Cheap Apartments for Rent in Penrose, NC from $300 (50 Rentals)

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Kensington Place
Rent Specials
$1,080 - $1,790
Total Monthly Price

Total Monthly Price

Base Rent
$1,080 - $1,790
Total Monthly Price
$1,080 - $1,790
Studio to 3 Bedroom Apartments Available Now

Kensington Place

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

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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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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Hawkins Pointe
1 to 2 Bedroom Apartments

Hawkins Pointe

750 6th Ave WHendersonville, NC 28739
Senior Living

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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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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Showing Results 1-50, 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. Kensington Place in the King Heights neighborhood has the second lowest priced unit, which is a Studio apartment currently listed from $1,080. Here is today’s list of the most affordable Penrose apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Lakeshore VillasThe Cove1BR,1BA$942
Kensington PlaceSummitStudio,1BA$1,080
Universal at Lakewood1 Bedroom First Level - 760sf1BR,1BA$1,089
Weirbridge VillageThe DogwoodStudio,1BA$1,106
Hawthorne at SouthsideTIMELESS Cedar1BR,1BA$1,114
Goldelm at The ViewsA1 The Carolina1BR,1BA$1,220
Creekside at ArdenArden Studio 1BStudio,1BA$1,254
Brittany Place HendersonvilleThe Grenadier1BR,1BA$1,265
The Villas at Avery Creek1 Bedroom Second Level - 760sf1BR,1BA$1,269
Seasons at Cane CreekOne Bedroom Sunroom1BR,1BA$1,295

Best Value Apartments for Rent in Penrose, NC and Nearby

As of June 15, 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 2 Bedroom Model at Park Residence starting at $1,675 with a $1.35 price per square foot in the Barker Heights 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
Park Residence2 Bedroom2BR,2BA$1.35
Vetra AshevilleThe Magnolia3BR,2BA$1.31
Chadwick Square ApartmentsTwo Bedroom2BR,2BA$1.37
SouthRidge Apartments and TownhomesGraybeard Townhouse2BR,2.5BA$1.43
Palisades of AshevilleThe Brant with Patio2BR,2BA$1.51
51 Cushion Pl2 Bed 2 Bath2BR,2BA$1.57
Charleston at the Meadows2 Bed/1 Bath Upgraded2BR,1BA$1.52
Goldelm at The ViewsA1 The Carolina1BR,1BA$1.50
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 $1,080.

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

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.

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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.

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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.

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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.