Cheap Apartments for Rent in Penrose, NC from $300 (33 Rentals)

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

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Penrose, NC Local Guide

Cheapest Available Penrose Apartments for Rent and Nearby

 

The cheapest available apartment rental in Penrose, NC is a 1 Bed unit found at Kensington Place in the King Heights neighborhood priced from $1,220. Goldelm at The Views in the Bennington Oaks neighborhood has the second lowest priced unit, which is a 1 Bed apartment currently listed from $1,255. Here is today’s list of the most affordable Penrose apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Kensington PlaceCatawba1BR,1BA$1,220
Goldelm at The ViewsA1 The Carolina1BR,1BA$1,255
Universal at Lakewood1 Bedroom First Level - 680sf1BR,1BA$1,269
Hawthorne at SouthsideTIMELESS Sterling1BR,1BA$1,274
Burton HillsS1Studio,1BA$1,280
Audubon PlaceThe Finch1BR,1BA$1,295
Brittany Place Apartment HomesThe Grenadier1BR,1BA$1,315
Park Residence1 bedroom1BR,1BA$1,325
Dilworth Apartment HomesOne Bedroom Sunroom1BR,1BA$1,325
The Villas at Avery Creek1 Bedroom First Level - 680sf1BR,1BA$1,339

Best Value Apartments for Rent in Penrose, NC and Nearby

As of April 14, 2025 the best value apartment in the Penrose area is the $1.40 price per square foot Magnolia Model at Artisan Living Mills River in the in the Kayden Valley neighborhood starting from $2,550. The second greatest value Penrose apartment is the Graybeard Townhouse Model at SouthRidge Apartments and Townhomes starting at $1,770 with a $1.53 price per square foot in the Kashmir neighborhood. Here is today’s list of the best values for Penrose apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Artisan Living Mills RiverMagnolia3BR,2.5BA$1.40
SouthRidge Apartments and TownhomesGraybeard Townhouse2BR,2.5BA$1.53
Park Residence2 Bedroom2BR,2BA$1.56
Nova at Biltmore ParkThe Dogwood2BR,2BA$1.43
Aventine AshevilleThe Edge2BR,2BA$1.74
Charleston at the Meadows61 Charleston Court 2 Bed/2 Bath2BR,2BA$1.44
Audubon PlaceThe Cardinal1BR,1BA$1.65
Dilworth Apartment HomesOne Bedroom Sunroom1BR,1BA$1.58
Goldelm at The ViewsA1 The Carolina1BR,1BA$1.54
Kensington PlaceCatawba1BR,1BA$1.74

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Pet Friendly Lifestyle
Penrose, NC

Ranked #23

Among cities in North Carolina for Apartment listings with Pet Friendly Amenities

Pet Friendliness Lifestyle Score

2.5
Pet Friendly

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

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See the most popular apartments and homes in Penrose, NC

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Frequently Asked Questions about Cheap Penrose Apartments

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

The lowest price for a Cheap One Bedroom Penrose Apartment is $1,220 at Kensington Place.

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

Today's best deal for a Cheap Two Bedroom Apartment in Penrose is starting from $1,430 at Kensington Place.

What is the most affordable Penrose Three Bedroom Apartment?

The best deal on a cheap Penrose Three Bedroom Apartment rental is at Kensington Place and starts from $1,695.

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.