Cheap Apartments for Rent near Penelope, TX from $372 (45 Rentals)

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

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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The Cove on 21st
$943 - $1,293

Total Monthly Price

Base Rent$943 - $1,293
Total Monthly Price$943 - $1,293
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 - $1,726

Total Monthly Price

Base Rent$1,101 - $1,726
Total Monthly PriceVaries
1 to 2 Bedroom Apartments Available Soon

RIVERCREST

66 Daughtrey AveWaco, TX 76706
Student Housing
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  • Customer Reviewed
  • Utilities Included
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Tinsley Place
$1,164 - $3,876

Total Monthly Price

Base Rent$1,164 - $3,876
Total Monthly Price$1,164 - $3,876
1 to 3 Bedroom Apartments Available Now

Tinsley Place

715 Cleveland AveWaco, TX 76706
Corporate Housing
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South Terrace
1 to 4 Bedroom Apartments

South Terrace

2616 S 12th StWaco, TX 76706

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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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
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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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property at 808 Mill St
$1,095
2 Bedroom Rentals
Available Now

808 Mill St

ItascaTX76055
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The Madison
1 to 2 Bedroom Apartments

The Madison

1307 Austin AveWaco, TX 76701
Corporate Housing

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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Showing Results 1-45, 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 3 Beds unit found at Barrons Branch II in the Carver neighborhood priced from $619. 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
Barrons Branch IIC13BR,2BA$619
University Club ApartmentsOne Bedroom1BR,1BA$649
South Terrace1x11BR,1BA$697
LL Sams ApartmentsStandard Loft - 4 BDR, 2 BTH | ONE LEFT4BR,2BA$735
University Edge WacoPlan E4BR,4BA$745
Villas of Hubbard11-601BR,1BA$778
Brazos Park ApartmentsA-1b1bs1BR,1BA$779
The Meadows ApartmentsOne Bedroom1BR,1BA$803
Prime Properties Waco1Bed-1Bath1BR,1BA$875
Sandstone1 Bed, 1 Bath A (80% Income Restricted)1BR,1BA$889

Best Value Apartments for Rent in Penelope, TX and Nearby

As of September 13, 2026 the best value apartment in the Penelope area is the $0.58 price per square foot D1 Premium Model at The Den in the in the South End neighborhood starting from $835. The second greatest value Penelope apartment is the C1 Model at Elevate starting at $679 with a $0.62 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.
The DenD1 Premium4BR,4BA$0.58
ElevateC13BR,3BA$0.62
River Park2 Bedroom 2 Bath2BR,2BA$1.12
University Edge WacoPlan B2BR,2BA$0.82
Barrons Branch IIB12BR,2BA$1.06
LL Sams ApartmentsStandard Loft - 2 BDR, 1 BTH | VERY LIMITED2BR,1BA$0.95
Historic Lofts of Waco High1 Bedroom1BR,1BA$1.21
Villas of Hubbard11-601BR,1BA$1.19
South Terrace1x11BR,1BA$1.10
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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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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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 Penelope, TX Rentals by Map

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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 Barrons Branch II and starts from $619.

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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Exploring Rental Options: Apartments, Townhomes, and Lofts - Oh My!

Written by: Robin Stewart

Where do you see yourself? When you think of home, sweet home, are you in a 3/2 apartment? Dreaming of a tall townhome? Maybe an industrial loft heavy on cool vibes is on your visioning board.

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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.

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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.