Cheap Apartments for Rent in Penelope, TX from $600 (29 Rentals)

How Many Bedrooms?Done
Select your price rangeDone
Lifestyle Matching SearchDone
Learn more about Lifestyle Search
By AmenitiesDone
By Community TypeDone
Features and AvailabilityDone
Done

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

close
View Me
South Terrace
1 Bedroom Apartments

South Terrace

2616 S 12th StWaco, TX 76706
close
View Me
The Madison
1 to 2 Bedroom Apartments

The Madison

1307 Austin AveWaco, TX 76701
close
View Me
Derek Ville
1 Bedroom Apartments

Derek Ville

111 County Road 1812Clifton, TX 76634
  • Utilities Inc.
Showing Results 1-29, Page 1 of 1

Penelope, TX Local Guide

Cheapest Available Penelope Apartments for Rent and Nearby

 

The cheapest available apartment rental in Penelope, TX is a Studio unit found at Eagle Crest Apartments in the Carver neighborhood priced from $639. University Club Apartments in the Carver neighborhood has the second lowest priced unit, which is a 1 Bed apartment currently listed from $799. Here is today’s list of the most affordable Penelope apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Eagle Crest ApartmentsEfficiency/StudioStudio,1BA$639
University Club ApartmentsOne Bedroom1BR,1BA$799
Eleven06 on 35A1-U1BR,1BA$890
Sandstone1 Bed, 1 Bath (80% Income Restricted)1BR,1BA$892
The Meadows ApartmentsTwo Bedroom2BR,1BA$910
PECAN RIDGE-WACOA31BR,1BA$943
The Enclave at the StadiumA11BR,1BA$957
Madison HighlandsAnderson1BR,1BA$979
URSA2BR/2BA - Flat2BR,2BA$985
Tinsley PlaceUnion 1BR/1BA1BR,1BA$1,006

Best Value Apartments for Rent in Penelope, TX and Nearby

As of March 14, 2025 the best value apartment in the Penelope area is the $1.28 price per square foot 3/2.5 Model at The Centre in the in the Carver neighborhood starting from $1,549. The second greatest value Penelope apartment is the 2BR/2BA - Flat - Pool View Model at URSA starting at $1,065 with a $1.20 price per square foot in the Carver neighborhood. Here is today’s list of the best values for Penelope apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
The Centre3/2.53BR,2.5BA$1.28
URSA2BR/2BA - Flat - Pool View2BR,2BA$1.20
The Meadows ApartmentsTwo Bedroom2BR,1BA$1.21
19Eleven1 Bedroom 1 Bath1BR,1BA$1.45
Highland Cove1 BR A 1BR,1BA$1.44
Madison HighlandsAnderson1BR,1BA$1.41
Carriage House672 sq ft 1 bed1BR,1BA$1.64
The Enclave at the StadiumA11BR,1BA$1.60
PECAN RIDGE-WACOA21BR,1BA$1.63
University Club ApartmentsOne Bedroom1BR,1BA$1.36

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.

decorative image of people with a giant lease agreement

Remember the 3 Rules of Real Estate:
Location, Location, Location!

Explore Penelope, TX Rentals by Map

Decorative image of map

See the most popular apartments and homes in Penelope, TX

View MapPenelope, TX Apartments MapView MapPenelope, TX Rental Homes Map

Getting Around Penelope, TX

Walk Score®

1 / 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 Penelope Apartments

What is the Cheapest Studio apartment in Penelope?

Currently the most affordable Cheap Studio Apartment in Penelope is at Eagle Crest Apartments listed at $639.

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

The lowest price for a Cheap One Bedroom Penelope Apartment is $759 at Eagle Crest Apartments.

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

Today's best deal for a Cheap Two Bedroom Apartment in Penelope is starting from $839 at Eagle Crest Apartments.

What is the most affordable Penelope Three Bedroom Apartment?

The best deal on a cheap Penelope Three Bedroom Apartment rental is at University Club Apartments and starts from $949.

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.

decorative image for Understanding Amenity Fees: Know Where You Might Be Able to Save Money article

Understanding Amenity Fees: Know Where You Might Be Able to Save Money

Written by: Amber Kanuckel

With the rising costs of housing, a lot of renters are asking this question: Is it possible to opt out of various amenities that your rental property offers so that you can avoid paying the fees.

decorative image for What to Know About Fees and Fines When Renting article

What to Know About Fees and Fines When Renting

Written by: Trey Huguley

When it comes to renting a new apartment or home there can be a number of fees that you will want to keep in mind going into the process.

decorative image for Battling the Butts: Your Guide to the Reality of Smoke-Free Renting article

Battling the Butts: Your Guide to the Reality of Smoke-Free Renting

Written by: Andrea Lee Negroni, JD

While many apartment buildings are “no smoking” properties, it’s hard to know exactly how many. In 2017, the National Apartment Association reported more than half of rental properties had smoke free policies.

decorative image for How Your Move-In Inspection Can Protect Your Security Deposit article

How Your Move-In Inspection Can Protect Your Security Deposit

Written by: Christine Leonard, Esq.

If you’re anything like most people, housing costs represent a huge chunk of your monthly budget. On top of that, moving can be both a stressful and expensive affair.