Cheap Apartments for Rent in the Penelope Neighborhood of Atlanta, GA from $500 (84 Rentals)

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

Understanding Atlanta's Short-Term Rental Landscape: Everything You Need to Know

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property at 1033 Palmetto Ave SW

$700

Total Monthly Price

Total Monthly Price

Base Rent
$700
Total Monthly Price
$700

6 Bedroom, 2 Bath Home for Rent

Available Now

1033 Palmetto Ave SW

AtlantaGA30314

Rent According to Income: A Look at Income-Restricted Rentals

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property at 1824 Tiger Flowers Dr NW

$850 - $900

Total Monthly Price

Total Monthly Price

Base Rent
$850 - $900
Total Monthly Price
$850 - $900

1 Bedroom, 1 Bath Home for Rent

Available Now

1824 Tiger Flowers Dr NW

AtlantaGA30314
property at 339 Henry Aaron Ave SW

$880

Total Monthly Price

Total Monthly Price

Base Rent
$880
Total Monthly Price
$880

1 Bedroom, 1 Bath Home for Rent

Available Aug 1

339 Henry Aaron Ave SW, Unit D

339 Henry Aaron Ave SW
AtlantaGA30310

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Discover the best Atlanta suburbs for renting — more affordable options, larger yards, and family-friendly areas, all while commuting into the city.

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property at 2184 Wingate St SW

$1,000

Total Monthly Price

Total Monthly Price

Base Rent
$1,000
Total Monthly Price
$1,000

1 Bedroom, 1 Bath Home for Rent

Available Now

2184 Wingate St SW

AtlantaGA30310

Atlanta's Best Affordable Neighborhoods

Learn about Atlanta and the best places to live with original content written by our Atlanta, GA Local Expert Jan Boling

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Renters Insurance 101: What It Is, What It Covers, and Why You Need It

From theft to fire to water damage, the unexpected can happen to any renter. Discover why renters insurance is one of the smartest and most affordable investments you can make as a tenant.

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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 2 Beds unit found at Park West priced from $503. Dreamscape at Fairfield has the second lowest priced unit, which is a 1 Bed apartment currently listed from $800. Here are the most affordable Penelope apartments for rent in Atlanta, GA:

Apartment ListingModel NameBed/BathPriced From
Park WestB1TC30% - 2 Bedroom %2BR,2BA$503
Dreamscape at Fairfieldas11BR,1BA$800
Martin Manor2 Beds, 1 bath2BR,1BA$835
Ashby Park Apartments1 BR/1 BA1BR,1BA$850
Intrada Westside ApartmentsStudioStudio,1BA$894
12Hundred Studios1/1.00Studio,1BA$895
Dwell at the Alcove1 bed1BR,1BA$899
147 Lawton St SW2 Beds, 1 Baths2BR,1BA$995
Crystal at HamiltonA1 | 1B1B Standard1BR,1BA$1,000
1295 West Apartments1 Bedroom1BR,1BA$1,025

Best Value Apartments for Rent in Penelope, GA

As of July 31, 2026 the best value apartment in the Penelope area is the $1.14 price per square foot 658 Cascade Ave SW Model at 658 Cascade Ave SW, Unit 656 in the in the West End neighborhood starting from $1,650. The second greatest value Penelope apartment is the 3 Beds, 1.5 Baths Model at King Lake Townhomes starting at $1,299 with a $1.03 price per square foot in the John Hope Homes 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.
658 Cascade Ave SW, Unit 656658 Cascade Ave SW2BR,2BA$1.14
King Lake Townhomes3 Beds, 1.5 Baths3BR,1.5BA$1.03
Parkside FlatsParkside Luxury Flat2BR,1BA$1.31
Crystal at HamiltonB1 | 2B2B Standard2BR,2BA$1.22
The Oasis on Cascade2 Bed 1 Bath2BR,1BA$1.33
Martin Manor2 Beds, 1 bath2BR,1BA$0.98
Ashby Park Apartments1 BR/1 BA1BR,1BA$1.09
Dwell at the Alcove2 Bed2BR,1BA$1.42
166 Anderson Ave NW, Atlanta, GA 303142 Bedroom 1 Bath - 685552BR,1BA$1.38
1295 West Apartments1 Bedroom1BR,1BA$1.39

Don't Settle: How to Negotiate Your Apartment Lease and Save Money

Discover the insider tips from an attorney and real estate agent on how to negotiate your next apartment lease. Find out what's on the table and what's not, so you can save money and get the best terms possible.

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Commute Less, Live More: Top Neighborhoods Near Atlanta's Biggest Companies

Find your ideal Atlanta apartment! This guide explores top neighborhoods like Midtown, Vinings, and Brookhaven, and matches them to the city's biggest employers to help you with your next move.

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A Local Expert's Guide to the Top Student Friendly Neighborhoods to Rent Near Colleges in Atlanta

A Local Expert's Guide to The 10 Best Affordable Neighborhoods in the Atlanta, GA metro area for affordable living. Find your perfect Atlanta apartment, condo, or rental home today at ApartmentHomeliving.com

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Real Estate and Rental Term Glossary | ApartmentHomeLiving.com Renter University

From the letter A all the way to the letter Z, the Real Estate and Rental Term Glossary from the content team at ApartmentHomeLiving.com provides our visitors and shoppers with a little clarity and helpful guidance in navigating the real estate world through definitions and explainers for the top subjects and terms that someone may come across during the leasing, buying, or selling process.

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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 $1,025.

What is the price of a cheap apartment in Penelope?

The cheapest apartment in Penelope is Dreamscape at Fairfield which is listed at $800, while the average apartment in Penelope costs $6,500.

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 39 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 $386 which is $6,114 cheaper than the average rent for all rentals in Penelope.

Expert Rental Resources

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.

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