Browse 46 townhomes for rent in Third Lake, IL on ForRent.com. A townhome is a multi-story home connected to neighboring units by one or two walls.Townhomes are popular among renters because they offer the space of a single-family home with the community and amenities of an apartment building. Unlike condos and apartments, which share interior hallways, townhomes have their own private outdoor entrances, small yards, and attached garages, giving you a sense of home that’s hard to find in apartment living. Still, renters may also have access to shared amenities, like pools and on-site gyms. Townhomes are also typically managed by an HOA, keeping the community in order while renters maintain their privacy.