Cheap Apartments for Rent in Penelope, TX from $600 (21 Rentals)

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

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South Terrace
1 Bedroom Apartments

South Terrace

2616 S 12th StWaco, TX 76706
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Derek Ville
1 Bedroom Apartments

Derek Ville

111 County Road 1812Clifton, TX 76634
  • Utilities Included
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The Madison
1 to 2 Bedroom Apartments

The Madison

1307 Austin AveWaco, TX 76701
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Penelope, TX Local Guide

Cheapest Available Penelope Apartments for Rent and Nearby

 

The cheapest available apartment rental in Penelope, TX is a 1 Bed unit found at South Terrace in the South End neighborhood priced from $658. The Meadows Apartments in the Carver neighborhood has the second lowest priced unit, which is a 1 Bed apartment currently listed from $795. Here is today’s list of the most affordable Penelope apartments for rent:

Apartment ListingModel NameBed/BathPriced From
South Terrace1x11BR,1BA$658
The Meadows ApartmentsOne Bedroom1BR,1BA$795
Eleven06 on 35 Apartments1 Bedroom, 1 Bath1BR,1BA$798
University Club ApartmentsOne Bedroom1BR,1BA$799
Sandstone1 Bed, 1 Bath (80% Income Restricted)1BR,1BA$854

Best Value Apartments for Rent in Penelope, TX and Nearby

As of April 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
Waco Apartments2 Bed 1 Bath2BR,1BA$1.10
The Cove on 21stB1R2BR,2BA$1.23
19Eleven1 Bedroom 1 Bath1BR,1BA$1.44
Highland Cove1 BR A 1BR,1BA$1.44
Madison HighlandsAnderson1BR,1BA$1.41
The Meadows ApartmentsOne Bedroom1BR,1BA$1.24
South Terrace1x11BR,1BA$1.07
University Club ApartmentsOne Bedroom1BR,1BA$1.36

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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

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

The lowest price for a Cheap One Bedroom Penelope Apartment is $658 at South Terrace.

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 $849 at University Club 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.

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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.

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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.

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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.

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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.