Cheap New Apartments for Rent in Phoenix, AZ from $500 (326 Rentals)

How Many Bedrooms?Done
Select your price rangeDone
to
Note: Properties with the Total Monthly Price badge include all required fees. Hover over the badge for details.
Lifestyle Matching SearchDone
Learn more about Lifestyle Search
By AmenitiesDone
By Community TypeDone
Features and AvailabilityDone
Done

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

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.

Read Article
close
View Me
FLATZ 602
Rent Specials
$1,148 - $1,929
Total Monthly Price

Total Monthly Price

Base Rent
$1,148 - $1,929
Total Monthly Price
$1,148 - $1,929
Built in 2022Studio to 2 Bedroom Apartments Available Now

FLATZ 602

6025 W Thomas RdPhoenix, AZ 85033
Furnished
  • Verified
  • Customer Reviewed
  • 3D Tour

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.

Read Article
close
View Me
Derby
Rent Specials
$1,149 - $6,639
Total Monthly Price

Total Monthly Price

Base Rent
$1,149 - $6,639
Total Monthly Price
Varies
Built in 2022Studio to 2 Bedroom Apartments Available Now

Derby

800 N 2nd StPhoenix, AZ 85004
Student Housing
  • Verified
  • Customer Reviewed
  • 3D Tour
close
View Me
Sora
$1,185 - $1,935
Total Monthly Price

Total Monthly Price

Base Rent
$1,185 - $1,935
Total Monthly Price
Varies
Built in 2021Studio to 3 Bedroom Apartments Available Now

Sora

355 N Central AvePhoenix, AZ 85004
Student Housing
  • Verified
  • Customer Reviewed
  • 3D Tour
close
View Me
Mason Oliver
Rent Specials
$1,196 - $2,372
Total Monthly Price

Total Monthly Price

Base Rent
$1,196 - $2,372
Total Monthly Price
Varies
Built in 2016Studio to 3 Bedroom Apartments Available Now

Mason Oliver

11 S 12th StPhoenix, AZ 85034
Corporate Housing
  • Verified
  • Customer Reviewed
  • Smoke Free

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.

Read Article
close
View Me
Bask Deer Valley
Rent Specials
$1,236 - $2,753
Total Monthly Price

Total Monthly Price

Base Rent
$1,236 - $2,753
Total Monthly Price
Varies
Built in 2023Studio to 2 Bedroom Apartments Available Now

Bask Deer Valley

26800 N 27th AvePhoenix, AZ 85085
Corporate Housing
  • Verified
  • Customer Reviewed
  • 3D Tour

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.

Read Article
close
View Me
The Stewart
Rent Specials
$1,291 - $4,209
Total Monthly Price

Total Monthly Price

Base Rent
$1,291 - $4,209
Total Monthly Price
Varies
Built in 2019Studio to 2 Bedroom Apartments Available Now

The Stewart

800 N Central AvePhoenix, AZ 85003
Student Housing
  • Verified
  • Customer Reviewed
  • 3D Tour
close
View Me
Ragsdale
Rent Specials
$1,299 - $2,399
Total Monthly Price

Total Monthly Price

Base Rent
$1,299 - $2,399
Total Monthly Price
Varies
Built in 2026Studio to 2 Bedroom Apartments Available Now

Ragsdale

1150 E Washington StPhoenix, AZ 85034
Student Housing
  • Verified
  • Customer Reviewed
  • Smoke Free
close
View Me
Rosie
Rent Specials
$1,303 - $3,415
Total Monthly Price

Total Monthly Price

Base Rent
$1,303 - $3,415
Total Monthly Price
Varies
Built in 2025Studio to 2 Bedroom Apartments Available Now

Rosie

625 N 2nd AvePhoenix, AZ 85003
Student Housing
  • Verified
  • Customer Reviewed
  • 3D Tour
close
View Me
Alta 99th
Rent Specials
$1,331 - $2,267
Total Monthly Price

Total Monthly Price

Base Rent
$1,331 - $2,267
Total Monthly Price
Varies
Built in 20241 to 3 Bedroom Apartments Available Now

Alta 99th

4411 N 99th AvePhoenix, AZ 85037
Affordability
  • Verified
  • Customer Reviewed
  • 3D Tour

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.

Read Article
Showing Results 1-50, Page 1 of 7

Phoenix, AZ Local Guide

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.

Read Article
Decorative image

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.

Read Article
Decorative image

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

Read Article
Decorative image

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.

Read Article
Decorative image

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.

decorative image of people with a giant lease agreement

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

Explore Phoenix, AZ Rentals by Map

Decorative image of map

See the most popular apartments and homes in Phoenix, AZ

View Map
Phoenix, AZ Apartments Map
View Map
Phoenix, AZ Rental Homes Map

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

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).

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

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.

decorative image for New to Phoenix? Your Essential Guide to Top Neighborhoods, City Life and Transit Options article

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

decorative image for A Seasoned Property Manager's Step-by-Step Guide to Getting Your Deposit Back article

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.

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

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.

decorative image for Maximizing Your Refund: Essential Tax Tips for Renters article

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.