Cheap Homes for Rent in Raleigh, NC from $500 (139 Rentals)

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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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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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Raleigh, NC Local Guide

Cheapest Neighborhoods for Apartments in Raleigh, NC

Pricing Updated: 05/17/2025

Current apartment rentals in the Raleigh, NC area range in price from $550 to $9,941 with an overall median price of $2,652. The three Raleigh neighborhoods with the lowest median rent pricing are MacGregor at $1,000, Hunters Crossing at $585, and University Suites at $585. Here is today’s list of the top 10 neighborhoods with the lowest median pricing for Raleigh Apartments for rent:

NeighborhoodMedian PriceMin PriceAvailable Units
MacGregor$1,000$1,0001
Hunters Crossing$1,695$585114
University Suites$1,704$585250
Trailwood$1,714$585246
Trailside Commons$1,727$585274
Hunters Creek$1,756$585173
College View$1,794$585252
Stonehenge$1,810$725185
Indian Hills$1,813$585422
Fairview Acres$1,821$650206

Cheapest Available Raleigh Apartments for Rent

 

The cheapest available apartment rental in Raleigh, NC is a 1 Bed unit found at Olde School Commons in the Sandlin Branch neighborhood priced from $699. The Wilde in the Lakeside neighborhood has the second lowest priced unit, which is a 4 Beds apartment currently listed from $735. Here is today’s list of the most affordable Raleigh apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Olde School CommonsOSC 1/1 (60%)1BR,1BA$699
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

Best Value Apartments for Rent in Raleigh, NC

As of May 17, 2025 the best value apartment in the 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 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 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
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
Olde School CommonsOSC 1/1 (60%)1BR,1BA$0.87

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.

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Raleigh, NC Area Reviews

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Chris • 1+ years in Raleigh

February 27, 2025

It's an ideal spot for college students, young families, and business professionals. If you can tolerate some traffic jams periodically, then Raleigh's a terrific area in North Carolina.

Frequently Asked Questions about Raleigh

What type of rentals are currently available in Raleigh?

There are currently 1525 Apartments for Rent in Raleigh, NC with pricing that ranges from $450 to $9,941. There are also 1036 Single Family Homes for rent, Condos, and Townhome rentals currently available in Raleigh ranging from $500 to $5,500.

What is the current price range for Rental Homes in Raleigh?

Today's rental pricing for Homes for Rent, Condos and Townhomes in Raleigh ranges from $500 to $5,500 with an average monthly rent of $1,844.

How much are larger Three and Four Bedroom Rentals in Raleigh?

For those who are looking for larger living arrangements, Three Bedroom Apartments in Raleigh range from $820 to $9,941, while Three Bedroom Homes, Condos, and Townhomes for rent range from $725 to $3,900. 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.