941 Calle Mejia
Santa FeNM87501
Cheap Homes for Rent in Penasco, NM from $1,200 (9 Rentals)
Search the lowest-cost Homes available for rent right now in Penasco.
6894 CO-12
WestonCO81091
27736 US-64
Angel FireNM87710
449 Cerrillos Rd
Santa FeNM87501
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.
1002 A NM-76
EspanolaNM87567
142 Duran St
Santa FeNM87501
663 Bishops Lodge Rd
Santa FeNM87501
247A Upper San Pedro Rd
EspanolaNM87532
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.
402 Trujillo Ln
TaosNM87571
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Penasco, NM Local Guide
Sandia National Laboratories solar farm by National Nuclear Security Administration is licensed under Public Domain
How much does it cost to rent a home in Penasco?
| Bedroom | Average Rent | Cheapest Rent | Highest Rent |
|---|---|---|---|
| Penasco 2 Bedroom Homes for Rent | $3,148 | $1,394 | $4,250 |
| Penasco 3 Bedroom Homes for Rent | $3,673 | $1,250 | $8,000 |
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Penasco, NM Local Guide
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Cheapest Available Penasco Apartments for Rent and Nearby
The cheapest available apartment rental in Penasco, NM is a Studio unit found at Santa Fe Suites in the Pueblos Del Sol neighborhood priced from $899. Myrtle Apartments - All Utilities Included has the second lowest priced unit, which is a Studio apartment currently listed from $900. Here is today’s list of the most affordable Penasco apartments for rent:
| Apartment Listing | Model Name | Bed/Bath | Priced From |
|---|---|---|---|
| Santa Fe Suites | Studio | Studio,1BA | $899 |
| Myrtle Apartments - All Utilities Included | Studio | Studio,1BA | $900 |
| Casa de Encantada Senior Apartments | One Bedroom | 1BR,1BA | $993 |
Best Value Apartments for Rent in Penasco, NM and Nearby
As of December 29, 2025 the best value apartment in the Penasco area is the $2.01 price per square foot San Juan Model at South Meadows in the in the Pueblos Del Sol neighborhood starting from $2,688. The second greatest value Penasco apartment is the 4 Bedroom 2 Bathroom Model at The Bluffs at Tierra Contenta starting at $2,085 with a $1.58 price per square foot in the Tiempo Lindo neighborhood. Here is today’s list of the best values for Penasco apartments based on price per square foot:
| Apartment Listing | Model Name | Bed/Bath | Price Per Sq.Ft. |
|---|---|---|---|
| South Meadows | San Juan | 3BR,2BA | $2.01 |
| The Bluffs at Tierra Contenta | 4 Bedroom 2 Bathroom | 4BR,2BA | $1.58 |
| Terra at Enchanted Hills | 2 X 2.5 (1-Car Gar) | 3BR,3.5BA | $1.64 |
| Allaso Vineyards | B5 | 2BR,2BA | $1.95 |
| Local 1896 | 2x1AR1T2 - 2X1 Renovated | 2BR,1BA | $1.77 |
| Soleras Station | Two Bedroom | 2BR,1BA | $2.00 |
| The Mica | The Pines | 1BR,1BA | $1.84 |
| Allegro at Tanoan | 1 Bedroom 1 Bath | 1BR,1BA | $1.67 |
| Evergreen Apartments | 1x1-B | 1BR,1BA | $1.70 |
| Casa de Encantada Senior Apartments | One Bedroom | 1BR,1BA | $1.71 |
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.
Read Article
The Ultimate Long-Distance Moving Checklist: Tips from a Real Estate Pro
Moving is tough, especially long-distance. Learn how to minimize stress & expenses with proven strategies from a real estate pro, covering everything from logistics to finances.
Read ArticleCash 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.
Read ArticleQuick Rent Budget Calculator
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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
See the most popular apartments and homes in Penasco, NM
Frequently Asked Questions about Penasco
What type of rentals are currently available in Penasco?
There are currently 40 Apartments for Rent in Penasco, NM with pricing that ranges from $899 to $4,462. There are also 32 Single Family Homes for rent, Condos, and Townhome rentals currently available in Penasco ranging from $1,235 to $8,000.
What is the current price range for Rental Homes in Penasco?
Today's rental pricing for Homes for Rent, Condos and Townhomes in Penasco ranges from $1,235 to $8,000 with an average monthly rent of $2,715.
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
How to Make Your Apartment Holiday-Ready: Renter-Friendly Tips
Written by: Justin Habersaat
Getting your apartment ready for the holidays can be exciting but sometimes challenging in a smaller space. Here are some modern tips to keep things festive, safe, and inviting this season.
Renting with Roommates: Realistic Expectations for Shared Lease
Written by: Christine Leonard, Esq.
Given the high costs for housing, I have found that many people are looking for a roommate to share expenses. These arrangements can increase opportunities for more desirable and larger spaces.
Apartment Common Area Rules: What Renters Need to Know
Written by: Christine Leonard, Esq.
Back in the day when I rented one of my first apartments, the property didn’t even have laundry in the building. Now, rental properties are often competing against each other to provide the best amenities.
How to Negotiate Your Apartment Lease and Save Money
Written by: Christine Leonard, Esq.
Everything is a negotiation in real estate!