Cheap Apartments for Rent near Penrose, NC from $900 (47 Rentals)

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

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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Kensington Place
Rent Specials
$1,200 - $1,790
Total Monthly Price

Total Monthly Price

Base Rent
$1,200 - $1,790
Total Monthly Price
$1,200 - $1,790
Studio to 3 Bedroom Apartments Available Now

Kensington Place

200 Kensington PlAsheville, NC 28803
Eco-Friendly
  • Verified
  • Customer Reviewed
  • Utilities Included

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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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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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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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 1-47, Page 1 of 1

Penrose, NC Local Guide

Cheapest Available Penrose Apartments for Rent and Nearby

 

The cheapest available apartment rental in Penrose, NC is a 1 Bed unit found at Lakeshore Villas in the Kashmir neighborhood priced from $942. Hawthorne at Southside in the Bennington Oaks neighborhood has the second lowest priced unit, which is a 1 Bed apartment currently listed from $1,109. Here is today’s list of the most affordable Penrose apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Lakeshore VillasThe Cove1BR,1BA$942
Hawthorne at SouthsideTIMELESS Cedar1BR,1BA$1,109
Vetra AshevilleThe Oak1BR,1BA$1,199
Universal at Lakewood1 Bedroom Second Level - 680sf1BR,1BA$1,199
Kensington PlaceSummitStudio,1BA$1,200
Venture at Lake JulianGlenvilleStudio,1BA$1,213
The Villas at Avery Creek1 Bedroom Second Level - 680sf1BR,1BA$1,219
Brittany Place HendersonvilleThe Grenadier1BR,1BA$1,265
DilworthThe Pisgah1BR,1BA$1,275
Audubon PlaceThe Finch1BR,1BA$1,275

Best Value Apartments for Rent in Penrose, NC and Nearby

As of July 31, 2026 the best value apartment in the Penrose area is the $1.36 price per square foot Magnolia Model at Artisan Living Mills River in the in the Kayden Valley neighborhood starting from $2,475. The second greatest value Penrose apartment is the C1 The View Model at Goldelm at The Views starting at $1,586 with a $1.23 price per square foot in the Bennington Oaks neighborhood. Here is today’s list of the best values for Penrose apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Artisan Living Mills RiverMagnolia3BR,2.5BA$1.36
Goldelm at The ViewsC1 The View3BR,2BA$1.23
Weirbridge VillageThe Rhododendron2BR,2BA$1.49
Park Residence2 Bedroom2BR,2BA$1.20
SouthRidge Apartments and TownhomesLooking Glass Townhouse2BR,2.5BA$1.41
Chadwick Square ApartmentsTwo Bedroom2BR,2BA$1.37
Avalon at Sweeten CreekThe Brant with Balcony2BR,2BA$1.46
51 Cushion Pl2 Bed 2 Bath2BR,2BA$1.47
Charleston at the Meadows2 Bed/1 Bath Upgraded2BR,1BA$1.49
Lakeshore VillasThe Cove1BR,1BA$1.43

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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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!

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Frequently Asked Questions about Cheap Penrose Apartments

What is the Cheapest Studio apartment in Penrose?

Currently the most affordable Cheap Studio Apartment in Penrose is at Kensington Place listed at $1,200.

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

The lowest price for a Cheap One Bedroom Penrose Apartment is $942 at Lakeshore Villas.

What is the lowest price for a Cheap Two Bedroom Penrose Apartment for rent?

Today's best deal for a Cheap Two Bedroom Apartment in Penrose is starting from $1,127 at Lakeshore Villas.

What is the most affordable Penrose Three Bedroom Apartment?

The best deal on a cheap Penrose Three Bedroom Apartment rental is at Lakeshore Villas and starts from $1,309.

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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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.

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Renters Insurance 101: What It Is, What It Covers, and Why You Need It

Written by: Robin Stewart

Insurance seems to be a part of life. In some states, having insurance is the law, as is the case for automobile insurance. Renters are no exception.

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Apartment Occupancy Rates: Renter Attraction vs Renter Retention

Written by: Robin Stewart

There’s a tenet in marketing about client or customer attraction and retention. Studies and data have consistently shown it costs less to keep a current customer than to attract a new one.