Cheap Apartments for Rent in the Gray's Lake Neighborhood of Des Moines, IA from $500 (117 Rentals)

How Many Bedrooms?Done
Select your price rangeDone
Lifestyle Matching SearchDone
Learn more about Lifestyle Search
By AmenitiesDone
By Community TypeDone
Features and AvailabilityDone
Done

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

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.

Read Article

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.

Read Article

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.

Read Article

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.

Read Article
Showing Results 1-50, Page 1 of 3

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 1 Bed unit found at Melbourne priced from $545. Watrous Apartments has the second lowest priced unit, which is a 1 Bed apartment currently listed from $600. Here are the most affordable Gray's Lake apartments for rent in Des Moines, IA:

Apartment ListingModel NameBed/BathPriced From
MelbourneA1 - 40 - Income Restricted1BR,1BA$545
Watrous ApartmentsA11BR,1BA$600
Ingersoll Park Studios0BR/1.0BAStudio,1BA$625
Ingersoll Park Studio Apartments 3607StudioStudio,1BA$625
The Pointe on Fleur1x11BR,1BA$685
Windsor Terrace ApartmentsStudioStudio,1BA$725
Grand Colony ApartmentsStudioStudio,1BA$725
Woodland Avenue Brickstone1x1 6301BR,1BA$730
Imperial Grand PrixImperial StudioStudio,1BA$759
Park Ridge Apartments1 Bedroom1BR,1BA$775

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

As of June 23, 2025 the best value apartment in the Gray's Lake area is the $0.81 price per square foot 2 Bedroom - Affordable Model at Vine Street Lofts in the in the Southwest Des Moines neighborhood starting from $957. The second greatest value Gray's Lake apartment is the CA-C4 Income Restricted Model at Court Ave Lofts starting at $1,080 with a $1.09 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.
Vine Street Lofts2 Bedroom - Affordable2BR,2BA$0.81
Court Ave LoftsCA-C4 Income Restricted2BR,2BA$1.09
Magnolia Manor Apartments and Townhomes2 Bedroom2BR,1BA$0.89
Hamilton ApartmentsOne Bedroom1BR,1BA$0.84
Goldbriar Chateau2 Bedroom 1 Bathroom2BR,1BA$0.94
SunburstTwo Bedroom-One Bath2BR,1BA$1.11
Park Ridge Apartments1 Bedroom1BR,1BA$1.11
The Pointe on Fleur1x11BR,1BA$1.01
Woodland Avenue Brickstone1x1 6301BR,1BA$1.08
Watrous ApartmentsA11BR,1BA$0.92

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.

decorative image of people with a giant lease agreement

Pet Friendly Lifestyle
Gray's Lake, Des Moines, IA

Ranked #9

Among neighborhoods in Des Moines, IA for Apartment listings with Pet Friendly Amenities

Pet Friendliness Lifestyle Score

4.0
Pet Friendly

decorative image of woman handing cat to small boy

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 $775.

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

The cheapest apartment in Gray's Lake is Melbourne which is listed at $545, while the average apartment in Gray's Lake costs $1,935.

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 58 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 $198 which is $1,737 cheaper than the average rent for all rentals in Gray's Lake.

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 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 Roommate Matching: Finding the Right Fit and Avoiding Pitfalls article

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.

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

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.

decorative image for Know Your Budget: Calculating What You Can Realistically Afford When Renting article

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.