Cheap Apartments for Rent in the Gray's Lake Neighborhood of Des Moines, IA from $500 (122 Rentals)

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Search the lowest-cost Apartments available for rent right now in the Gray's Lake area of Des Moines.

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Park Ridge Apartments
Rent Specials
$825 - $925
Total Monthly Price

Total Monthly Price

Base Rent
$825 - $925
Total Monthly Price
$825 - $925
1 to 2 Bedroom Apartments Available Now

Park Ridge Apartments

3200 Indianola AveDes Moines, IA 50315
Cost Per Sq.Ft.
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How I Find the Perfect Rental for My Clients: A Real Estate Pro's Guide

Finding the right apartment starts with three things: location, cost, and amenities. Get the insider perspective from a real estate professional on how to nail all three.

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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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Gray's Lake, Des Moines, IA Local Guide

Cheapest Available Gray's Lake Apartments for Rent

 

The cheapest available apartment rental in the Gray's Lake area of Des Moines, IA is a Studio unit found at The Acacia priced from $647. The Pointe on Fleur Apartments has the second lowest priced unit, which is a 1 Bed apartment currently listed from $675. Here are the most affordable Gray's Lake apartments for rent in Des Moines, IA:

Apartment ListingModel NameBed/BathPriced From
The AcaciaStudio - ClassicStudio,1BA$647
The Pointe on Fleur ApartmentsOne Month Free Rent Call Today!1BR,1BA$675
Arlington HallettStudio EastStudio,1BA$695
3119 Grand Ave2 Beds, 1 Baths2BR,1BA$695
The ElliottStudioStudio,1BA$710
1201 E Bell Avenue1BR/1.0BA1BR,1BA$725
Watrous ApartmentsA11BR,1BA$735
Grand Colony0 Bed 1 BathStudio,1BA$740
Ivy IIClassic 2 bed/1 bath2BR,1BA$747
Imperial Grand PrixImperial 1 Bedroom1BR,1BA$793

Best Value Apartments for Rent in Gray's Lake, IA

As of August 18, 2026 the best value apartment in the Gray's Lake area is the $0.93 price per square foot Plan B - two story Model at Southern Meadows Homes in the in the Southwest Des Moines neighborhood starting from $1,275. The second greatest value Gray's Lake apartment is the 2 Bed /2 Bath Model at Magnolia Park starting at $847 with a $0.85 price per square foot in the Southwest Des Moines neighborhood. Here is today’s list of the best values for Gray's Lake apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Southern Meadows HomesPlan B - two story3BR,2BA$0.93
Magnolia Park2 Bed /2 Bath2BR,2BA$0.85
Magnolia Manor Apartments and Townhomes2 Bedroom2BR,1BA$0.93
McKinley Apartments3BD/2BA3BR,2BA$0.94
Goldbriar Chateau2 Bedroom 1 Bathroom2BR,1BA$0.94
Park Ridge Apartments2 Bedroom2BR,1BA$0.97
The JeffersonJefferson 2 Bed 1 Bath Renovated2BR,1BA$1.04
Ivy IIClassic 2 bed/1 bath2BR,1BA$1.00
The Pointe on Fleur ApartmentsOne Month Free Rent Call Today!1BR,1BA$0.99
1201 E Bell Avenue1BR/1.0BA1BR,1BA$1.09

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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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
Gray's Lake, Des Moines, IA

Ranked #13

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

Pet Friendliness Lifestyle Score

4.0
Pet Friendly

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Best Local Schools in
Gray's Lake, Des Moines, IA

School data provided by Great Schools

Lifestyle Ratings

ApartmentHomeLiving brings you our detailed rental search system called 'Lifestyle ratings', composed of rentals and neighborhoods across the USA, including Des Moines. LifeStyle Ratings are a useful tool for comparing and sorting apartments and neighborhoods when choosing your rental home. This takes in many factors including our Star Ratings to compare for outdoor amenities like tennis courts, luxury amenities, transit availability, pet-friendly communities, apartment communities for the kids, and more. Find Lifestyle Search in the filter options (above). Happy Searching!

Frequently Asked Questions about Cheap Gray's Lake Apartments

What is a cheap apartment in Gray's Lake?

A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in Gray's Lake is under $793.

What is the price of a cheap apartment in Gray's Lake?

The cheapest apartment in Gray's Lake is The Pointe on Fleur Apartments which is listed at $675, while the average apartment in Gray's Lake costs $1,250.

What types of apartments are the cheapest in Gray's Lake?

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 60 regular apartments in Gray's Lake 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 Gray's Lake?

Cheap apartments in Gray's Lake have an average cost of $210 which is $1,040 cheaper than the average rent for all rentals in Gray's Lake.

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.

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

Written by: Robin Stewart

The idea of affordable housing can be subjective. Every individual is in a different place financially and vocationally. What one may easily afford could be a struggle for someone else.

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Practical Tips for Renters: How to Identify a Great Rental and Avoid Red Flags

Written by: Robin Stewart

Renters want to find a great apartment, the right place for them, one that checks all the boxes of location, rental cost, amenities, safety, and more.

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First Apartment Regrets: Real Renters Share What They'd Do Differently

Written by: Robin Stewart

Hindsight is 20/20. Live and Learn. With age comes wisdom. We’re familiar with all those expressions, and all of them apply to lessons first-time renters learn.