Cheap Apartments for Rent in the Penelope Neighborhood of Atlanta, GA from $500 (57 Rentals)

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Search the lowest-cost Apartments available for rent right now in the Penelope area of Atlanta.

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Touring a rental? This guide helps you know exactly what to look for, from safety features to hidden flaws, so you can confidently sign your lease or keep searching.

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Smart Renter's Guide: Calculating Affordable Rent & Housing Costs

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Kings Court Apartments
2 Bedroom Apartments

Kings Court Apartments

2099 Martin Luther King DrAtlanta, GA 30310
  • Utilities Included

Top Neighborhoods Near Atlanta Colleges and Universities

Learn about the best Atlanta neighborhoods for student renters by our Local Expert Brandie Parton

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Dogwood Apartments
1 Bedroom Apartments

Dogwood Apartments

95 SW Peyton RdAtlanta, GA 30311
  • Utilities Included
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Ashby Park Apartments
1 to 3 Bedroom Apartments

Ashby Park Apartments

880 Rock St NWAtlanta, GA 30314
  • Utilities Included
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Fairway Court Apartments
2 to 3 Bedroom Apartments

Fairway Court Apartments

1247 Joseph E. Boone BlvdAtlanta, GA 30314
  • Utilities Included

Navigating the Rental Market: Tips for First-Time Renters

Entering the rental market? Learn these simple tips and strategies to avoid common pitfalls and make confident choices. Rent with peace of mind.

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Westpoint View
1 to 2 Bedroom Apartments

Westpoint View

1197 Simpson Rd NWAtlanta, GA 30314
  • Utilities Included
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Heritage Pointe
1 to 3 Bedroom Apartments

Heritage Pointe

1350 Mayson Turner Rd NWAtlanta, GA 30314
  • Utilities Included
Showing Results 1-50, Page 1 of 2

Penelope, Atlanta, GA Local Guide

Cheapest Available Penelope Apartments for Rent

 

The cheapest available apartment rental in the Penelope area of Atlanta, GA is a 1 Bed unit found at The Villages of Castleberry I&II priced from $841. Ashley Collegetown has the second lowest priced unit, which is a 1 Bed apartment currently listed from $871. Here are the most affordable Penelope apartments for rent in Atlanta, GA:

Apartment ListingModel NameBed/BathPriced From
The Villages of Castleberry I&IIThe Alder1BR,1BA$841
Ashley CollegetownThe Allegro1BR,1BA$871
Intrada Westside Apartments1 Bedroom1BR,1BA$875
Parkside at Quarry Yards1 Bedroom1BR,1BA$930
1295 West Apartments1 Bedroom1BR,1BA$1,025
InTown Lofts1 Bed 1 Bath B1BR,1BA$1,045
Donnelly CourtDonnelly Court2BR,1BA$1,050
Heritage Square ApartmentsHeritage Den2BR,1BA$1,100
12Hundred Studios1/1.00Studio,1BA$1,119
The Oasis on Cascade2 Bed 1 Bath2BR,1BA$1,149

Best Value Apartments for Rent in Penelope, GA

As of June 13, 2025 the best value apartment in the Penelope area is the $1.20 price per square foot The Sonata Model at Ashley Collegetown in the in the West End neighborhood starting from $1,919. The second greatest value Penelope apartment is the 3 Bedroom Model at Parkside at Quarry Yards starting at $1,275 with a $1.13 price per square foot in the Vine City neighborhood. Here is today’s list of the best values for Penelope apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Ashley CollegetownThe Sonata3BR,2.5BA$1.20
Parkside at Quarry Yards3 Bedroom3BR,2BA$1.13
2191 Martin Luther King Jr Dr SW, Unit 2191 Unit 22191 Martin Luther King Jr Dr SW2BR,1BA$1.50
Residences at Westview2X12BR,1BA$1.19
The Oasis on Cascade2 Bed 1 Bath2BR,1BA$1.28
Donnelly CourtDonnelly Court2BR,1BA$1.17
San Pedro Property1 Bed 1 Bath1BR,1BA$1.50
The Villages of Castleberry I&IIThe Alder1BR,1BA$1.18
Heritage Square ApartmentsHeritage Den2BR,1BA$1.57
Intrada Westside Apartments1 Bedroom1BR,1BA$1.26

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Pet Friendly Lifestyle
Penelope, Atlanta, GA

Ranked #356

Among neighborhoods in Atlanta, GA for Apartment listings with Pet Friendly Amenities

Pet Friendliness Lifestyle Score

4.0
Pet Friendly

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Best Local Schools in
Penelope, Atlanta, GA

School data provided by Great Schools

Frequently Asked Questions about Cheap Penelope Apartments

What is a cheap apartment in Penelope?

A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in Penelope is under $1,149.

What is the price of a cheap apartment in Penelope?

The cheapest apartment in Penelope is The Villages of Castleberry I&II which is listed at $841, while the average apartment in Penelope costs $2,520.

What types of apartments are the cheapest in Penelope?

Student, low-income, and by-the-bed apartments are typically the cheapest rentals in most cities, though they require qualifying criteria to rent. There are 192 regular apartments in Penelope that we think qualify as ‘cheap apartments’ that do not have special requirements to apply to rent.

How do the prices of cheap apartments compare to the average apartment in Penelope?

Cheap apartments in Penelope have an average cost of $1,216 which is $1,304 cheaper than the average rent for all rentals in Penelope.

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 An Atlanta Local Expert’s Guide To 10 Budget-Friendly Neighborhoods to Rent in the Atlanta Area article

An Atlanta Local Expert’s Guide To 10 Budget-Friendly Neighborhoods to Rent in the Atlanta Area

Written by: Jan Boling

Atlanta, Georgia is a large, modern city with many neighborhoods that welcome both newcomers and natives.

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Roommate Matching: Finding the Right Fit and Avoiding Pitfalls

Written by: Cheryl Bowman

A fantastic way to save money and enjoy a built-in community is to share an apartment. However, a bad roommate situation can turn your dream rental into a nightmare.

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The Art of the Rental Viewing: What to look for during a property tour

Written by: Marie Brown

You’ve scrolled through countless listings, walked through a blur of rentals, and finally found what feels like the one. The pictures? Fantastic. The neighborhood seems just right.

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Know Your Budget: Calculating What You Can Realistically Afford When Renting

Written by: Lauren Harrington

Renting an apartment or house isn’t just about looking through online ads, choosing a few apartments or homes you want to tour, filling out an application, and putting down a deposit. Those things are all necessary and important.