Cheap Apartments for Rent in Penelope, TX from $300 (41 Rentals)

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

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 Cove on 21st
$943 - $1,298
Total Monthly Price

Total Monthly Price

Base Rent
$943 - $1,298
Total Monthly Price
$943 - $1,298
1 to 3 Bedroom Apartments Available Now

The Cove on 21st

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

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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Tinsley Place
Rent Specials
$1,098 - $3,136
Total Monthly Price

Total Monthly Price

Base Rent
$1,098 - $3,136
Total Monthly Price
$1,098 - $3,136
1 to 3 Bedroom Apartments Available Now

Tinsley Place

715 Cleveland AveWaco, TX 76706
Corporate Housing
  • Verified
  • Customer Reviewed
  • 3D Tour

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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LUXE AT 1300
$1,287 - $2,312
Total Monthly Price

Total Monthly Price

Base Rent
$1,287 - $2,312
Total Monthly Price
Varies
1 to 2 Bedroom Apartments Available May 13

LUXE AT 1300

1300 Placid CirWaco, TX 76706
Corporate Housing
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  • Customer Reviewed
  • 3D Tour
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South Terrace
1 to 4 Bedroom Apartments

South Terrace

2616 S 12th StWaco, TX 76706
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19Eleven
1 to 4 Bedroom Apartments

19Eleven

1911 S 8th StWaco, TX 76706
Student Housing
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The Madison
1 to 2 Bedroom Apartments

The Madison

1307 Austin AveWaco, TX 76701
Corporate Housing

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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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

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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Showing Results 1-41, 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 Villas of Hubbard priced from $371. Eagle Crest Apartments in the Carver neighborhood has the second lowest priced unit, which is a Studio apartment currently listed from $599. Here is today’s list of the most affordable Penelope apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Villas of Hubbard1 Bed 1 Bath1BR,1BA$371
Eagle Crest ApartmentsEfficiency/StudioStudio,1BA$599
ElevateC23BR,2BA$659
LL Sams ApartmentsStandard Loft - 4 BDR, 2 BTH | ONE LEFT4BR,2BA$699
University Club ApartmentsOne Bedroom1BR,1BA$709
University Edge WacoPlan E4BR,4BA$745
Brazos Park ApartmentsA-1b1bs1BR,1BA$779
Eleven06 on 35 Apartments1 Bedroom, 1 Bath1BR,1BA$795
Costa Esmeralda1BR/1BA1BR,1BA$902
Sandstone1 Bed, 1 Bath A (80% Income Restricted)1BR,1BA$925

Best Value Apartments for Rent in Penelope, TX and Nearby

As of April 30, 2026 the best value apartment in the Penelope area is the $0.82 price per square foot Plan B Model at University Edge Waco in the in the South End neighborhood starting from $799. The second greatest value Penelope apartment is the B1 Model at Riviera Apartments starting at $1,299 with a $1.33 price per square foot . 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.
University Edge WacoPlan B2BR,2BA$0.82
Riviera ApartmentsB12BR,2BA$1.33
Barrons Branch IIB12BR,2BA$0.96
The Enclave at the StadiumC13BR,2BA$1.37
Villas of Hubbard2 Bed 1 Bath2BR,1BA$1.01
Bear Crossing2 Bedroom 2 Bath2BR,2BA$0.59
Historic Lofts of Waco High1 Bedroom1BR,1BA$1.19
Highland Cove1 BR A 1BR,1BA$1.34
Costa Esmeralda1BR/1BA1BR,1BA$1.34
University Club ApartmentsOne Bedroom1BR,1BA$1.21

10 Hidden Costs of Renting You Should Budget for Before Signing a Lease

Avoid financial stress when renting. Learn about the 10 most common hidden costs—from pet fees to utilities—you must budget for before you sign a lease.

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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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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.

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Cash 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.

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Quick Rent Budget Calculator

How much rent can you afford?

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 Penelope, TX Rentals by Map

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See the most popular apartments and homes in Penelope, TX

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Frequently Asked Questions about Cheap Penelope Apartments

What is the Cheapest Studio apartment in Penelope?

Currently the most affordable Cheap Studio Apartment in Penelope is at Eagle Crest Apartments listed at $599.

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

The lowest price for a Cheap One Bedroom Penelope Apartment is $371 at Villas of Hubbard.

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 Elevate and starts from $659.

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

decorative image for Expert Solutions for Creating the Perfect Work-From-Home Apartment Layouts article

Expert Solutions for Creating the Perfect Work-From-Home Apartment Layouts

Written by: Lauren Harrington

This article is based on first-hand experience managing apartment communities and helping renters adapt to their spaces after moving in.

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What Does “Rent Burdened” Mean? How Much Rent Is Too Much

Written by: Lauren Harrington

This article draws from first-hand renter experiences and recurring financial challenges reported after moving in.

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Maximizing Your Refund: Essential Tax Tips for Renters

Written by: Christine Leonard, Esq.

Other than tax professionals, I can’t think of anyone who looks forward to tax season. For everybody else, April is a stressful month to collect information and meet deadlines.

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18 Must-Ask Rental Tour Questions That Reveal the Truth about a Property

Written by: Lauren Harrington

Renting your next home can feel thrilling and overwhelming at the same time.