Cheap Homes for Rent in Downtown Raleigh Neighborhood of Raleigh, NC from $500 (51 Rentals)

How Many Bedrooms?Done
Select your price rangeDone
By AmenitiesDone
By Community TypeDone
Features and AvailabilityDone
Done

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

Downtown Raleigh

Named as one of the Best Affordable Neighborhoods to rent in Raleigh by our , Local Expert Chris Munier. See how it ranks!

Read Article

Raleigh's Best Affordable Neighborhoods

Learn about Raleigh and the best places to live with original content written by our , Local Expert Chris Munier

Read Article
property at 1104 Spaulding St

1104 Spaulding St

RaleighNC27610
property at 655 Coleman St

655 Coleman St

RaleighNC27610
property at 2400 Lawrence Dr

2400 Lawrence Dr

RaleighNC27603
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 4 Beds unit found at The Wilde priced from $735. Vivo Living Raleigh has the second lowest priced unit, which is a 1 Bed apartment currently listed from $843. Here are the most affordable Downtown Raleigh apartments for rent in Raleigh, NC:

Apartment ListingModel NameBed/BathPriced From
The WildeD14BR,4BA$735
Vivo Living RaleighThe Reynolds1BR,1BA$843
Westgrove Tower CondominiumsS1Studio,1BA$895
1820 at Centennial4x44BR,4BA$900
Arbor Creek11A1BR,1BA$935
Pullen Station LoftsStudioStudio,1BA$950
Aurella CaryThe Camillia1BR,1BA$955
The HarrisonStudio BStudio,1BA$960

Best Value Apartments for Rent in Downtown Raleigh, NC

As of April 08, 2025 the best value apartment in the Downtown Raleigh area is the $0.60 price per square foot 4x4 Model at University Village at 2505 in the in the University Suites neighborhood starting from $869. The second greatest value Downtown Raleigh apartment is the 4 Bed, 4 Bath Plus Model at Yugo Raleigh Logan starting at $1,179 with a $0.88 price per square foot in the Cameron Park 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.
University Village at 25054x44BR,4BA$0.60
Yugo Raleigh Logan4 Bed, 4 Bath Plus4BR,4BA$0.88
Student Housing - Gorman Parkwood1 bd and 1 bath Student3BR,3BA$0.57
Centennial Ridge Student Housing3x33BR,3BA$0.58
Centennial Village Student Housing3x33BR,3BA$0.58
1820 at Centennial3x33BR,3BA$0.84
Campus Edge2x2 Platinum2BR,2BA$0.99
Village Green Student Housing2BD/2BA2BR,2BA$1.06
Method Townhomes2BD / 2.5BA Townhome2BR,2.5BA$0.89
Campus Crossings at Raleigh2 Bedroom 2 Bathroom2BR,2BA$0.95

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

Frequently Asked Questions about Downtown Raleigh

What type of rentals are currently available in Downtown Raleigh?

There are currently 848 Apartments for Rent in Downtown Raleigh, NC with pricing that ranges from $450 to $12,630. There are also 260 Single Family Homes for rent, Condos, and Townhome rentals currently available in Downtown Raleigh ranging from $560 to $6,000.

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 $560 to $6,000 with an average monthly rent of $2,171.

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 $740 to $7,515, while Three Bedroom Homes, Condos, and Townhomes for rent range from $1,495 to $3,800. Four Bedroom Single-Family rentals are also available starting from $595 and Four Bedroom Apartments start at $450.

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 A Local Expert’s Guide To 10 Budget-Friendly Neighborhoods to Rent in Raleigh article

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.

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 Renting Smart: Lease Basics Every Renter Needs article

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.

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.