1 — Private	$2,100	314	May 15

B3

2 Bedrooms • 2 Baths • 956 Sq Ft

Starting at $1,189/mo

1 available unit	Price	Sq ft	Available	Open unit
B3 — Shared	$1,189	956	May 15

B5

2 Bedrooms • 2 Baths • 757 Sq Ft

Starting at $1,709/mo

1 available unit	Price	Sq ft	Available	Open unit
B5 — Private	$1,709	757	May 15

B1

2 Bedrooms • 1 Bath • 654 Sq Ft

Starting at $1,719/mo

1 available unit	Price	Sq ft	Available	Open unit
B1 — Private	$1,719	654	May 15

B6

2 Bedrooms • 2 Baths • 684 Sq Ft

Starting at $1,769/mo

1 available unit	Price	Sq ft	Available	Open unit
B6 — Private	$1,769	684	May 15

D8

4 Bedrooms • 4 Baths • 1,303 Sq Ft

Starting at $1,059/mo

2 available units	Price	Sq ft	Available	Open unit
D8 — Shared	$1,059	1,303	May 15
D8 — Private	$1,499	1,303	May 15

D9

4 Bedrooms • 4 Baths • 1,431 Sq Ft

Starting at $1,069/mo

2 available units	Price	Sq ft	Available	Open unit
D9 — Shared	$1,069	1,431	May 15
D9 — Private	$1,539	1,431	May 15

D1

4 Bedrooms • 2 Baths • 1,066 Sq Ft

Starting at $1,499/mo

1 available unit	Price	Sq ft	Available	Open unit
D1 — Private	$1,499	1,066	May 15

D3

4 Bedrooms • 4 Baths • 986 Sq Ft

Starting at $1,559/mo

1 available unit	Price	Sq ft	Available	Open unit
D3 — Private	$1,559	986	May 15

D4

4 Bedrooms • 3 Baths • 1,212 Sq Ft

Starting at $1,559/mo

1 available unit	Price	Sq ft	Available	Open unit
D4 — Private	$1,559	1,212	May 15

D5

4 Bedrooms • 4 Baths • 1,275 Sq Ft

Starting at $1,609/mo

1 available unit	Price	Sq ft	Available	Open unit
D5 — Private	$1,609	1,275	May 15

D2

4 Bedrooms • 4 Baths • 1,223 Sq Ft

Starting at $1,649/mo

1 available unit	Price	Sq ft	Available	Open unit
D2 — Private	$1,649	1,223	May 15

TH1A

4 Bedrooms • 4 Baths • 1,742 Sq Ft

Starting at $1,739/mo

1 available unit	Price	Sq ft	Available	Open unit
TH1A — Private	$1,739	1,742	May 15

TH2

4 Bedrooms • 4 Baths • 1,630 Sq Ft

Starting at $1,739/mo

1 available unit	Price	Sq ft	Available	Open unit
TH2 — Private	$1,739	1,630	May 15

TH3

4 Bedrooms • 4 Baths • 1,693 Sq Ft

Starting at $1,739/mo

1 available unit	Price	Sq ft	Available	Open unit
TH3 — Private	$1,739	1,693	May 15

TH1B

4 Bedrooms • 4 Baths • 1,765 Sq Ft

Starting at $1,749/mo

1 available unit	Price	Sq ft	Available	Open unit
TH1B — Private	$1,749	1,765	May 15

See all 24 units listed at Theory, including ones no longer available.

Cost to rent here

At Theory, a studio starts at about $2,356 a month all-in: $2,100 rent and an estimated $256 for electric, gas, water, internet, renters insurance, and laundry. A two-bedroom starts at about $1,530 and a 4-bedroom at about $1,494.

All-in from$2,356/mo

Estimates are local averages, not quotes from the property.

Can you afford it?

Most landlords ask for a monthly income of about 3× the rent, so qualifying at Theory takes about $75,600 a year for a studio, $42,804 for a two-bedroom, and $38,124 for a 4-bedroom. Keeping the $2,356 all-in month for a studio within 35% of take-home pay takes an income of about $110,100 a year.

Total monthly housing cost

$2,356/mo

Income to afford it comfortably

$110,100/yr

Income to qualify

$75,600/yr

Your estimated budget

Suggested rent budget, Studio

$ —/mo

See what you can afford here

Add your income and debts for a rent budget at this building.

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Rent history

Over the past 30 days, the average asking rent at Theory has ranged from $1,583 to $1,670. The current average is $1,583, the lowest in the past 30 days.

Prices reflect the average advertised rent across units listed as available each day (17 days observed).

Fees & lease terms

Rent
$1,059 – $2,100/mo
Earliest move-in
May 15

Amenities

Theory is pet friendly and has garage or covered parking. It lists 12 amenities, including state-of-the-art fitness facility, business center, and bike repair station.

Bike Repair Station
Business Center
Clubhouse
Covered Parking/Garage Parking
Game Room
Hot Tub/Jacuzzi
Pet-Friendly
Sky Lounge
Spacious Co-Working Area
State-Of-The-Art Fitness Facility

Steam Haven – A Cozy Retreat Where Warmth Envelops You And Relaxation Is Paramount.
Study Pods

Location

427 N Lake St, Madison, WI, 53715

Resident reviews

Theory has a 4.7 out of 5 rating from resident reviews.

4.7

Getting around

Theory is very walkable and very bikeable, and transit is limited.

Walking: Very walkable; Grade A
Transit: Limited; Grade D
Biking: Very bikeable; Grade A+

About this property

Welcome to Theory Madison! We are the newest in student living located between State Street and University Ave and only steps away from the University of Wisconsin.

Nearby schools

The closest school to Theory is Bernies Place Child Care Center, a private preschool 0.3 miles away. The closest public school is Franklin Elementary School, 1.3 miles away.

School	Type	Level	Distance
Bernies Place Child Care Center Private · Preschool	Private	Preschool	0.3 mi
Luther Memorial Pre-School Private · Preschool	Private	Preschool	0.3 mi
Bayview Head Start Private · Preschool	Private	Preschool	0.5 mi
Horizon High School Private · High	Private	High	0.6 mi
Meriter Childrn's Center-Chandler Private · Preschool	Private	Preschool	0.6 mi
Meriter Chldrn Center-Longfellow Private · Preschool	Private	Preschool	0.7 mi
St James Catholic School Private · Middle	Private	Middle	0.7 mi
Play Haven Vilas Private · Preschool	Private	Preschool	0.9 mi
St Mary's Hospital Child Care Center Private · Preschool	Private	Preschool	1.1 mi
Franklin Elementary School Public · Elementary	Public	Elementary	1.3 mi