Cheap Apartments for Rent in Phoenix, AZ from $500 (1,856 Rentals)

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

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Adara
Rent Specials
$592 - $3,262
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Total Monthly Price

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$592 - $3,262
Total Monthly Price
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Studio to 4 Bedroom Apartments Available Now

Adara

888 N 4th StPhoenix, AZ 85004
Student Housing
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What Does “Rent Burdened” Mean? How Much Rent Is Too Much

Learn the official definition (spending 30% or more of your gross income on housing) and how to calculate your exact rent-to-income ratio. This guide offers expert tips on factoring in total housing costs (including utilities and fees) and budgeting accurately to avoid unnecessary financial strain.

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Collins off Colter*
Rent Specials
$676 - $4,320
Total Monthly Price

Total Monthly Price

Base Rent
$676 - $4,320
Total Monthly Price
$676 - $4,320
Studio to 3 Bedroom Apartments Available Now

Collins off Colter*

5128 N 15th StPhoenix, AZ 85014
Affordability
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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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Crosstown Phoenix
Rent Specials
$712 - $1,306
Total Monthly Price

Total Monthly Price

Base Rent
$712 - $1,306
Total Monthly Price
Varies
Studio to 2 Bedroom Apartments Available Now

Crosstown Phoenix

1601 W Camelback RdPhoenix, AZ 85015
Student Housing
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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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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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From Scottsdale to Peoria: Your Renter’s Guide to Phoenix's Best Cities

Looking to rent in the Phoenix area, but outside of the core? This guide covers top cities in the metroplex like Gilbert and Chandler, highlighting key differences in cost of living, commute, and community feel.

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Phoenix, AZ Local Guide

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Written By:
Trey Huguley
Director, Product Marketing

Cheapest Neighborhoods for Apartments in Phoenix, AZ

Pricing Updated: 05/13/2026

Current apartment rentals in the Phoenix, AZ area range in price from $507 to $25,000 with an overall median price of $4,038. The three Phoenix neighborhoods with the lowest median rent pricing are Reed Park at $925, Sherwood at $795, and Hawthorne at $888. Here is today’s list of the top 10 neighborhoods with the lowest median pricing for Phoenix Apartments for rent:

NeighborhoodMedian PriceMin PriceAvailable Units
Reed Park$1,267$92551
Sherwood$1,272$79553
Hawthorne$1,300$88855
Cottage Grove$1,303$92550
McAfee Heights$1,303$92539
Fuller Ranch$1,308$99913
Community Fiesta$1,310$79544
Watertower$1,340$79529
Heritage Park$1,350$94926
Alta Mesa$1,362$1,09510

Cheapest Available Phoenix Apartments for Rent

 

The cheapest available apartment rental in Phoenix, AZ is a 1 Bed unit found at Garfield Terrace in the South Phoenix neighborhood priced from $507. Phoenix Scholar House in the Encanto neighborhood has the second lowest priced unit, which is a 1 Bed apartment currently listed from $526. Here is today’s list of the most affordable Phoenix apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Garfield TerraceGarfield Terrace One Bedroom1BR,1BA$507
Phoenix Scholar HousePhoenix Scholar House (ADA) 1/1 586 SF1BR,1BA$526
Legacy Crossing I & IILG2 2 Bedroom2BR,2BA$561
Residence at TollesonStudioStudio,1BA$599
South Summit EstatesTwo Bedroom One Bathroom2BR,1BA$631
Tides on 51stStudioStudio,1BA$649
Sunrise VistaStudioStudio,1BA$650
Rise ParksideS1 GoldStudio,1BA$670
Rise at the PreserveS1 PlatinumStudio,1BA$670
Cielo ApartmentsStudioStudio,1BA$672

Best Value Apartments for Rent in Phoenix, AZ

As of May 13, 2026 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
2828 E Chipman Rd, Unit 12828 E Chipman Rd3BR,2BA$1.03
Villa Serena2 Bed/1.5 Bath Townhome Available! 6 Week Off S...2BR,1.5BA$1.08
Camelback CourtyardTwo Bedroom/ one and a Half Bath2BR,1.5BA$1.14
Radius Apartments2bd/1ba2BR,1BA$1.13
Foothills Court ApartmentsTwo Bedroom, One Bath2BR,1BA$1.03
Windrose Villas ApartmentsTwo Bedroom, One Bath2BR,1BA$0.94
Park LeeOne-Bedroom1BR,1BA$1.06
Garfield TerraceGarfield Terrace One Bedroom1BR,1BA$0.78

A Phoenix Expert's Relocation Guide: Best Neighborhoods to Rent Near Banner, ASU, & Amazon

Working at a top Phoenix employer? Get the inside scoop on renting apartments in nearby neighborhoods like Encanto, Coronado, Riverside, and South Mountain Village for a great life and easy commute.

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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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Expert's Guide to the Top Neighborhoods in Phoenix, AZ for College Renters

A Local Experts Guide to The 10 Best Neighborhoods Near Universities and Colleges in the Phoenix metro area for affordable living. Find your perfect Phoenix apartment, condo, or rental home today at ApartmentHomeliving.com

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Real Estate and Rental Term Glossary | ApartmentHomeLiving.com Renter University

From the letter A all the way to the letter Z, the Real Estate and Rental Term Glossary from the content team at ApartmentHomeLiving.com provides our visitors and shoppers with a little clarity and helpful guidance in navigating the real estate world through definitions and explainers for the top subjects and terms that someone may come across during the leasing, buying, or selling process.

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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.

Remember the 3 Rules of Real Estate:
Location, Location, Location!

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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 $672.

What is the price of a cheap apartment in Phoenix?

The cheapest apartment in Phoenix is Garfield Terrace which is listed at $507, while the average apartment in Phoenix costs $4,038.

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 48,749 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 $577 which is $3,461 cheaper than the average rent for all rentals in Phoenix.

Expert Rental Resources

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.

Helpful Local Expert Guides

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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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Experts Guide to the Top Neighborhoods in Phoenix, AZ for College Renters

Written by: Andrew Jollett

I never attended school in Phoenix. While living there for some time, I often longed to join in on the fun and adventure I saw students from a number of colleges in the area.

decorative image for A Phoenix Experts Relocation Guide: Best Neighborhoods to Rent Near Banner, ASU, & Amazon article

A Phoenix Experts Relocation Guide: Best Neighborhoods to Rent Near Banner, ASU, & Amazon

Written by: Andrew Jollett

Phoenix has long been one of the fastest-growing metros in the United States. When I think about how much I’ve seen it change over the years, it’s no wonder so many young professionals flock to the area every year.

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New to Phoenix? Your Essential Guide to Top Neighborhoods, City Life and Transit Options

Written by: Andrew Jollett

Hi everyone! My name is Andrew, and I’m your local ApartmentHomeLiving.com guide for the greater Phoenix area. Today, I want to take you on an insider’s tour of the area.

Articles, How-To's, and Tips

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A Seasoned Property Manager's Step-by-Step Guide to Getting Your Deposit Back

Written by: Lauren Harrington

I’m going to talk with you as a seasoned property manager and friend. So, let’s start with your security deposit. I want you to think about this guide as insider information. You deserve your deposit back.

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Expert Solutions for Creating the Perfect Work-From-Home Apartment Layouts

Written by: Lauren Harrington

This article is based on first-hand experience managing apartment communities and helping renters adapt to their spaces after moving in.

decorative image for What Does “Rent Burdened” Mean? How Much Rent Is Too Much article

What Does “Rent Burdened” Mean? How Much Rent Is Too Much

Written by: Lauren Harrington

This article draws from first-hand renter experiences and recurring financial challenges reported after moving in.

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Maximizing Your Refund: Essential Tax Tips for Renters

Written by: Christine Leonard, Esq.

Other than tax professionals, I can’t think of anyone who looks forward to tax season. For everybody else, April is a stressful month to collect information and meet deadlines.