Cheap Apartments for Rent near Penwell, TX from $799 (47 Rentals)

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

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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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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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
property at 1501 N Texas Ave

$1,350 - $1,850

2 To 3 Bedroom Rentals

Available Now

1501 N Texas Ave

OdessaTX79761

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

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. Arbor Oaks has the second lowest priced unit, which is a 3 Beds apartment currently listed from $824. Here is today’s list of the most affordable Penwell apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Westwood SquareA11BR,1BA$800
Arbor OaksAO-33BR,2BA$824
Alturas Penbrook1 BR x 1 BA1BR,1BA$859
Alturas Eleventh1 BR x 1 BA1BR,1BA$869
Westwinds Village1/1, 519 sq ft1BR,1BA$875
Sandpiper ApartmentsOne Bedroom1BR,1BA$900
Trestles CondominiumsOne Bedroom1BR,1BA$900
Cimarron Place ApartmentsB1BR,1BA$920
SunsetA11BR,1BA$928
Madison SquareA11BR,1BA$932

Best Value Apartments for Rent in Penwell, TX and Nearby

As of August 24, 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 TownhomesA2BR,1.5BA$1.17
Hemingway House ApartmentsC2BR,2BA$1.40
Garden ApartmentsTwo Bedroom2BR,1BA$1.36
Fairgreen1x11BR,1BA$1.45
Cru1Bed 1Bath1BR,1BA$1.29
Westwood SquareA11BR,1BA$1.10
Pebblebend ApartmentsB1BR,1BA$1.51

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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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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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 $959 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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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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Practical Tips for Renters: How to Identify a Great Rental and Avoid Red Flags

Written by: Robin Stewart

Renters want to find a great apartment, the right place for them, one that checks all the boxes of location, rental cost, amenities, safety, and more.

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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.