Save search
Skip the filters. Search with AI Mode instead.

Apartments for Rent in New Mexico under $500

Apartments for Rent in New Mexico under $500. 3 Rentals Available
3 Rentals Available
Quick filters
  • Only 1 unit left
    Studio $125
    Base rent
    Verified Listing

    4.0 (1)
    1320 Avenida De Mesilla, Las Cruces, NM 88005
    Apply online • Pet friendly
  • Ask for pricing
    Verified Listing

    1200 Dickerson SE, Albuquerque, NM 87106
    Air conditioner • Wheelchair Access
  • Studio $200
    Base rent
    Verified Listing

    855 W Picacho Avenue, Las Cruces, NM 88005
    Pet friendly
3-0-state
Explore popular searches
By lifestyle & amenities

Frequently asked questions

When were prices and availability in New Mexico last updated?

Prices and availability in New Mexico were last updated on 14 Jul 2026.

What are the best apartments in New Mexico?

The best apartments in New Mexico are: Links at High Resort, Altezza High Desert, Arterra, Vizcaya and Altitude at Vizcaya.

What type of rental buildings are in New Mexico?

In New Mexico 30% of the housing is rented out compared to 70% of homes are owned, according to the most recent Census Bureau estimates. 10% of New Mexico's apartments are found in large buildings of 50 units or more, 44% are located in smaller apartment complexes with less than 50 units, and 34% are single-family rentals.

Your search for apartments in New Mexico under $500 stops here

Finding apartments for rent in New Mexico for less than $500 has never been so easy! At RentCafe nice cheap apartments are just one click away. There are currently 3 available units in New Mexico, renting for under $500. Be sure to search for the apartment that is best for you. Under “More”, check the amenities that you consider a must-have, and don’t forget to look at the pet policy. Fitness enthusiasts can even check the Fitness Center box. Whether you are looking for studio apartments, 1 bedroom apartments, 2 bedroom apartments or 3 bedroom apartments, you are sure to find one that will make you want to move in right away.

We’ll help you find the best rental near you

Having to compromise on either price or location can turn your “apartments near me under $500” search into a nightmare. At RentCafe we recognize the importance of both. Therefore, we offer a variety of filters that can help you find exactly what you want. Sorting the results by rent, ascending, will make the cheapest units show up first on the list. Try it out! You will find that right now the cheapest apartment under $500 in New Mexico goes for $125 per month. If some of the results are outside the area of your choice, you can go to the left side of the screen and draw a radius or a polygon around your location. Now you will only see results that are relevant to you.