Cheap Apartments for Rent in Phoenix, AZ from $500 (1,995 Rentals)

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

property at 2032 W Adams St

2032 W Adams St

PhoenixAZ85009

Don't Settle: How to Negotiate Your Apartment Lease and Save Money

Discover the insider tips from an attorney and real estate agent on how to negotiate your next apartment lease. Find out what's on the table and what's not, so you can save money and get the best terms possible.

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property at 2301 N 28th St

2301 N 28th St

PhoenixAZ85008

Your Guide to Co-Signers: The Risks, Rewards, and Everything in Between

Thinking about getting a co-signer for your rental application? We break down what a co-signer is, the potential benefits, and the serious risks for both parties. Find out if it's the right choice for you.

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Roommate Matching: Finding the Right Fit and Avoiding Pitfalls

When searching for a roommate, follow this list of essential steps and set clear expectations to create a solid foundation for a harmonious living situation.

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The Ultimate Long-Distance Moving Checklist: Tips from a Real Estate Pro

Moving is tough, especially long-distance. Learn how to minimize stress & expenses with proven strategies from a real estate pro, covering everything from logistics to finances.

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property at 5128 N 15th St

5128 N 15th St

PhoenixAZ85014

Cash or credit? Understanding the Importance of Credit Score in Real Estate and Renting

Discover how your credit score impacts your ability to lease or buy a home. Learn how credit scores are determined, how to check yours, and strategies to improve it for real estate success.

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Showing Results 1-50, Page 1 of 40

Phoenix, AZ Local Guide

Photo of Trey Huguley - Director, Product Marketing
Written By:
Trey Huguley
Director, Product Marketing

Cheapest Neighborhoods for Apartments in Phoenix, AZ

Pricing Updated: 10/10/2025

Current apartment rentals in the Phoenix, AZ area range in price from $578 to $29,470 with an overall median price of $5,228. The three Phoenix neighborhoods with the lowest median rent pricing are Industrial Districts at $720, Sherwood at $825, and Colony by the Green at $829. Here is today’s list of the top 10 neighborhoods with the lowest median pricing for Phoenix Apartments for rent:

NeighborhoodMedian PriceMin PriceAvailable Units
Industrial Districts$1,069$7207
Sherwood$1,300$82585
Colony by the Green$1,300$82944
Fairway North$1,300$93737
Reed Park$1,303$94159
Community Fiesta$1,310$92544
Hawthorne$1,355$82572
McAfee Heights$1,355$82553
North Center Street$1,395$93746
Adobe Hills$1,400$1,00027

Cheapest Available Phoenix Apartments for Rent

 

The cheapest available apartment rental in Phoenix, AZ is a 3 Beds unit found at Legacy Crossing I & II in the South Phoenix neighborhood priced from $639. Coral Gardens in the South Phoenix neighborhood has the second lowest priced unit, which is a Studio apartment currently listed from $650. Here is today’s list of the most affordable Phoenix apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Legacy Crossing I & IILG2 3 Bedroom3BR,2BA$639
Coral GardensStudioStudio,1BA$650
The Venue on Camelback ApartmentsAmber1BR,1BA$663
Sunrise on 35thStudioStudio,1BA$675
Capri on CamelbackArcadia AffordableStudio,1BA$675
Crosstown Phoenixe10a - WestStudio,1BA$697
Cielo ApartmentsStudioStudio,1BA$697
Biltmore on the LakeStudio (0x1)-no patioStudio,1BA$699
Chateau Gardens Apartments0x1Studio,1BA$699
LUMINA ON 19th APARTMENTSS2Studio,1BA$699

Best Value Apartments for Rent in Phoenix, AZ

As of October 10, 2025 the best value apartment in the Phoenix area is the $1.13 price per square foot 8566 Model at 8566 W Cinnabar Ave in the in the The Preserve at Cibola Vista neighborhood starting from $3,250. The second greatest value Phoenix apartment is the Furnished Townhome Model at Lofts on 8th | Student Housing starting at $999 with a $0.53 price per square foot in the Downtown Tempe neighborhood. Here is today’s list of the best values for Phoenix apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
8566 W Cinnabar Ave85665BR,3BA$1.13
Lofts on 8th | Student HousingFurnished Townhome4BR,4.5BA$0.53
Nine20 TempeD1 PHPV4BR,4BA$0.75
Matthew Henson Apartments3 Bedroom Townhouse3BR,2.5BA$1.10
Grandfamilies PlaceThree Bedroom x Two Bathroom3BR,2BA$1.07
Portola GlendaleB1R2BR,2BA$1.07
Windrose Villas ApartmentsTwo Bedroom, One Bath2BR,1BA$1.12
Legacy Crossing I & II1 bedroom1BR,1BA$0.93
McCarty on Monroe1 Bedroom (A)1BR,1BA$1.04
Park LeeOne-Bedroom1BR,1BA$1.06

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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Phoenix Overview

Phoenix is the capital of Arizona, but there is a rich and diverse cultural history to this city that extends well beyond the local government. Phoenix is the home to many businesses, artists, and scholars and so much more that make it a wonderful place to call home. Combine all of that with a wide variety of superb options of apartments for rent and rental homes in the Phoenix metro area and you have a recipe for a truly amazing place to live.

Why live in Phoenix, AZ?

Phoenix is one of the fastest growing cities in the United States, with new companies and jobs arriving almost daily. The warm weather and relatively low cost of living has made the area very attractive to everyone from young professionals looking for their first job to retirees looking to take advantage of the mild winters and low cost of living while still having all of the advantages of living in a major city. Many people are flocking to the area to take advantage of job opportunities with companies such as Avnet, Mesa Air Group, and a variety of large hospitals and research centers.

Pet Friendly Lifestyle
Phoenix, AZ

Ranked #1

Among cities in Arizona 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!

Explore Phoenix, AZ Rentals by Map

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See the most popular apartments and homes in Phoenix, AZ

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Phoenix, AZ Apartments Map
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Phoenix, AZ Rental Homes Map

Getting Around Phoenix, AZ

Walk Score®

52 / 100

Somewhat Walkable

Some errands can be accomplished on foot

Bike Score®

59 / 100

Bikeable

Some bike infrastructure

Transit Score®

40 / 100

Some Transit

A few nearby public transportation options

What Are Walk Score®, Transit Score®, and Bike Score® Ratings?

  • Walk Score® measures the walkability of any address.
  • Transit Score® measures access to public transit.
  • Bike Score® measures the bikeability of any address.

Frequently Asked Questions about Cheap Phoenix Apartments

What is a cheap apartment in Phoenix?

A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in Phoenix is under $699.

What is the price of a cheap apartment in Phoenix?

The cheapest apartment in Phoenix is Legacy Crossing I & II which is listed at $647, while the average apartment in Phoenix costs $5,228.

What types of apartments are the cheapest in Phoenix?

Student, low-income, and by-the-bed apartments are typically the cheapest rentals in most cities, though they require qualifying criteria to rent. There are 16,510 regular apartments in Phoenix that we think qualify as ‘cheap apartments’ that do not have special requirements to apply to rent.

How do the prices of cheap apartments compare to the average apartment in Phoenix?

Cheap apartments in Phoenix have an average cost of $435 which is $4,793 cheaper than the average rent for all rentals in Phoenix.

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 Experts Guide to the Top 10 Budget Friendly Neighborhoods in Phoenix, AZ article

A Local Experts Guide to the Top 10 Budget Friendly Neighborhoods in Phoenix, AZ

Written by: Andrew Jollett

I'm Andrew, your ApartmHomeLiving.com local expert for Phoenix. My earliest memories of Phoenix date back to the mid-2000s when 2 of my sisters moved there (one for work and the other for school).

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How to Negotiate Your Apartment Lease and Save Money

Written by: Christine Leonard, Esq.

Everything is a negotiation in real estate! 

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The Rental Move-In Inspection Checklist: A Guide for Renters

Written by: Trey Huguley

The move-in inspection checklist is a crucial tool for both tenants and landlords. This checklist, provided by the team at ApartmentHomeLiving.com, helps document the condition of an apartment at the time of move-in.

decorative image for Your Guide to Co-Signers: The Risks, Rewards, and Everything in Between article

Your Guide to Co-Signers: The Risks, Rewards, and Everything in Between

Written by: Christine Leonard, Esq.

For many people, obstacles can arise during the rental application process for a variety of issues.