Cheap Homes for Rent in Downtown Raleigh Neighborhood of Raleigh, NC from $500 (70 Rentals)

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

Smart Renter's Guide: Calculating Affordable Rent & Housing Costs

Wondering how to determine your rental budget? This comprehensive guide covers everything from the 30% rule to hidden fees and effective budgeting strategies.

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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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Know Your Rights - How Discrimination Laws Impact Landlords and Tenants

Read our practical guide to landlord and tenant rights. Understand protected classes, reasonable accommodations, and legal exceptions to prevent housing discrimination.

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Downtown Raleigh - One of the Best Affordable Neighborhoods in Raleigh

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

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property at 663 Coleman St

663 Coleman St

RaleighNC27610
property at 315 S East St

315 S East St

RaleighNC27601
property at 2621 Oldgate Dr

2621 Oldgate Dr

RaleighNC27604

Raleigh's Best Affordable Neighborhoods

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

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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. Milner Commons has the second lowest priced unit, which is a Studio apartment currently listed from $875. Here are the most affordable Downtown Raleigh apartments for rent in Raleigh, NC:

Apartment ListingModel NameBed/BathPriced From
The WildeD14BR,4BA$735
Milner CommonsStudio - The WillowStudio,1BA$875
Westgrove Tower CondominiumsS1Studio,1BA$895
1820 at Centennial4x44BR,4BA$900
Vivo Living North WoodsStudio AStudio,1BA$905
Arbor Creek11A1BR,1BA$935

Best Value Apartments for Rent in Downtown Raleigh, NC

As of May 16, 2025 the best value apartment in the Downtown Raleigh area is the $0.55 price per square foot 5x5 Loft Private Access Model at Paloma Raleigh in the in the Roylene Acres neighborhood starting from $959. The second greatest value Downtown Raleigh apartment is the Four Bedrooms Model at Stanhope starting at $1,250 with a $0.79 price per square foot in the Grove 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.
Paloma Raleigh5x5 Loft Private Access5BR,5BA$0.55
StanhopeFour Bedrooms4BR,4BA$0.79
University Village at 25054x44BR,4BA$0.53
Yugo Raleigh Logan4 Bed, 4 Bath Plus4BR,4BA$0.88
Student Housing - Gorman Parkwood1 bd and 1 bath Student3BR,3BA$0.57
1430 Collegeview Ave, Unit University Glen1430 Collegeview Ave4BR,4BA$0.47
Centennial Village Student Housing3x33BR,3BA$0.58
Centennial Ridge Student Housing3x33BR,3BA$0.58
1251 University Ct, Unit 11251 University Ct1BR,1BA$0.67
1820 at Centennial3x33BR,3BA$0.84

Quick Rent Budget Calculator

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Frequently Asked Questions about Downtown Raleigh

What type of rentals are currently available in Downtown Raleigh?

There are currently 857 Apartments for Rent in Downtown Raleigh, NC with pricing that ranges from $577 to $8,470. There are also 304 Single Family Homes for rent, Condos, and Townhome rentals currently available in Downtown Raleigh ranging from $500 to $4,200.

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 $500 to $4,200 with an average monthly rent of $1,936.

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 $820 to $8,470, while Three Bedroom Homes, Condos, and Townhomes for rent range from $725 to $3,800. Four Bedroom Single-Family rentals are also available starting from $595 and Four Bedroom Apartments start at $590.

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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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.

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Know Your Budget: Calculating What You Can Realistically Afford When Renting

Written by: Lauren Harrington

Renting an apartment or house isn’t just about looking through online ads, choosing a few apartments or homes you want to tour, filling out an application, and putting down a deposit. Those things are all necessary and important.

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The Freedom of Short-Term Leases: Exploring the Advantages for Renters

Written by: Bobbi Jackson

If you’re looking to relocate right now, a popular solution that may best fit your current rental needs is a short-term lease.

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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.