Cheap Homes for Rent in Downtown Raleigh Neighborhood of Raleigh, NC from $500 (83 Rentals)

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

property at 1220 University Ct

$600

Total Monthly Price

Total Monthly Price

Base Rent
$600
Total Monthly Price
$600

1 Bedroom, 1 Bath Condo for Rent

Available Now

1220 University Ct, Unit 102

1220 University Ct
RaleighNC27606
property at 1911 Wolftech Ln

$625

Total Monthly Price

Total Monthly Price

Base Rent
$625
Total Monthly Price
$625

1 Bedroom, 1 Bath Condo for Rent

Available Now

1911 Wolftech Ln, Unit 104

1911 Wolftech Ln
RaleighNC27603

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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property at 5102 Alercia Ct

$700

Total Monthly Price

Total Monthly Price

Base Rent
$700
Total Monthly Price
$700

4 Bedroom, 3 Bath Townhome for Rent

Available Jun 1

5102 Alercia Ct

RaleighNC27606

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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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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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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Showing Results 1-50, Page 1 of 2

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. Stanhope has the second lowest priced unit, which is a 2 Beds apartment currently listed from $845. 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
Stanhope2x2 Shared2BR,2BA$845
Oak City ApartmentsOne Bedroom1BR,1BA$910
Tree TopCedarStudio,1BA$913
Westgrove Tower CondominiumsS1Studio,1BA$915
Vivo Living North WoodsSTA - Studio AStudio,1BA$929
The DistrictThe Gray FoxStudio,1BA$945
1105 Flats at North HillsA11BR,1BA$945
Pullen Station LoftsStudioStudio,1BA$950
MAA Trinity11A1BR,1BA$963

Best Value Apartments for Rent in Downtown Raleigh, NC

As of May 27, 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$0.89
The Station Raleigh3x3 - Hillsborough A3BR,3BA$0.94
Method Townhomes3BD / 3.5BA Townhome3BR,3.5BA$0.50
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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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

Frequently Asked Questions about Downtown Raleigh

What type of rentals are currently available in Downtown Raleigh?

There are currently 889 Apartments for Rent in Downtown Raleigh, NC with pricing that ranges from $620 to $7,538. There are also 324 Single Family Homes for rent, Condos, and Townhome rentals currently available in Downtown Raleigh ranging from $550 to $6,895.

What is the current price range for Rental Homes in Downtown Raleigh?

Today's rental pricing for Homes for Rent, Condos and Townhomes in Downtown Raleigh ranges from $550 to $6,895 with an average monthly rent of $2,090.

How much are larger Three and Four Bedroom Rentals in Downtown Raleigh?

For those who are looking for larger living arrangements, Three Bedroom Apartments in Downtown Raleigh range from $625 to $7,538, while Three Bedroom Homes, Condos, and Townhomes for rent range from $950 to $5,000. Four Bedroom Single-Family rentals are also available starting from $595 and Four Bedroom Apartments start at $620.

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

decorative image for A Seasoned Property Manager's Step-by-Step Guide to Getting Your Deposit Back article

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.

decorative image for What Does “Rent Burdened” Mean? How Much Rent Is Too Much article

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.