Cheap Apartments for Rent near Penelope, TX from $300 (37 Rentals)

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

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The Meadows Apartments
Rent Specials
$803 - $918
Total Monthly Price

Total Monthly Price

Base Rent
$803 - $918
Total Monthly Price
$803 - $918
1 to 2 Bedroom Apartments Available Jul 31

The Meadows Apartments

4300 Meyers LnWaco, TX 76705
Affordability
  • Verified
  • Customer Reviewed
  • Utilities Included

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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Bordeaux XI Apartments
Rent Specials
$915 - $1,375
Total Monthly Price

Total Monthly Price

Base Rent
$915 - $1,375
Total Monthly Price
$915 - $1,375
1 to 3 Bedroom Apartments Available Now

Bordeaux XI Apartments

3600 Scroggins DrWaco, TX 76705
Eco-Friendly
  • Verified
  • Customer Reviewed
  • Utilities Included
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The Cove on 21st
$918 - $1,268
Total Monthly Price

Total Monthly Price

Base Rent
$918 - $1,268
Total Monthly Price
$918 - $1,268
1 to 3 Bedroom Apartments Available Now

The Cove on 21st

2425 S 21st StWaco, TX 76706
Corporate Housing
  • Verified
  • Customer Reviewed
  • 3D Tour

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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RIVERCREST
$1,101 - $1,697
Total Monthly Price

Total Monthly Price

Base Rent
$1,101 - $1,697
Total Monthly Price
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1 to 2 Bedroom Apartments Contact Us For Availability

RIVERCREST

66 Daughtrey AveWaco, TX 76706
Student Housing
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  • Customer Reviewed
  • Utilities Included
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South Terrace
1 to 4 Bedroom Apartments

South Terrace

2616 S 12th StWaco, TX 76706
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Prime Properties Waco
1 to 4 Bedroom Apartments

Prime Properties Waco

1800 Primrose DrWaco, TX 76706
Corporate Housing
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19Eleven
1 to 4 Bedroom Apartments

19Eleven

1911 S 8th StWaco, TX 76706
Student Housing

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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Derek Ville
1 Bedroom Apartments

Derek Ville

111 County Road 1812Clifton, TX 76634
  • Utilities Included
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The Centre
2 to 3 Bedroom Apartments

The Centre

1818 S 7th StWaco, TX 76706
Student Housing

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 Madison
1 to 2 Bedroom Apartments

The Madison

1307 Austin AveWaco, TX 76701
Corporate Housing
Showing Results 1-37, 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 Studio unit found at Eagle Crest Apartments in the Carver neighborhood priced from $649. University Club Apartments in the Carver neighborhood has the second lowest priced unit, which is a 1 Bed apartment currently listed from $649. Here is today’s list of the most affordable Penelope apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Eagle Crest ApartmentsEfficiency/StudioStudio,1BA$649
University Club ApartmentsOne Bedroom1BR,1BA$649
University Edge WacoPlan E4BR,4BA$745
Villas of Hubbard11-601BR,1BA$778
Brazos Park ApartmentsA-1b1bs1BR,1BA$779
Waco ApartmentsWAITLIST ONLY - 1 Bedroom Tranquil Garden-Style...1BR,1BA$850
The Cove on 21stA11BR,1BA$918
Historic Lofts of Waco High1 Bedroom1BR,1BA$941
Bordeaux XI Apartments2 Bed/1 Bath2BR,1BA$995
Highland Cove1 BR A 1BR,1BA$995

Best Value Apartments for Rent in Penelope, TX and Nearby

As of July 30, 2026 the best value apartment in the Penelope area is the $1.18 price per square foot 3BR/2.0BA Model at Allen Place in the in the South End neighborhood starting from $1,500. The second greatest value Penelope apartment is the 3 Bedroom 3 Bath Model at Bear Crossing starting at $1,500 with a $1.36 price per square foot in the South End 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.
Allen Place3BR/2.0BA3BR,2BA$1.18
Bear Crossing3 Bedroom 3 Bath3BR,3BA$1.36
University Edge WacoPlan B2BR,2BA$0.82
Bordeaux XI Apartments2 Bed/2 Bath2BR,2BA$1.34
Historic Lofts of Waco High1 Bedroom1BR,1BA$1.19
Highland Cove1 BR A 1BR,1BA$1.42
Carriage House672 sq ft 1 bed1BR,1BA$1.56
Villas of Hubbard11-601BR,1BA$1.19
Waco ApartmentsWAITLIST ONLY - 1 Bedroom Tranquil Garden-Style...1BR,1BA$1.33
University Club ApartmentsOne Bedroom1BR,1BA$1.11

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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Location, Location, Location!

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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 $649 at University Club Apartments.

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 $699 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 $799.

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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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.

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Apartment Occupancy Rates: Renter Attraction vs Renter Retention

Written by: Robin Stewart

There’s a tenet in marketing about client or customer attraction and retention. Studies and data have consistently shown it costs less to keep a current customer than to attract a new one.