Cheap Apartments for Rent in Penelope, TX from $400 (32 Rentals)

How Many Bedrooms?Done
Select your price rangeDone
to
Note: Properties with the Total Monthly Price badge include all required fees. Hover over the badge for details.
Lifestyle Matching SearchDone
Learn more about Lifestyle Search
By AmenitiesDone
By Community TypeDone
Features and AvailabilityDone
Done

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.

Read Article
close
View Me
The Cove on 21st
Rent Specials
$943 - $1,273
Total Monthly Price

Total Monthly Price

Base Rent
$943 - $1,273
Total Monthly Price
$943 - $1,273
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.

Read Article
close
View Me
South Terrace
1 to 4 Bedroom Apartments

South Terrace

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

Prime Properties Waco

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

19Eleven

1911 S 8th StWaco, TX 76706
Student Housing

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.

Read Article
close
View Me
Derek Ville
1 Bedroom Apartments

Derek Ville

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

The Madison

1307 Austin AveWaco, TX 76701
Corporate Housing
close
View Me
The Centre
2 to 3 Bedroom Apartments

The Centre

1818 S 7th StWaco, TX 76706
Student Housing

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.

Read Article
Showing Results 1-32, 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. Elevate in the Carver neighborhood has the second lowest priced unit, which is a 3 Beds apartment currently listed from $659. Here is today’s list of the most affordable Penelope apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Eagle Crest ApartmentsEfficiency/StudioStudio,1BA$649
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
Villas of Hubbard1 Bed 1 Bath1BR,1BA$778
Brazos Park ApartmentsA-1b1bs1BR,1BA$779
Eleven06 on 35 Apartments1 Bedroom, 1 Bath1BR,1BA$795
The Meadows ApartmentsOne Bedroom1BR,1BA$795
Costa Esmeralda1BR/1BA1BR,1BA$902

Best Value Apartments for Rent in Penelope, TX and Nearby

As of June 15, 2026 the best value apartment in the Penelope area is the $0.61 price per square foot C1 Model at Elevate in the in the Carver neighborhood starting from $669. The second greatest value Penelope apartment is the Plan B Model at University Edge Waco starting at $799 with a $0.82 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.
ElevateC13BR,3BA$0.61
University Edge WacoPlan B2BR,2BA$0.82
LL Sams ApartmentsStandard Loft - 2 BDR, 1 BTH | VERY LIMITED2BR,1BA$0.86
Bear Crossing2 Bedroom 2 Bath2BR,2BA$0.59
Historic Lofts of Waco High1 Bedroom1BR,1BA$1.19
Highland Cove1 BR A 1BR,1BA$1.42
Costa Esmeralda1BR/1BA1BR,1BA$1.34
Villas of Hubbard1 Bed 1 Bath1BR,1BA$1.19
The Meadows ApartmentsOne Bedroom1BR,1BA$1.24
University Club ApartmentsOne Bedroom1BR,1BA$1.21

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.

Read Article
Decorative image

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.

Read Article
Decorative image

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.

decorative image of people with a giant lease agreement

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

Explore Penelope, TX Rentals by Map

Decorative image of map

See the most popular apartments and homes in Penelope, TX

View Map
Penelope, TX Apartments Map
View Map
Penelope, TX Rental Homes Map

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 $709 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 $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 How I Find the Perfect Rental for My Clients: A Real Estate Pro's Guide article

How I Find the Perfect Rental for My Clients: A Real Estate Pro's Guide

Written by: Robin Stewart

Evaluating rental properties for clients draws many parallels to house-hunting. Whether an apartment, loft, townhouse, or other rental, finding the right place means finding “home” for your client.

decorative image for Pet-Friendly Renting: Everything You Need to Know Before You Move article

Pet-Friendly Renting: Everything You Need to Know Before You Move

Written by: Christine Leonard, Esq.

For so many of us, pets are the best companions and a big part of our lives. For this reason, a pet-friendly house or apartment is often a very important - and nonnegotiable - part of a move.

decorative image for Creative Ways Developers Reimagine Retail Spaces as Residential Units article

Creative Ways Developers Reimagine Retail Spaces as Residential Units

Written by: Robin Stewart

Adaptive reuse is when a commercial property is converted and repurposed. The real estate industry has embraced a growing number of these projects.

decorative image for Neighborhood and Market Insights: How to Choose the Right Area to Rent article

Neighborhood and Market Insights: How to Choose the Right Area to Rent

Written by: Robin Stewart

Apartment-hunting can be a gargantuan task. Renters have a wish list of items—some luxuries, some necessities—but finding what you seek in the right place is perhaps the most important part of the journey.