Cheap Apartments for Rent in the Downtown Phoenix Neighborhood of Phoenix, AZ from $500 (610 Rentals)

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

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Crosstown Phoenix
Rent Specials
$702 - $1,614
Total Monthly Price

Total Monthly Price

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$702 - $1,614
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Studio to 2 Bedroom Apartments Available Now

Crosstown Phoenix

1601 W Camelback RdPhoenix, AZ 85015
Student Housing
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Collins off Colter*
Rent Specials
$713 - $2,031
Total Monthly Price

Total Monthly Price

Base Rent
$713 - $2,031
Total Monthly Price
$713 - $2,031
Studio to 3 Bedroom Apartments Available Now

Collins off Colter*

5128 N 15th StPhoenix, AZ 85014
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Adara
Rent Specials
$792 - $3,262
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$792 - $3,262
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Studio to 4 Bedroom Apartments Available Now

Adara

888 N 4th StPhoenix, AZ 85004
Student Housing
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Terrasol
Rent Specials
$855 - $3,589
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$855 - $3,589
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1 to 2 Bedroom Apartments Available Now

Terrasol

1010 N 48th StPhoenix, AZ 85008
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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. 2025 West Apartment Homes has the second lowest priced unit, which is a Studio apartment currently listed from $630. 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
2025 West Apartment HomesS1Studio,1BA$630
The UrbanE1Studio,1BA$661
Spectra MidtownS1 CStudio,1BA$699
Crosstown Phoenixe10a - WestStudio,1BA$704
Collins off Colter*S1 - Phase lStudio,1BA$713
Park LeeOne-Bedroom1BR,1BA$715
Victory Place I-IVStudioStudio,1BA$720
Park TerraceStudioStudio,1BA$749
Omnia on Thomas0x1 350sf ClassicStudio,1BA$749

Best Value Apartments for Rent in Downtown Phoenix, AZ

As of June 20, 2026 the best value apartment in the Downtown Phoenix area is the $1.14 price per square foot 3B2B - A Model at Copper Stone on 32nd in the in the South Phoenix neighborhood starting from $1,355. The second greatest value Downtown Phoenix apartment is the Topaz Pointe 3 Bedroom Model at Topaz Pointe starting at $1,167 with a $1.00 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.
Copper Stone on 32nd3B2B - A3BR,2BA$1.14
Topaz PointeTopaz Pointe 3 Bedroom3BR,2BA$1.00
Villas at PapagoTwo Bedroom Villas2BR,1BA$0.95
De Ville2 Beds, 1 bath2BR,1BA$1.05
McCarty on Monroe1 Bedroom (C)1BR,1BA$0.99
Palisade Park Aparments2x2 Gold2BR,2BA$1.07
Arcadia Lofts1 Bedroom 1 Bath - 664821BR,1BA$1.11
Park LeeOne-Bedroom1BR,1BA$1.06
Garfield TerraceGarfield Terrace One Bedroom1BR,1BA$0.78
Bethany at MidtownOne Bedroom One Bathroom1BR,1BA$1.23

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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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Downtown Phoenix, Phoenix, AZ

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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 Garfield Terrace which is listed at $507, while the average apartment in Downtown Phoenix costs $2,299.

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 1,249 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 $799 which is $1,500 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.

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