Cheap Apartments for Rent in Penwell, TX from $700 (24 Rentals)

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

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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The Art of the Rental Viewing: What to look for during a property tour

Touring a rental? This guide helps you know exactly what to look for, from safety features to hidden flaws, so you can confidently sign your lease or keep searching.

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Alturas Eleventh
1 to 2 Bedroom Apartments

Alturas Eleventh

2828 E 11th StOdessa, TX 79761
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Village Place
1 to 4 Bedroom Apartments

Village Place

1220 Adams AveOdessa, TX 79761
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Smart Renter's Guide: Calculating Affordable Rent & Housing Costs

Wondering how to determine your rental budget? This comprehensive guide covers everything from the 30% rule to hidden fees and effective budgeting strategies.

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Showing Results 1-24, Page 1 of 1

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 Trestles Condominiums priced from $850. Ashford Odessa Square has the second lowest priced unit, which is a 1 Bed apartment currently listed from $879. Here is today’s list of the most affordable Penwell apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Trestles CondominiumsOne Bedroom1BR,1BA$850
Ashford Odessa Square1X11BR,1BA$879
Alturas PenbrookRise1BR,1BA$885
Westwinds Village1/1, 519 sq ft1BR,1BA$895
Mission Village of Monahans2 Bedroom2BR,1BA$899

Best Value Apartments for Rent in Penwell, TX and Nearby

As of July 29, 2025 the best value apartment in the Penwell area is the $1.56 price per square foot E Model at Hemingway House Apartments in the starting from $1,705. The second greatest value Penwell apartment is the 2 Bedroom Model at Mission Village of Monahans starting at $899 with a $0.84 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.
Hemingway House ApartmentsE2BR,2.5BA$1.56
Mission Village of Monahans2 Bedroom2BR,1BA$0.84
Cimarron Place ApartmentsD2BR,2BA$1.34
Fairgreen1x11BR,1BA$1.49
Cru Apartments1x11BR,1BA$1.36
Westwood SquareOne Bedroom Apartment Home1BR,1BA$1.27
Brookview1 Bedroom Apartment Home1BR,1BA$1.60
The Woodlands Apartment HomesEdwards-Classic1BR,1BA$1.61
Ashford Odessa Square2X12BR,1BA$1.51
Madison Square1 Bedroom Apartment Home1BR,1BA$1.60

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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 $850 at Trestles Condominiums.

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 $899 at Mission Village of Monahans.

What is the most affordable Penwell Three Bedroom Apartment?

The best deal on a cheap Penwell Three Bedroom Apartment rental is at Alara and starts from $1,420.

Expert Rental Resources

Helpful Apartment Articles, How-To's and Tips

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.

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Cash or credit? Understanding the Importance of Credit Score in Real Estate and Renting

Written by: Christine Leonard, Esq.

Throughout the day, think about all the times that you have to pay for something. So many of us reach automatically for a credit card or even our phone for a quick payment.

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Roommate Matching: Finding the Right Fit and Avoiding Pitfalls

Written by: Cheryl Bowman

A fantastic way to save money and enjoy a built-in community is to share an apartment. However, a bad roommate situation can turn your dream rental into a nightmare.

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The Art of the Rental Viewing: What to look for during a property tour

Written by: Marie Brown

You’ve scrolled through countless listings, walked through a blur of rentals, and finally found what feels like the one. The pictures? Fantastic. The neighborhood seems just right.

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Know Your Budget: Calculating What You Can Realistically Afford When Renting

Written by: Lauren Harrington

Renting an apartment or house isn’t just about looking through online ads, choosing a few apartments or homes you want to tour, filling out an application, and putting down a deposit. Those things are all necessary and important.