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.

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2002 Technology Woods Dr
$620
Total Monthly Price

Total Monthly Price

Base Rent
$620
Total Monthly Price
$620
1 to 4 Bedroom Apartment Available Now

2002 Technology Woods Dr

2002 Technology Woods DrRaleigh, NC 27603
Cost Per Sq.Ft.

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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Skyhouse Raleigh
Rent Specials
$944 - $2,674
Total Monthly Price

Total Monthly Price

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$944 - $2,674
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Studio to 3 Bedroom Apartments Available Now

Skyhouse Raleigh

308 S Blount StRaleigh, NC 27601
Furnished
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Wedgwood Apartments
Rent Specials
$989 - $1,819
Total Monthly Price

Total Monthly Price

Base Rent
$989 - $1,819
Total Monthly Price
$989 - $1,819
Studio to 3 Bedroom Apartments Available Now

Wedgwood Apartments

740 Smallwood DrRaleigh, NC 27605
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  • Utilities Included

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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Concord Apartments
$1,057 - $1,548
Total Monthly Price

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Base Rent
$1,057 - $1,548
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1 to 3 Bedroom Apartments Available Now

Concord Apartments

3920 Knickerbocker PkyRaleigh, NC 27612
Corporate Housing
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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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Brentmoor Apartments
Rent Specials
$1,072 - $1,697
Total Monthly Price

Total Monthly Price

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$1,072 - $1,697
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1 to 3 Bedroom Apartments Available Now

Brentmoor Apartments

2080-2080 Brentmoor DrRaleigh, NC 27604
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Discover Raleigh, North Carolina: A Local's Take on the City of Oaks

Explore Raleigh's vibrant culture, from the best outdoor trails and museums to a comprehensive guide on the area's top-rated restaurants and nightlife, including the Warehouse District.

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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 1 Bed unit found at The Terrace at Rock Quarry priced from $664. 900 Newcombe Rd has the second lowest priced unit, which is a 1 Bed apartment currently listed from $710. Here are the most affordable Downtown Raleigh apartments for rent in Raleigh, NC:

Apartment ListingModel NameBed/BathPriced From
The Terrace at Rock QuarryOne bedroom 30%1BR,1BA$664
900 Newcombe Rd1/11BR,1BA$710
Stanhope2x2 Shared2BR,2BA$845
Tree TopCedarStudio,1BA$913
Westgrove Tower CondominiumsS1Studio,1BA$915
Vivo Living North WoodsSTA - Studio AStudio,1BA$929
Aurella CaryThe Camillia1BR,1BA$940
The DistrictThe Gray FoxStudio,1BA$945
Pullen Station LoftsStudioStudio,1BA$950
The Retreat at Lake Johnson ApartmentsA1 - Dahlia1BR,1BA$967

Best Value Apartments for Rent in Downtown Raleigh, NC

As of May 19, 2026 the best value apartment in the Downtown Raleigh area is the $0.48 price per square foot 4x4.5 Model at Redfield Villages in the in the Grove Park neighborhood starting from $899. The second greatest value Downtown Raleigh apartment is the 3 Bedroom, 3 BathTownhome Model at Redpoint Raleigh starting at $995 with a $0.71 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.
Redfield Villages4x4.54BR,4.5BA$0.48
Redpoint Raleigh3 Bedroom, 3 BathTownhome3BR,3BA$0.71
Yugo Raleigh Logan4 Bed, 4 Bath Courtyard4BR,4BA$0.88
The Station Raleigh3x3 - Hillsborough A3BR,3BA$0.94
Method Townhomes3BD / 3.5BA Townhome3BR,3.5BA$0.54
Tryon Flats – Modern Student Living Near NC StateA24BR,4BA$0.67
Student Housing - Gorman Parkwood1 bd and 1 bath Student3BR,3BA$0.49
Centennial Village Student Housing3x33BR,3BA$0.59
Centennial Ridge Student Housing3x33BR,3BA$0.59
1820 at Centennial3x33BR,3BA$0.81

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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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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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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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 $967.

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

The cheapest apartment in Downtown Raleigh is The Terrace at Rock Quarry which is listed at $664, 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 144 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 $495 which is $1,404 cheaper than the average rent for all rentals in Downtown Raleigh.

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.

Helpful Local Expert Guides

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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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Local Guide To the Best Student Friendly Neighborhoods to Rent Near Colleges in Raleigh

Written by: Chris Munier

Student apartments are not always easy to find in every location, but that’s not the case in the university-rich city of Raleigh, North Carolina.

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Discover Terrific Apartment Opportunities Near Raleighs Largest Employers

Written by: Chris Munier

Did you recently land a new job in Raleigh but can’t find a suitable place to live? This is a common issue for working professionals making career changes, especially in a transplant-heavy area like Raleigh.

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Discover Raleigh, North Carolina: A Locals Take on the City of Oaks

Written by: Chris Munier

Greetings from Chris Munier, your resident expert on Raleigh, North Carolina. If you're thinking of moving to this central-NC community, then I’m here to help you scope out its top qualities.

Articles, How-To's, and Tips

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A Seasoned Property Manager's Step-by-Step Guide to Getting Your Deposit Back

Written by: Lauren Harrington

I’m going to talk with you as a seasoned property manager and friend. So, let’s start with your security deposit. I want you to think about this guide as insider information. You deserve your deposit back.

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Expert Solutions for Creating the Perfect Work-From-Home Apartment Layouts

Written by: Lauren Harrington

This article is based on first-hand experience managing apartment communities and helping renters adapt to their spaces after moving in.

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What Does “Rent Burdened” Mean? How Much Rent Is Too Much

Written by: Lauren Harrington

This article draws from first-hand renter experiences and recurring financial challenges reported after moving in.

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Maximizing Your Refund: Essential Tax Tips for Renters

Written by: Christine Leonard, Esq.

Other than tax professionals, I can’t think of anyone who looks forward to tax season. For everybody else, April is a stressful month to collect information and meet deadlines.