Cheap Apartments for Rent in Penasco, NM from $900 (18 Rentals)

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

Navigating the Rental Market: Tips for First-Time Renters

Entering the rental market? Learn these simple tips and strategies to avoid common pitfalls and make confident choices. Rent with peace of mind.

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Penasco, NM Local Guide

Cheapest Available Penasco Apartments for Rent and Nearby

 

The cheapest available apartment rental in Penasco, NM is a Studio unit found at Santa Fe Suites in the Arroyo Chamiso neighborhood priced from $900. Casa de Encantada Senior Apartments in the Encantado del Norte Heritage Series neighborhood has the second lowest priced unit, which is a 1 Bed apartment currently listed from $993. Here is today’s list of the most affordable Penasco apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Santa Fe SuitesStudioStudio,1BA$900
Casa de Encantada Senior ApartmentsOne Bedroom1BR,1BA$993
Sierra Blanca ApartmentsStudioStudio,1BA$1,100
Canyon Walk Income RestrictedOne Bedroom1BR,1BA$1,135
Vista Alegre ApartmentsStudio, 1 BathStudio,1BA$1,244

Best Value Apartments for Rent in Penasco, NM and Nearby

As of May 01, 2025 the best value apartment in the Penasco area is the $1.84 price per square foot 4 Bedroom 2 Bath Townhome Model at Bluffs at Tierra Contenta in the in the Tiempo Lindo neighborhood starting from $2,420. The second greatest value Penasco apartment is the Chamisa Model at Talavera Apartment Homes starting at $1,920 with a $1.96 price per square foot in the Pueblos Del Sol neighborhood. Here is today’s list of the best values for Penasco apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Bluffs at Tierra Contenta4 Bedroom 2 Bath Townhome4BR,2BA$1.84
Talavera Apartment HomesChamisa3BR,2BA$1.96
Allaso High DesertTA11BR,1BA$1.95
Local 18962x1AR1T2 - 2X1 Renovated2BR,1BA$2.03
Canyon Walk Income RestrictedOne Bedroom1BR,1BA$1.27
Vista Linda2 Bedroom | 1 Bath2BR,1BA$1.94
The MicaThe Pines1BR,1BA$1.80
Soleras StationOne Bedroom1BR,1BA$2.08
The OrchardsOne Bedroom1BR,1BA$2.09
Casa de Encantada Senior ApartmentsOne Bedroom1BR,1BA$1.71

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Getting Around Penasco, NM

Walk Score®

17 / 100

Car-Dependent

Almost all errands require a car

Bike Score®

23 / 100

Somewhat Bikeable

Minimal bike infrastructure

What Are Walk Score®, Transit Score®, and Bike Score® Ratings?

  • Walk Score® measures the walkability of any address.
  • Transit Score® measures access to public transit.
  • Bike Score® measures the bikeability of any address.

Frequently Asked Questions about Cheap Penasco Apartments

What is the Cheapest Studio apartment in Penasco?

Currently the most affordable Cheap Studio Apartment in Penasco is at Santa Fe Suites listed at $900.

How much is rent for a Cheap One Bedroom Penasco Apartment?

The lowest price for a Cheap One Bedroom Penasco Apartment is $993 at Casa de Encantada Senior Apartments.

What is the lowest price for a Cheap Two Bedroom Penasco Apartment for rent?

Today's best deal for a Cheap Two Bedroom Apartment in Penasco is starting from $1,362 at Canyon Walk Income Restricted.

What is the most affordable Penasco Three Bedroom Apartment?

The best deal on a cheap Penasco Three Bedroom Apartment rental is at Canyon Walk Income Restricted and starts from $1,574.

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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Navigating the Rental Market: Tips for First-Time Renters

Written by: Sandy Baker

Making the decision to rent is exciting and terrifying at the same time. For many people, there are a lot of unknowns.

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Rise of Digital Nomads: Remote Work Tips for Apartment Renters

Written by: Brandie Parton

As a digital nomad, you no longer call a set address or office building your home for eight hours of the day or more.

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Know Your Rights - How Discrimination Laws Impact Landlords and Tenants

Written by: Christine Leonard, Esq.

Everyone needs a place to live and to call home. For decades, the federal government has established protections to ensure that individuals and families can find housing free from discriminatory barriers.

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Renting Smart: Lease Basics Every Renter Needs

Written by: Christine Leonard, Esq.

Often, in the excitement of finding a new place to live, there’s a rush to make it happen, and - too often - a new tenant signs a lease without reading it carefully.