Cheap Apartments for Rent in the Drake University Neighborhood of Des Moines, IA from $500 (61 Rentals)

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Search the lowest-cost Apartments available for rent right now in the Drake University area of Des Moines.

What Does “Rent Burdened” Mean? How Much Rent Is Too Much

Learn the official definition (spending 30% or more of your gross income on housing) and how to calculate your exact rent-to-income ratio. This guide offers expert tips on factoring in total housing costs (including utilities and fees) and budgeting accurately to avoid unnecessary financial strain.

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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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Harrington Studios
Studio Apartments

Harrington Studios

677 16th StDes Moines, IA 50314
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3809 University Ave
Studio Apartments

3809 University Ave

3809 University AveDes Moines, IA 50311
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The Flats on 21st
Studio to 1 Bedroom Apartments

The Flats on 21st

1313 21st StDes Moines, IA 50311
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Drake Collection
1 to 3 Bedroom Apartments

Drake Collection

2931 Cottage Grove AveDes Moines, IA 50311
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2413 24th St
2 Bedroom Apartments

2413 24th St

2413 24th StDes Moines, IA 50310
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Twin Manor
Studio to 1 Bedroom Apartments

Twin Manor

720 17th StDes Moines, IA 50314
  • Utilities Included

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 Brady Apartments
Studio to 1 Bedroom Apartments

The Brady Apartments

650 16th StDes Moines, IA 50314
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Kingman Gardens
1 to 3 Bedroom Apartments

Kingman Gardens

3010 Kingman BlvdDes Moines, IA 50311
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1333 22nd St
Studio to 1 Bedroom Apartments

1333 22nd St

1333 22nd StDes Moines, IA 50311
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Drake Pointe
1 to 2 Bedroom Apartments

Drake Pointe

1101 25th StDes Moines, IA 50311
Student Housing
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JK Sully 1075
2 Bedroom Apartments

JK Sully 1075

1075 33rd StDes Moines, IA 50311
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1069 33rd St
1 to 2 Bedroom Apartments

1069 33rd St

1069 33rd StDes Moines, IA 50311
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Chetwynd Apartments
1 to 2 Bedroom Apartments

Chetwynd Apartments

3519 University AveDes Moines, IA 50311

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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Drake University, Des Moines, IA Local Guide

Cheapest Available Drake University Apartments for Rent

 

The cheapest available apartment rental in the Drake University area of Des Moines, IA is a 1 Bed unit found at The Flats on 21st priced from $595. Village Green has the second lowest priced unit, which is a Studio apartment currently listed from $600. Here are the most affordable Drake University apartments for rent in Des Moines, IA:

Apartment ListingModel NameBed/BathPriced From
The Flats on 21st1 Bedroom1BR,1BA$595
Village GreenStudioStudio,1BA$600
The Concord BuildingStudioStudio,1BA$630
The Brady Apartments0BR/1.0BAStudio,1BA$695
Beaverdale Housing LLCStudioStudio,1BA$710
Pleasant CourtStudioStudio,1BA$725
The Grove at Hickman2x12BR,1BA$795
The DrakeC22BR,1BA$825
Four Seasons Apartments1BR/1BA1BR,1BA$845

Best Value Apartments for Rent in Drake University, IA

As of May 08, 2026 the best value apartment in the Drake University area is the $1.10 price per square foot B2 Model at Matilda 235 Townhomes in the in the Downtown Des Moines neighborhood starting from $2,350. The second greatest value Drake University apartment is the Model A Model at The Elmhurst starting at $1,300 with a $1.00 price per square foot in the Downtown Des Moines neighborhood. Here is today’s list of the best values for Drake University apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Matilda 235 TownhomesB22BR,2.5BA$1.10
The ElmhurstModel A2BR,2BA$1.00
MLK Brickstone ApartmentsTwo Bedroom2BR,2BA$0.95
933 18th StThe Olive1BR,1BA$1.06
Historic Wellsport Portwell Flats1X11BR,1BA$1.13
The Grove at Hickman2x12BR,1BA$1.10
722 18th St1x11BR,1BA$1.21
2915 Cottage Grove Ave, Unit 22915 Cottage Grove Ave1BR,1BA$1.15
The Flats on 21st1 Bedroom1BR,1BA$1.16
The Concord BuildingStudioStudio ,1BA$1.20

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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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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Quick Rent Budget Calculator

How much rent can you afford?

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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Pet Friendly Lifestyle
Drake University, Des Moines, IA

Ranked #48

Among cities in Iowa for Apartment listings with Pet Friendly Amenities.

Pet Friendliness Lifestyle Score

4.0
Pet Friendly

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Lifestyle Ratings

This website compiles millions of data points to bring you our detailed rental analysis called 'Lifestyle Ratings' - a comparison of rentals in cities across the United States including Drake University, Des Moines, and the greater Des Moines area. Our Lifestyle Ratings help you zero-in on the perfect place to call home. This takes in many factors including filtering automatically for the best proximity to parks and outdoor amenities, luxury housing options, family-friendly amenities, raising pets, transit options, and how walkable or bikeable each community and area is. Use Lifestyle Search in the site filter options on this page - and find your Perfect place!

Frequently Asked Questions about Cheap Drake University Apartments

What is a cheap apartment in Drake University?

A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in Drake University is under $845.

What is the price of a cheap apartment in Drake University?

The cheapest apartment in Drake University is The Flats on 21st which is listed at $695, while the average apartment in Drake University costs $1,438.

What types of apartments are the cheapest in Drake University?

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 5 regular apartments in Drake University 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 Drake University?

Cheap apartments in Drake University have an average cost of $369 which is $1,069 cheaper than the average rent for all rentals in Drake University.

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.

Articles, How-To's, and Tips

decorative image for A Local Expert's Guide To the Top Budget-Friendly Neighborhoods to Rent in Des Moines, Iowa article

A Local Expert's Guide To the Top Budget-Friendly Neighborhoods to Rent in Des Moines, Iowa

Written by: Joseph Isenberg

I'm Joe, the ApartmentHomeLiving.com Local Expert for Des Moines and Central Iowa. My parents moved to Central Iowa in 1967, and my family has been here ever since.

decorative image for A Seasoned Property Manager's Step-by-Step Guide to Getting Your Deposit Back article

A Seasoned Property Manager's Step-by-Step Guide to Getting Your Deposit Back

Written by: Lauren Harrington

I’m going to talk with you as a seasoned property manager and friend. So, let’s start with your security deposit. I want you to think about this guide as insider information. You deserve your deposit back.

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Expert Solutions for Creating the Perfect Work-From-Home Apartment Layouts

Written by: Lauren Harrington

This article is based on first-hand experience managing apartment communities and helping renters adapt to their spaces after moving in.

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What Does “Rent Burdened” Mean? How Much Rent Is Too Much

Written by: Lauren Harrington

This article draws from first-hand renter experiences and recurring financial challenges reported after moving in.