Cheap Apartments for Rent in the Downtown Raleigh Neighborhood of Raleigh, NC from $500 (264 Rentals)

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Search the lowest-cost Apartments available for rent right now in the Downtown Raleigh area of Raleigh.

property at 16 Red Ln

16 Red Ln

RaleighNC27606

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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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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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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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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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 1-50, Page 1 of 6

Downtown Raleigh, Raleigh, NC Local Guide

Cheapest Available Downtown Raleigh Apartments for Rent

 

The cheapest available apartment rental in the Downtown Raleigh area of Raleigh, NC is a 3 Beds unit found at Campus West at Tryon priced from $819. The Harrison Apartments has the second lowest priced unit, which is a Studio apartment currently listed from $853. Here are the most affordable Downtown Raleigh apartments for rent in Raleigh, NC:

Apartment ListingModel NameBed/BathPriced From
Campus West at Tryon3X33BR,3BA$819
The Harrison ApartmentsStudio AStudio,1BA$853
Pine Hills Apartments 55+One Bedroom Floor Plan1BR,1BA$875
Westgrove Tower CondominiumsS1Studio,1BA$915
Sterling Glenwood ApartmentsStudio Classic with BalconyStudio,1BA$949
Capital Flats & Magnolia Square ApartmentsCF 1x1A1BR,1BA$949
Pullen Station LoftsStudioStudio,1BA$950

Best Value Apartments for Rent in Downtown Raleigh, NC

As of October 22, 2025 the best value apartment in the Downtown Raleigh area is the $0.91 price per square foot Entire Home Model at 1115 Marshall St in the in the Blount Street neighborhood starting from $4,000. The second greatest value Downtown Raleigh apartment is the 3 Bedroom 3 Bath Townhome Model at Redpoint Raleigh starting at $939 with a $0.67 price per square foot in the Roylene Acres neighborhood. Here is today’s list of the best values for Downtown Raleigh apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
1115 Marshall StEntire Home4BR,3.5BA$0.91
Redpoint Raleigh3 Bedroom 3 Bath Townhome3BR,3BA$0.67
Welcome to our luxurious apartment communityBedroom for rent, private bath, including utili...4BR,4BA$0.55
Student Housing - Gorman Parkwood1 bd and 1 bath Student3BR,3BA$0.57
Centennial Village Student Housing3x33BR,3BA$0.54
Centennial Ridge Student Housing3x33BR,3BA$0.54
1820 at Centennial3x33BR,3BA$0.82
Campus West at Tryon3X33BR,3BA$0.78
Village Green Student Housing2BD/2BA2BR,2BA$1.02
Method Townhomes2BD / 2.5BA Townhome2BR,2.5BA$0.89

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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The Ultimate Long-Distance Moving Checklist: Tips from a Real Estate Pro

Moving is tough, especially long-distance. Learn how to minimize stress & expenses with proven strategies from a real estate pro, covering everything from logistics to finances.

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Top Neighborhoods Near Raleigh Colleges and Universities

A Local Experts guide to the Best Student Friendly Neighborhoods Near Colleges in the Raleigh, NC metro area for affordable living. Find your perfect Raleigh Student apartment, condo, or rental home today.

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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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Pet Friendly Lifestyle
Downtown Raleigh, Raleigh, NC

Ranked #1

Among cities in North Carolina for Apartment listings with Pet Friendly Amenities.

Pet Friendliness Lifestyle Score

4.0
Pet Friendly

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Best Local Schools in
Downtown Raleigh, Raleigh, NC

School data provided by Great Schools

Lifestyle Ratings

ApartmentHomeLiving.com compares millions of points of data to bring you Lifestyle Ratings of neighborhoods, cities, and rental properties across North Carolina including Downtown Raleigh, Raleigh, and the greater Raleigh area. LifeStyle Ratings are a useful tool for comparing and sorting apartments and neighborhoods when choosing your rental home. This takes in many factors including rankings of the best places for outdoor amenities like tennis courts, luxury amenities, pet-friendly features, places to raise kids, proximity to transit, and how walkable or bikeable each community and area is. Use Lifestyle Search in the site filter options on this page - and find your Perfect place!

Frequently Asked Questions about Cheap Downtown Raleigh Apartments

What is a cheap apartment in Downtown Raleigh?

A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in Downtown Raleigh is under $950.

What is the price of a cheap apartment in Downtown Raleigh?

The cheapest apartment in Downtown Raleigh is Pine Hills Apartments 55+ which is listed at $875, while the average apartment in Downtown Raleigh costs $1,899.

What types of apartments are the cheapest in Downtown Raleigh?

Student, low-income, and by-the-bed apartments are typically the cheapest rentals in most cities, though they require qualifying criteria to rent. There are 219 regular apartments in Downtown Raleigh that we think qualify as ‘cheap apartments’ that do not have special requirements to apply to rent.

How do the prices of cheap apartments compare to the average apartment in Downtown Raleigh?

Cheap apartments in Downtown Raleigh have an average cost of $607 which is $1,292 cheaper than the average rent for all rentals in Downtown Raleigh.

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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A Local Expert’s Guide To 10 Budget-Friendly Neighborhoods to Rent in Raleigh

Written by: Chris Munier

Raleigh offers not only an exciting urban environment, the centerpiece of a thriving metro area, but it’s also affordable. That is, assuming you know where to rent.

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Apartment Common Area Rules: What Renters Need to Know

Written by: Christine Leonard, Esq.

Back in the day when I rented one of my first apartments, the property didn’t even have laundry in the building. Now, rental properties are often competing against each other to provide the best amenities.

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How to Negotiate Your Apartment Lease and Save Money

Written by: Christine Leonard, Esq.

Everything is a negotiation in real estate! 

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The Rental Move-In Inspection Checklist: A Guide for Renters

Written by: Trey Huguley

The move-in inspection checklist is a crucial tool for both tenants and landlords. This checklist, provided by the team at ApartmentHomeLiving.com, helps document the condition of an apartment at the time of move-in.