Cheap Apartments for Rent in Penasco, NM from $300 (45 Rentals)

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Search the lowest-cost Apartments available for rent right now in Penasco.

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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Local 1896
$1,440 - $2,104
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Total Monthly Price

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$1,440 - $2,104
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1 to 3 Bedroom Apartments Available Now

Local 1896

1896 Lorca DrSanta Fe, NM 87505
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Allaso Vineyards
Rent Specials
$1,530 - $2,418
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Total Monthly Price

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$1,530 - $2,418
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1 to 2 Bedroom Apartments Available Now

Allaso Vineyards

8901 Holly Ave NEAlbuquerque, NM 87122
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Turquesa
Rent Specials
$1,594 - $2,678
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$1,594 - $2,678
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1 to 3 Bedroom Apartments Available Now

Turquesa

4700 Wagon RdSanta Fe, NM 87507
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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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South Meadows
Rent Specials
$1,634 - $2,558
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$1,634 - $2,558
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1 to 3 Bedroom Apartments Available Now

South Meadows

2800 S Meadows RdSanta Fe, NM 87507
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Allaso High Desert
Rent Specials
$1,638 - $2,904
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$1,638 - $2,904
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1 to 3 Bedroom Apartments Available Now

Allaso High Desert

6701 Tennyson St NEAlbuquerque, NM 87111
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Solwyn
Rent Specials
$1,644 - $2,679
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$1,644 - $2,679
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1 to 3 Bedroom Apartments Available Now

Solwyn

5520 Wellness WaySanta Fe, NM 87507
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Madera Apartments
$1,759 - $2,757
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Total Monthly Price

Base Rent
$1,759 - $2,757
Total Monthly Price
$1,759 - $2,757
1 to 3 Bedroom Apartments Available Now

Madera Apartments

2525 S Meadows RdSanta Fe, NM 87507
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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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property at 6894 CO-12

$1,250

Total Monthly Price

Total Monthly Price

Base Rent
$1,250
Total Monthly Price
$1,250

3 Bedroom, 1.5 Bath Home for Rent

Available Now

6894 CO-12

WestonCO81091
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Casa Loma Apartments
Studio to 3 Bedroom Apartments

Casa Loma Apartments

100 Rio Vista PlSanta Fe, NM 87501
Corporate Housing
property at 941 Calle Mejia

$1,600 - $2,000

1 To 2 Bedroom Rentals

Available Now

941 Calle Mejia

Santa FeNM87501

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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Penasco, NM Local Guide

Cheapest Available Penasco Apartments for Rent and Nearby

 

The cheapest available apartment rental in Penasco, NM is a 1 Bed unit found at Tierra Montosa priced from $353. Taos Haus +6 has the second lowest priced unit, which is a 2 Beds apartment currently listed from $592. Here is today’s list of the most affordable Penasco apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Tierra Montosa1 Bedroom1BR,1BA$353
Taos Haus +62 Bedrooms2BR,1BA$592
Ochenta Apartments2 Bedrooms2BR,1BA$739
El Cerrito2 BR2BR,1BA$749
Santa Fe SuitesStudioStudio,1BA$899
Myrtle Apartments - All Utilities IncludedStudioStudio,1BA$900
Casitas Del BellaEfficiency w/ stove topStudio,1BA$925
Casa de Encantada Senior ApartmentsOne Bedroom1BR,1BA$1,096
Sierra Blanca Senior LivingStudioStudio,1BA$1,100
Evergreen Apartments1x1-B1BR,1BA$1,149

Best Value Apartments for Rent in Penasco, NM and Nearby

As of June 01, 2026 the best value apartment in the Penasco area is the $1.82 price per square foot 4 Bedroom 2 Bathroom Model at The Bluffs at Tierra Contenta in the in the Tiempo Lindo neighborhood starting from $2,399. The second greatest value Penasco apartment is the 2 Bedroom 2 Bath Model at Allegro at Tanoan starting at $1,687 with a $1.68 price per square foot in the Foothills neighborhood. Here is today’s list of the best values for Penasco apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
The Bluffs at Tierra Contenta4 Bedroom 2 Bathroom4BR,2BA$1.82
Allegro at Tanoan2 Bedroom 2 Bath2BR,2BA$1.68
El Cerrito2 BR2BR,1BA$0.77
Local 18962x1AR1T2 - 2X1 Renovated2BR,1BA$1.89
Ochenta Apartments2 Bedrooms2BR,1BA$0.97
Enchanted HillsDiego2BR,1BA$1.74
Taos Haus +62 Bedrooms2BR,1BA$0.70
Tierra Montosa1 Bedroom1BR,1BA$0.49
Evergreen Apartments1x1-B1BR,1BA$1.70
Casa de Encantada Senior ApartmentsOne Bedroom1BR,1BA$1.89

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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Remember the 3 Rules of Real Estate:
Location, Location, Location!

Explore Penasco, NM Rentals by Map

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Frequently Asked Questions about Cheap Penasco Apartments

What is the Cheapest Studio apartment in Penasco?

Currently the most affordable Cheap Studio Apartment in Penasco is at Santa Fe Suites listed at $899.

How much is rent for a Cheap One Bedroom Penasco Apartment?

The lowest price for a Cheap One Bedroom Penasco Apartment is $353 at Tierra Montosa.

What is the lowest price for a Cheap Two Bedroom Penasco Apartment for rent?

Today's best deal for a Cheap Two Bedroom Apartment in Penasco is starting from $592 at Taos Haus +6.

What is the most affordable Penasco Three Bedroom Apartment?

The best deal on a cheap Penasco Three Bedroom Apartment rental is at Taos Haus +6 and starts from $681.

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

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Neighborhood and Market Insights: How to Choose the Right Area to Rent

Written by: Robin Stewart

Apartment-hunting can be a gargantuan task. Renters have a wish list of items—some luxuries, some necessities—but finding what you seek in the right place is perhaps the most important part of the journey.

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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.