Cheap Apartments for Rent in the Downtown Phoenix Neighborhood of Phoenix, AZ from $500 (599 Rentals)

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

property at 5128 N 15th St

$677 - $1,274

Studio To 2 Bedroom Rentals

Available Now

5128 N 15th St

PhoenixAZ85014
property at 3025 N 32nd St

$599 - $879

Studio To 1 Bedroom Rentals

Available Now

3025 N 32nd St

PhoenixAZ85018

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

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Roommate Matching: Finding the Right Fit and Avoiding Pitfalls

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

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property at 1645 E Thomas Rd

$880 - $942

Studio To 1 Bedroom Rentals

Available Now

1645 E Thomas Rd

PhoenixAZ85016

Smart Renter's Guide: Calculating Affordable Rent & Housing Costs

Wondering how to determine your rental budget? This comprehensive guide covers everything from the 30% rule to hidden fees and effective budgeting strategies.

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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 Tanner Manor Apartments priced from $529. Crosstown Phoenix has the second lowest priced unit, which is a Studio apartment currently listed from $593. Here are the most affordable Downtown Phoenix apartments for rent in Phoenix, AZ:

Apartment ListingModel NameBed/BathPriced From
Tanner Manor ApartmentsONE MONTH RENT-FREE + GROUND-LEVEL UNITS AVAILABLE1BR,1BA$529
Crosstown Phoenixe10a - EastStudio,1BA$593
Legacy Crossing I & IILG2 3 Bedroom3BR,2BA$639
Collins off Colter*S1 - Phase lStudio,1BA$678
AdaraCo-living 4BStudio,1BA$689
Spectra MidtownS2CStudio,1BA$705
McCarty on Monroe1 Bedroom (A)1BR,1BA$717
Victory Place I-IVStudioStudio,1BA$720
The Venue on Camelback ApartmentsHoneyStudio,1BA$729
Reflections On PortlandOne Bedroom1BR,1BA$749

Best Value Apartments for Rent in Downtown Phoenix, AZ

As of February 03, 2026 the best value apartment in the Downtown Phoenix area is the $0.96 price per square foot 3 Bedroom 2.5 Bath Model at Monterosa Villas in the in the Downtown Phoenix neighborhood starting from $2,200. 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$0.96
Legacy Crossing I & II3 bedroom3BR,2BA$0.97
Villas at PapagoTwo Bedroom1BR,1BA$0.88
62 W Culver StOne bed1BR,1BA$1.00
Copper Stone on 32nd2B2B - A2BR,2BA$1.21
U Apartments @ Melrose2x1 B1 R2BR,1BA$1.04
Camelback CourtyardTwo Bedroom/ one and a Half Bath2BR,1.5BA$1.14
Park LeeTwo-Bedroom2BR,1BA$1.01
Tanner Manor ApartmentsLIMITED-TIME SPECIAL: ONE MONTH RENT-FREE O.A.C...2BR,1BA$1.10
Cactus CanyonOne Bedroom-One Bath1BR,1BA$1.20

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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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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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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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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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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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 $749.

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

The cheapest apartment in Downtown Phoenix is Tanner Manor Apartments which is listed at $529, while the average apartment in Downtown Phoenix costs $2,495.

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 1,822 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 $884 which is $1,611 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

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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.

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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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18 Must-Ask Rental Tour Questions That Reveal the Truth about a Property

Written by: Lauren Harrington

Renting your next home can feel thrilling and overwhelming at the same time.

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A Renters Guide for Tips on Writing Your Notice for Not Renewing Your Apartment

Written by: Bob Mallory

Packing up everything you own to move is so stressful for many that ending your apartment lease can feel like a small or unimportant task. Ending your lease involves more than simply turning over your keys on the last day.

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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.

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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.