Cheap Apartments for Rent in the Downtown Raleigh Neighborhood of Raleigh, NC from $500 (226 Rentals)

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

property at 613 Quarry St

613 Quarry St

RaleighNC27601

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

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

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

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Smart Renter's Guide: Calculating Affordable Rent & Housing Costs

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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 Studio unit found at The Harrison Apartments priced from $853. Pine Hills Apartments 55+ has the second lowest priced unit, which is a 1 Bed apartment currently listed from $875. Here are the most affordable Downtown Raleigh apartments for rent in Raleigh, NC:

Apartment ListingModel NameBed/BathPriced From
The Harrison ApartmentsStudio BStudio,1BA$853
Pine Hills Apartments 55+One Bedroom Floor Plan1BR,1BA$875
Vivo Living North WoodsStudio AStudio,1BA$899
Westgrove Tower CondominiumsS1Studio,1BA$915
Tree TopCedarStudio,1BA$937
Sterling Glenwood ApartmentsStudio Classic with BalconyStudio,1BA$949

Best Value Apartments for Rent in Downtown Raleigh, NC

As of August 23, 2025 the best value apartment in the Downtown Raleigh area is the $0.56 price per square foot 4x4 Model at University Village at 2505 in the in the University Suites neighborhood starting from $815. The second greatest value Downtown Raleigh apartment is the 1911 Wolftech Ln Model at 1911 Wolftech Ln, Unit 204 C starting at $600 with a $0.43 price per square foot in the Lakeside 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.
University Village at 25054x44BR,4BA$0.56
1911 Wolftech Ln, Unit 204 C1911 Wolftech Ln1BR,1BA$0.43
Welcome to our luxurious apartment communityRented by the bedroom including utilities. Clos...4BR,4BA$0.67
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
Village Green Student Housing2BD/2BA2BR,2BA$1.06
Method Townhomes2BD / 2.5BA Townhome2BR,2.5BA$0.89
Campus Crossings at Raleigh2 Bedroom 2 Bathroom2BR,2BA$0.99

Quick Rent Budget Calculator

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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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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 $949.

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 $1,991.

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 162 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 $684 which is $1,307 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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The Ultimate Long-Distance Moving Checklist: Tips from a Real Estate Pro

Written by: Christine Leonard, Esq.

Hard truth. Moving is never easy. I’ve done it all – from local moves to cross-country relocations From packing to unpacking the last box, I have found moving to be an exhausting, expensive and stressful experience every time.

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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.