602 E Navarro St
MartTX76664
Cheap Homes for Rent in Penelope, TX from $600 (7 Rentals)
Search the lowest-cost Homes available for rent right now in Penelope.
1048 Eagle Canyon Dr
China SpringTX76633
1225 Selman St
WacoTX76704
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.
208 N Lumpkin St
MartTX76664
433 HCR 2105 Loop N
WhitneyTX76692
441 HCR 2105 Loop N
WhitneyTX76692
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.
1500 Lake Shore Dr
WacoTX76708
Showing Results 1-7, Page 1 of 1
Penelope, TX Local Guide
The one and only Texas Flag by Kimberly Vardeman is licensed under CC BY 2.0
How much does it cost to rent a home in Penelope?
| Bedroom | Average Rent | Cheapest Rent | Highest Rent |
|---|---|---|---|
| Penelope 2 Bedroom Homes for Rent | $1,344 | $895 | $1,895 |
| Penelope 3 Bedroom Homes for Rent | $1,553 | $1,150 | $2,300 |
| Penelope 4 Bedroom Homes for Rent | $1,512 | $1,500 | $1,525 |
| Penelope 5 Bedroom Homes for Rent | $650 | $650 | $650 |
Browse Top Homes for Rent in Penelope
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Penelope, TX Local Guide
- Nearby Cities
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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 $649. Here is today’s list of the most affordable Penelope apartments for rent:
| Apartment Listing | Model Name | Bed/Bath | Priced From |
|---|---|---|---|
| Villas of Hubbard | 1 Bed 1 Bath | 1BR,1BA | $371 |
| Eagle Crest Apartments | Efficiency/Studio | Studio,1BA | $649 |
| Elevate | C2 | 3BR,2BA | $659 |
Best Value Apartments for Rent in Penelope, TX and Nearby
As of May 31, 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 Listing | Model Name | Bed/Bath | Price Per Sq.Ft. |
|---|---|---|---|
| Elevate | C1 | 3BR,3BA | $0.61 |
| University Edge Waco | Plan B | 2BR,2BA | $0.82 |
| Barrons Branch II | B1 | 2BR,2BA | $0.98 |
| LL Sams Apartments | Standard Loft - 2 BDR, 1 BTH | VERY LIMITED | 2BR,1BA | $0.86 |
| Villas of Hubbard | 2 Bed 1 Bath | 2BR,1BA | $1.01 |
| Bear Crossing | 2 Bedroom 2 Bath | 2BR,2BA | $0.59 |
| Historic Lofts of Waco High | 1 Bedroom | 1BR,1BA | $1.19 |
| Costa Esmeralda | 1BR/1BA | 1BR,1BA | $1.34 |
| The Meadows Apartments | One Bedroom | 1BR,1BA | $1.24 |
| University Club Apartments | One Bedroom | 1BR,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
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 ArticleQuick 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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Frequently Asked Questions about Penelope
What type of rentals are currently available in Penelope?
There are currently 51 Apartments for Rent in Penelope, TX with pricing that ranges from $371 to $4,027. There are also 38 Single Family Homes for rent, Condos, and Townhome rentals currently available in Penelope ranging from $650 to $2,300.
What is the current price range for Rental Homes in Penelope?
Today's rental pricing for Homes for Rent, Condos and Townhomes in Penelope ranges from $650 to $2,300 with an average monthly rent of $1,193.
How much are larger Three and Four Bedroom Rentals in Penelope?
For those who are looking for larger living arrangements, Three Bedroom Apartments in Penelope range from $659 to $3,051, while Three Bedroom Homes, Condos, and Townhomes for rent range from $1,150 to $2,300. Four Bedroom Single-Family rentals are also available starting from $1,500 and Four Bedroom Apartments start at $499.
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
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.
A Seasoned Property Manager's Step-by-Step Guide to Getting Your Deposit Back
Written by: Lauren Harrington
I’m going to talk with you as a seasoned property manager and friend. So, let’s start with your security deposit. I want you to think about this guide as insider information. You deserve your deposit back.
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.
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.