Cheap Apartments for Rent in Penasco, NM from $353 (52 Rentals)

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

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

Find income-restricted rentals and housing subsidies. Explore government programs designed to help low-income families secure stable, affordable housing.

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Local 1896
$1,299 - $1,799
Total Monthly Price

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$1,299 - $1,799
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1 to 3 Bedroom Apartments Available Now

Local 1896

1896 Lorca DrSanta Fe, NM 87505
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Renters Insurance 101: What It Is, What It Covers, and Why You Need It

From theft to fire to water damage, the unexpected can happen to any renter. Discover why renters insurance is one of the smartest and most affordable investments you can make as a tenant.

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Turquesa
Rent Specials
$1,594 - $2,718
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$1,594 - $2,718
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1 to 3 Bedroom Apartments Available Now

Turquesa

4700 Wagon RdSanta Fe, NM 87507
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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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South Meadows
Rent Specials
$1,612 - $2,526
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$1,612 - $2,526
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1 to 3 Bedroom Apartments Available Now

South Meadows

2800 S Meadows RdSanta Fe, NM 87507
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Solwyn
Rent Specials
$1,644 - $2,709
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$1,644 - $2,709
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1 to 3 Bedroom Apartments Available Now

Solwyn

5520 Wellness WaySanta Fe, NM 87507
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Allaso Vineyards
Rent Specials
$1,647 - $2,350
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Base Rent
$1,647 - $2,350
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Varies
1 to 2 Bedroom Apartments Available Now

Allaso Vineyards

8901 Holly Ave NEAlbuquerque, NM 87122
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Arcadia
Rent Specials
$1,683 - $2,962
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$1,683 - $2,962
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1 to 3 Bedroom Apartments Available Now

Arcadia

5300 Las Soleras DrSanta Fe, NM 87507
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Madera Apartments
$1,725 - $2,509
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Base Rent
$1,725 - $2,509
Total Monthly Price
$1,725 - $2,509
1 to 3 Bedroom Apartments Available Now

Madera Apartments

2525 S Meadows RdSanta Fe, NM 87507
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Allaso High Desert
Rent Specials
$1,811 - $2,920
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$1,811 - $2,920
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1 to 3 Bedroom Apartments Available Now

Allaso High Desert

6701 Tennyson St NEAlbuquerque, NM 87111
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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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The Mica
Rent Specials
$1,890 - $2,553
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$1,890 - $2,553
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1 to 3 Bedroom Apartments Available Now

The Mica

825 Calle MejiaSanta Fe, NM 87501
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property at 6894A 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

6894A 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
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Vista Linda
1 to 4 Bedroom Apartments

Vista Linda

6332 Entrada de MilagroSanta Fe, NM 87507
Senior Living
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Acequia Lofts
1 to 2 Bedroom Apartments

Acequia Lofts

2725 Agua Fria StSanta Fe, NM 87507

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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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$900
Myrtle Apartments - All Utilities IncludedStudioStudio,1BA$900
Casitas Del BellaEfficiency w/ stove topStudio,1BA$925
Casa de Encantada Senior ApartmentsOne Bedroom1BR,1BA$995
Sierra Blanca Senior LivingStudioStudio,1BA$1,100
Vista Alegre ApartmentsStudio, 1 BathStudio,1BA$1,181

Best Value Apartments for Rent in Penasco, NM and Nearby

As of August 30, 2026 the best value apartment in the Penasco area is the $1.49 price per square foot 3 x 3.5 (1-car Gar) Model at Terra at Enchanted Hills in the in the Encantado del Norte Heritage Series neighborhood starting from $2,450. The second greatest value Penasco apartment is the B15W Model at Presidium Casa Siena starting at $1,593 with a $1.45 price per square foot in the Pueblos Del Sol 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.
Terra at Enchanted Hills3 x 3.5 (1-car Gar)3BR,3.5BA$1.49
Presidium Casa SienaB15W2BR,2BA$1.45
El Cerrito2 BR2BR,1BA$0.77
Local 18962x1AR1T2 - 2X1 Renovated2BR,1BA$1.37
Ochenta Apartments2 Bedrooms2BR,1BA$0.97
Enchanted HillsDiego2BR,1BA$1.74
Taos Haus +62 Bedrooms2BR,1BA$0.70
Allegro at Tanoan1 Bedroom 1 Bath1BR,1BA$1.66
Tierra Montosa1 Bedroom1BR,1BA$0.49
Casa de Encantada Senior ApartmentsOne Bedroom1BR,1BA$1.72

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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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 $900.

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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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.

decorative image for First Apartment Regrets: Real Renters Share What They'd Do Differently article

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.

decorative image for Renters Insurance 101: What It Is, What It Covers, and Why You Need It article

Renters Insurance 101: What It Is, What It Covers, and Why You Need It

Written by: Robin Stewart

Insurance seems to be a part of life. In some states, having insurance is the law, as is the case for automobile insurance. Renters are no exception.