Cheap Apartments for Rent near Penwell, TX from $700 (53 Rentals)

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

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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Village Place
$923 - $1,6611 to 4 Bedroom Apartments Available Now

Village Place

1220 Adams AveOdessa, TX 79761
Corporate Housing
  • Verified
  • Utilities Included

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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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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High Plains
1 to 2 Bedroom Apartments

High Plains

3727 Andrews HwyOdessa, TX 79762
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Acacia Park
1 to 2 Bedroom Apartments

Acacia Park

4775 Oakwood DrOdessa, TX 79761
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The Laurel Condos
1 to 2 Bedroom Apartments

The Laurel Condos

600 Dotsy AveOdessa, TX 79763
Corporate Housing
  • 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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Penwell, TX Local Guide

Cheapest Available Penwell Apartments for Rent and Nearby

 

The cheapest available apartment rental in Penwell, TX is a 1 Bed unit found at Westwood Square priced from $800. Alturas Eleventh has the second lowest priced unit, which is a 1 Bed apartment currently listed from $809. Here is today’s list of the most affordable Penwell apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Westwood SquareA11BR,1BA$800
Alturas Eleventh1 BR x 1 BA1BR,1BA$809
Arbor OaksAO-33BR,2BA$824
Westwinds Village1/1, 519 sq ft1BR,1BA$875
Olivo Square Apartments1 BED | 1 BATH1BR,1BA$895
Trestles CondominiumsOne Bedroom1BR,1BA$900
Sandpiper ApartmentsOne Bedroom1BR,1BA$900
SunsetA11BR,1BA$928
Madison SquareA11BR,1BA$932
The Paddocks ApartmentsA2 U1BR,1BA$950

Best Value Apartments for Rent in Penwell, TX and Nearby

As of July 10, 2026 the best value apartment in the Penwell area is the $1.30 price per square foot Two Bedroom Townhome Model at Country Crest Townhomes in the starting from $1,460. The second greatest value Penwell apartment is the AO-2 Model at Arbor Oaks starting at $1,159 with a $1.07 price per square foot . Here is today’s list of the best values for Penwell apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Country Crest TownhomesTwo Bedroom Townhome2BR,1.5BA$1.30
Arbor OaksAO-22BR,2BA$1.07
Mission Village of Monahans2 Bedroom2BR,1BA$0.97
Arbor Terrace TownhomesB2BR,2BA$1.17
Garden ApartmentsTwo Bedroom2BR,1BA$1.36
Fairgreen1x11BR,1BA$1.33
Cru1Bed 1Bath1BR,1BA$1.29
Westwood SquareA11BR,1BA$1.10
Pebblebend ApartmentsB1BR,1BA$1.51
BrookviewA11BR,1BA$1.54

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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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.

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

Explore Penwell, TX Rentals by Map

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See the most popular apartments and homes in Penwell, TX

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Frequently Asked Questions about Cheap Penwell Apartments

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

The lowest price for a Cheap One Bedroom Penwell Apartment is $800 at Westwood Square.

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

Today's best deal for a Cheap Two Bedroom Apartment in Penwell is starting from $999 at Alturas Penbrook.

What is the most affordable Penwell Three Bedroom Apartment?

The best deal on a cheap Penwell Three Bedroom Apartment rental is at Arbor Oaks and starts from $824.

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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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.

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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.