Cheap Apartments for Rent in the Downtown Melrose Neighborhood of Melrose, MA from $1,600 (109 Rentals)

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Search the lowest-cost Apartments available for rent right now in the Downtown Melrose area of Melrose.

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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property at 150 Green St

150 Green St

MelroseMA02176

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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32 Tappan St.
2 Bedroom Apartments

32 Tappan St.

32 Tappan StMelrose, MA 02176

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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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.

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Boston's Best Affordable Neighborhoods

Learn about Boston and the best places to live around the area with original content written by our Boston, MA Local Expert Amelia Ramstead

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Downtown Melrose, Melrose, MA Local Guide

Cheapest Available Downtown Melrose Apartments for Rent

 
Apartment ListingModel NameBed/BathPriced From
Altitude ApartmentsStudio - UpgradeStudio,1BA$1,715

Best Value Apartments for Rent in Downtown Melrose, MA

As of June 08, 2025 the best value apartment in the Downtown Melrose area is the $0.53 price per square foot 480 Fulton St Model at 480 Fulton St, Unit 2 in the in the Ferryway neighborhood starting from $5,300. The second greatest value Downtown Melrose apartment is the 482 Fulton St Model at 482 Fulton St, Unit 1 starting at $5,500 with a $0.55 price per square foot in the Ferryway neighborhood. Here is today’s list of the best values for Downtown Melrose apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
480 Fulton St, Unit 2480 Fulton St4BR,4.5BA$0.53
482 Fulton St, Unit 1482 Fulton St4BR,4.5BA$0.55
119 Myrtle St, Unit #1119 Myrtle St1BR,1BA$0.18
487 Fulton St487 Fulton St4BR,4.5BA$0.48
480 Fulton St, Unit 1480 Fulton St4BR,4.5BA$0.50
505 Main St, Unit 1505 Main St3BR,1BA$0.96
1 Greenleaf Pl1 Greenleaf Pl2BR,1.5BA$1.54
584-586 Salem St, Unit #3584-586 Salem St3BR,1BA$2.03
71 Granville Ave, Unit #171 Granville Ave1BR,1BA$1.92
55 Lynde Ave, Unit #255 Lynde Ave2BR,1BA$2.15

Quick Rent Budget Calculator

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Pet Friendly Lifestyle
Downtown Melrose, Melrose, MA

Ranked #6

Among neighborhoods in Melrose, MA for Apartment listings with Pet Friendly Amenities

Pet Friendliness Lifestyle Score

4.0
Pet Friendly

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Best Local Schools in
Downtown Melrose, Melrose, MA

School data provided by Great Schools

Getting Around the Downtown Melrose Neighborhood in Melrose, MA

Walk Score®

92 / 100

Walker’s Paradise

Daily errands do not require a car

Bike Score®

51 / 100

Bikeable

Some bike infrastructure

Transit Score®

37 / 100

Some Transit

A few nearby public transportation options

What Are Walk Score®, Transit Score®, and Bike Score® Ratings?

  • Walk Score® measures the walkability of any address.
  • Transit Score® measures access to public transit.
  • Bike Score® measures the bikeability of any address.

Frequently Asked Questions about Cheap Downtown Melrose Apartments

What is a cheap apartment in Downtown Melrose?

A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in Downtown Melrose is under $1,715.

What is the price of a cheap apartment in Downtown Melrose?

The cheapest apartment in Downtown Melrose is 30 Pomeworth Street which is listed at $1,975, while the average apartment in Downtown Melrose costs $5,295.

How do the prices of cheap apartments compare to the average apartment in Downtown Melrose?

Cheap apartments in Downtown Melrose have an average cost of $285 which is $5,010 cheaper than the average rent for all rentals in Downtown Melrose.

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.

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The 10 Best Affordable Neighborhoods in Boston, MA

Written by: Amelia Ramstead

Boston is known for its exciting combination of early American history and modern high-tech universities and employers.

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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.

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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.

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The Freedom of Short-Term Leases: Exploring the Advantages for Renters

Written by: Bobbi Jackson

If you’re looking to relocate right now, a popular solution that may best fit your current rental needs is a short-term lease.