Cheap Apartments for Rent in the Downtown Phoenix Neighborhood of Phoenix, AZ from $500 (589 Rentals)

How Many Bedrooms?Done
Select your price rangeDone
to
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 the Downtown Phoenix area of Phoenix.

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
property at 5128 N 15th St

5128 N 15th St

PhoenixAZ85014

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
property at 3025 N 32nd St

3025 N 32nd St

PhoenixAZ85018

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

Find the Best Phoenix Neighborhoods to Rent and Essential Tips on Getting Around Town, the City's Unique History, Must-try Local Food, and the Outdoor Culture.

Read Article
property at 1645 E Thomas Rd

1645 E Thomas Rd

PhoenixAZ85016

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
property at 4301 S 7th Ave

4301 S 7th Ave

PhoenixAZ85041

The Art of the Rental Viewing: What to look for during a property tour

Touring a rental? This guide helps you know exactly what to look for, from safety features to hidden flaws, so you can confidently sign your lease or keep searching.

Read Article
Showing Results 1-50, Page 1 of 12

Downtown Phoenix, Phoenix, AZ Local Guide

Cheapest Available Downtown Phoenix Apartments for Rent

 

The cheapest available apartment rental in the Downtown Phoenix area of Phoenix, AZ is a 1 Bed unit found at Garfield Terrace priced from $507. Crosstown Phoenix has the second lowest priced unit, which is a Studio apartment currently listed from $633. Here are the most affordable Downtown Phoenix apartments for rent in Phoenix, AZ:

Apartment ListingModel NameBed/BathPriced From
Garfield TerraceGarfield Terrace One Bedroom1BR,1BA$507
Crosstown Phoenixe10a - EastStudio,1BA$633
Legacy Crossing I & IILG2 3 Bedroom3BR,2BA$639
Vista Village on Van BurenStudioStudio,1BA$649
The Venue on Camelback ApartmentsHoneyStudio,1BA$691
Palm SquareStudioStudio,1BA$699
Elevate at ThomasStudioStudio,1BA$700
Spectra MidtownS2CStudio,1BA$705
Park LeeOne-Bedroom1BR,1BA$715
McCarty on Monroe1 Bedroom (A)1BR,1BA$717

Best Value Apartments for Rent in Downtown Phoenix, AZ

As of December 09, 2025 the best value apartment in the Downtown Phoenix area is the $0.90 price per square foot 3 Bedroom 2.5 Bath Model at Monterosa Villas in the in the Downtown Phoenix neighborhood starting from $2,100. The second greatest value Downtown Phoenix apartment is the 3 bedroom Model at Legacy Crossing I & II starting at $1,139 with a $0.97 price per square foot in the South Phoenix neighborhood. Here is today’s list of the best values for Downtown Phoenix apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Monterosa Villas3 Bedroom 2.5 Bath3BR,2.5BA$0.90
Legacy Crossing I & II3 bedroom3BR,2BA$0.97
Villas at PapagoTwo Bedroom1BR,1BA$0.93
Portola BiltmoreThe Loft2BR,2BA$1.18
62 W Culver StOne bed1BR,1BA$1.00
U Apartments @ Melrose2x1 B1 R2BR,1BA$1.04
Palisade Park Aparments2x2 WD2BR,2BA$1.19
McCarty on Monroe1 Bedroom (A)1BR,1BA$1.04
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.

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

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.

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

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

Pet Friendly Lifestyle
Downtown Phoenix, Phoenix, AZ

Ranked #4

Among cities in Arizona for Apartment listings with Pet Friendly Amenities.

Pet Friendliness Lifestyle Score

4.0
Pet Friendly

decorative image of woman handing cat to small boy

Best Local Schools in
Downtown Phoenix, Phoenix, AZ

School data provided by Great Schools

Lifestyle Ratings

ApartmentHomeLiving.com works hard to bring you comprehensive Lifestyle Ratings of rentals in cities across the United States, including Phoenix. Lifestyle Ratings show you the best fit for your needs and interests. This takes in many factors including searching for the best amenities, and convenient access to the outdoors, pet-friendly features, family-friendliness, proximity to transit, and more. Use Lifestyle Search in the site filter options on this page - and find your Perfect place!

Frequently Asked Questions about Cheap Downtown Phoenix Apartments

What is a cheap apartment in Downtown Phoenix?

A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in Downtown Phoenix is under $717.

What is the price of a cheap apartment in Downtown Phoenix?

The cheapest apartment in Downtown Phoenix is Garfield Terrace which is listed at $507, while the average apartment in Downtown Phoenix costs $2,182.

What types of apartments are the cheapest in Downtown 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 1,251 regular apartments in Downtown 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 Downtown Phoenix?

Cheap apartments in Downtown Phoenix have an average cost of $757 which is $1,425 cheaper than the average rent for all rentals in Downtown 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 Renting with Roommates: Realistic Expectations for Shared Lease article

Renting with Roommates: Realistic Expectations for Shared Lease

Written by: Christine Leonard, Esq.

Given the high costs for housing, I have found that many people are looking for a roommate to share expenses. These arrangements can increase opportunities for more desirable and larger spaces.

decorative image for Apartment Common Area Rules: What Renters Need to Know article

Apartment Common Area Rules: What Renters Need to Know

Written by: Christine Leonard, Esq.

Back in the day when I rented one of my first apartments, the property didn’t even have laundry in the building. Now, rental properties are often competing against each other to provide the best amenities.

decorative image for How to Negotiate Your Apartment Lease and Save Money article

How to Negotiate Your Apartment Lease and Save Money

Written by: Christine Leonard, Esq.

Everything is a negotiation in real estate! 

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

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.