Cheap Homes for Rent in Penelope Neighborhood of Atlanta, GA from $500 (38 Rentals)

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

Your Guide to Co-Signers: The Risks, Rewards, and Everything in Between

Thinking about getting a co-signer for your rental application? We break down what a co-signer is, the potential benefits, and the serious risks for both parties. Find out if it's the right choice for you.

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Roommate Matching: Finding the Right Fit and Avoiding Pitfalls

When searching for a roommate, follow this list of essential steps and set clear expectations to create a solid foundation for a harmonious living situation.

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

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

Wondering how to determine your rental budget? This comprehensive guide covers everything from the 30% rule to hidden fees and effective budgeting strategies.

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Showing Results 1-38, Page 1 of 1

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 Martin Manor priced from $835. Ashley Collegetown has the second lowest priced unit, which is a 1 Bed apartment currently listed from $844. Here are the most affordable Penelope apartments for rent in Atlanta, GA:

Apartment ListingModel NameBed/BathPriced From
Martin Manor2 Beds, 1 bath2BR,1BA$835
Ashley CollegetownThe Allegro1BR,1BA$844
Park WestPlan A - Affordable1BR,1BA$911
Parkside at Quarry Yards1 Bedroom1BR,1BA$1,007
Gardens at Washington Park 11 Bedroom, 1 Bathroom1BR,1BA$1,019
1295 West Apartments1 Bedroom1BR,1BA$1,025
Westview LoftsLux Loft1BR,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 January 14, 2026 the best value apartment in the Penelope area is the $0.44 price per square foot 164 Chicamauga Ave SW Model at 164 Chicamauga Ave SW, Unit Room with Shared Bathroom in the in the Vine City neighborhood starting from $900. The second greatest value Penelope apartment is the 3X2 Model at Residences at Westview starting at $1,366 with a $1.10 price per square foot in the Dixie Hills 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.
164 Chicamauga Ave SW, Unit Room with Shared Bathroom164 Chicamauga Ave SW1BR,1BA$0.44
Residences at Westview3X23BR,2BA$1.10
Parkside at Quarry Yards3 Bedroom3BR,2BA$1.23
Overlook Ridge2x2 Gold2BR,2BA$1.27
The Oasis on Cascade2 Bed 1 Bath2BR,1BA$1.28
Martin Manor2 Beds, 1 bath2BR,1BA$0.98
Ashley CollegetownThe Allegro1BR,1BA$1.05
San Pedro Property1 Bed 1 Bath1BR,1BA$1.50
Westview LoftsLux Loft1BR,1BA$1.57
1295 West Apartments1 Bedroom1BR,1BA$1.59

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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The Ultimate Long-Distance Moving Checklist: Tips from a Real Estate Pro

Moving is tough, especially long-distance. Learn how to minimize stress & expenses with proven strategies from a real estate pro, covering everything from logistics to finances.

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Cash or credit? Understanding the Importance of Credit Score in Real Estate and Renting

Discover how your credit score impacts your ability to lease or buy a home. Learn how credit scores are determined, how to check yours, and strategies to improve it for real estate success.

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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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Quick Rent Budget Calculator

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The common "Rule of Thumb" is that rent should be no more than 30% of your income. How much is that? Enter your monthly income and click "Calculate My Budget" to find out.

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Best Local Schools in
Penelope, Atlanta, GA

School data provided by Great Schools

Frequently Asked Questions about Penelope

What type of rentals are currently available in Penelope?

There are currently 246 Apartments for Rent in Penelope, GA with pricing that ranges from $695 to $2,641. There are also 233 Single Family Homes for rent, Condos, and Townhome rentals currently available in Penelope ranging from $525 to $6,900.

What is the current price range for Rental Homes in Penelope?

Today's rental pricing for Homes for Rent, Condos and Townhomes in Penelope ranges from $525 to $6,900 with an average monthly rent of $2,407.

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.

Helpful Local Expert Guides

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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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Top Student Friendly Neighborhoods to Rent Near Colleges in Atlanta

Written by: Brandie Parton

As a member of the Apartment Home Living team, I am honored to share all I know about the fabulous city that I affectionately call ATL.

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

Written by: Brandie Parton

Hi there, I am Brandie Parton, your ApartmentHomeLiving.com Local Expert for Atlanta, GA. I love this bustling city that never seems to quit, rest, or become boring.

Articles, How-To's, and Tips

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A Renters Guide for Tips on Writing Your Notice for Not Renewing Your Apartment

Written by: Bob Mallory

Packing up everything you own to move is so stressful for many that ending your apartment lease can feel like a small or unimportant task. Ending your lease involves more than simply turning over your keys on the last day.

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Renting with Roommates: Realistic Expectations for Shared Lease

Written by: Christine Leonard, Esq.

Given the high costs for housing, I have found that many people are looking for a roommate to share expenses. These arrangements can increase opportunities for more desirable and larger spaces.

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Apartment Common Area Rules: What Renters Need to Know

Written by: Christine Leonard, Esq.

Back in the day when I rented one of my first apartments, the property didn’t even have laundry in the building. Now, rental properties are often competing against each other to provide the best amenities.

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How to Negotiate Your Apartment Lease and Save Money

Written by: Christine Leonard, Esq.

Everything is a negotiation in real estate!