Cheap Apartments for Rent in Penelope, TX from $500 (27 Rentals)

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

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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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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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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South Terrace
1 Bedroom Apartments

South Terrace

2616 S 12th StWaco, TX 76706
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Derek Ville
1 Bedroom Apartments

Derek Ville

111 County Road 1812Clifton, TX 76634
  • Utilities Included
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The Madison
1 to 2 Bedroom Apartments

The Madison

1307 Austin AveWaco, TX 76701

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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Showing Results 1-27, Page 1 of 1

Penelope, TX Local Guide

Cheapest Available Penelope Apartments for Rent and Nearby

 

The cheapest available apartment rental in Penelope, TX is a 1 Bed unit found at South Terrace in the South End neighborhood priced from $658. University Club Apartments in the Carver neighborhood has the second lowest priced unit, which is a 1 Bed apartment currently listed from $699. Here is today’s list of the most affordable Penelope apartments for rent:

Apartment ListingModel NameBed/BathPriced From
South Terrace1x11BR,1BA$658
University Club ApartmentsOne Bedroom1BR,1BA$699
Brazos Park ApartmentsB-1b1bm1BR,1BA$749
Historic Lofts at Waco High1 Bedroom1BR,1BA$750
The Meadows ApartmentsOne Bedroom1BR,1BA$795
Eleven06 on 35 Apartments1 Bedroom, 1 Bath1BR,1BA$798
MB Country Meadow Apartments1Bedroom1BR,1BA$825
Sandstone1 Bed, 1 Bath1BR,1BA$916
URSA2BR/2BA - Flat - Pool View2BR,2BA$920
Prime Properties Waco1Bed-1Bath1BR,1BA$925

Best Value Apartments for Rent in Penelope, TX and Nearby

As of June 16, 2025 the best value apartment in the Penelope area is the $1.56 price per square foot 1BR/2BA - with Den Model at URSA in the in the Carver neighborhood starting from $1,380. The second greatest value Penelope apartment is the 1 Bedroom Model at Historic Lofts at Waco High starting at $750 with a $0.94 price per square foot in the Carver neighborhood. Here is today’s list of the best values for Penelope apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
URSA1BR/2BA - with Den1BR,2BA$1.56
Historic Lofts at Waco High1 Bedroom1BR,1BA$0.94
Prime Properties Waco1Bed-1Bath1BR,1BA$1.31
Highland Cove1 BR A 1BR,1BA$1.44
Madison HighlandsAnderson1BR,1BA$1.41
The Meadows ApartmentsOne Bedroom1BR,1BA$1.24
MB Country Meadow Apartments1Bedroom1BR,1BA$1.29
South Terrace1x11BR,1BA$1.07
Brazos Park ApartmentsB-1b1bm1BR,1BA$1.25
University Club ApartmentsOne Bedroom1BR,1BA$1.19

Quick Rent Budget Calculator

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Pet Friendly Lifestyle

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Pet Friendliness Lifestyle Score

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

Explore Penelope, TX Rentals by Map

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See the most popular apartments and homes in Penelope, TX

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Getting Around Penelope, TX

Walk Score®

1 / 100

Car-Dependent

Almost all errands require a car

Bike Score®

23 / 100

Somewhat Bikeable

Minimal bike infrastructure

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 Penelope Apartments

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

The lowest price for a Cheap One Bedroom Penelope Apartment is $658 at South Terrace.

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

Today's best deal for a Cheap Two Bedroom Apartment in Penelope is starting from $749 at University Club Apartments.

What is the most affordable Penelope Three Bedroom Apartment?

The best deal on a cheap Penelope Three Bedroom Apartment rental is at University Club Apartments and starts from $849.

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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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.

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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.