Cheap Apartments for Rent in Penelope, TX from $300 (24 Rentals)

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

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South Terrace
1 to 4 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
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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 $392. South Terrace in the South End neighborhood has the second lowest priced unit, which is a 1 Bed apartment currently listed from $658. 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$392
South Terrace1x11BR,1BA$658
Eagle Crest ApartmentsEfficiency/StudioStudio,1BA$659
University Club ApartmentsOne Bedroom1BR,1BA$699
University Edge WacoPlan E4BR,4BA$705

Best Value Apartments for Rent in Penelope, TX and Nearby

As of September 15, 2025 the best value apartment in the Penelope area is the $1.35 price per square foot B1 Model at Riviera Apartments in the starting from $1,314. The second greatest value Penelope apartment is the Plan C Model at University Edge Waco starting at $775 with a $0.80 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.
Riviera ApartmentsB12BR,2BA$1.35
University Edge WacoPlan C2BR,2BA$0.80
Villas of Hubbard2 Bed 1 Bath2BR,1BA$1.19
Historic Lofts at Waco High1 Bedroom1BR,1BA$0.94
Prime Properties Waco1Bed-1Bath1BR,1BA$1.24
Madison HighlandsAnderson1BR,1BA$1.41
The Meadows ApartmentsOne Bedroom1BR,1BA$1.24
South Terrace1x11BR,1BA$1.07
Brazos Park ApartmentsB-1b1bm1BR,1BA$1.25
University Club ApartmentsOne Bedroom1BR,1BA$1.19

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Pet Friendly Lifestyle
Penelope, TX

Ranked #765

Among cities in Texas for Apartment listings with Pet Friendly Amenities.

Pet Friendliness Lifestyle Score

2.5
Pet Friendly

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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

What is the Cheapest Studio apartment in Penelope?

Currently the most affordable Cheap Studio Apartment in Penelope is at Eagle Crest Apartments listed at $659.

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

The lowest price for a Cheap One Bedroom Penelope Apartment is $392 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 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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The Rental Move-In Inspection Checklist: A Guide for Renters

Written by: Trey Huguley

The move-in inspection checklist is a crucial tool for both tenants and landlords. This checklist, provided by the team at ApartmentHomeLiving.com, helps document the condition of an apartment at the time of move-in.

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Your Guide to Co-Signers: The Risks, Rewards, and Everything in Between

Written by: Christine Leonard, Esq.

For many people, obstacles can arise during the rental application process for a variety of issues.

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The Ultimate Long-Distance Moving Checklist: Tips from a Real Estate Pro

Written by: Christine Leonard, Esq.

Hard truth. Moving is never easy. I’ve done it all – from local moves to cross-country relocations From packing to unpacking the last box, I have found moving to be an exhausting, expensive and stressful experience every time.

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Cash or credit? Understanding the Importance of Credit Score in Real Estate and Renting

Written by: Christine Leonard, Esq.

Throughout the day, think about all the times that you have to pay for something. So many of us reach automatically for a credit card or even our phone for a quick payment.