Cheap Apartments for Rent in the Downtown Phoenix Neighborhood of Phoenix, AZ from $500 (623 Rentals)

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

property at 2032 W Adams St

2032 W Adams St

PhoenixAZ85009
property at 2301 N 28th St

2301 N 28th St

PhoenixAZ85008

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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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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property at 5128 N 15th St

5128 N 15th St

PhoenixAZ85014

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.

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property at 3025 N 32nd St

3025 N 32nd St

PhoenixAZ85018

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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property at 1645 E Thomas Rd

1645 E Thomas Rd

PhoenixAZ85016

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.

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Showing Results 1-50, Page 1 of 13

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 3 Beds unit found at Legacy Crossing I & II priced from $639. Coral Gardens has the second lowest priced unit, which is a Studio apartment currently listed from $650. Here are the most affordable Downtown Phoenix apartments for rent in Phoenix, AZ:

Apartment ListingModel NameBed/BathPriced From
Legacy Crossing I & IILG2 3 Bedroom3BR,2BA$639
Coral GardensStudioStudio,1BA$650
Crosstown Phoenixe10a - EastStudio,1BA$684
Bethany at MidtownStudioStudio,1BA$699
Vista Village on Van BurenStudioStudio,1BA$699
Elevate at ThomasStudioStudio,1BA$700
Park LeeOne-Bedroom1BR,1BA$715
McCarty on Monroe1 Bedroom (A)1BR,1BA$717
Victory Place I-IVStudioStudio,1BA$720

Best Value Apartments for Rent in Downtown Phoenix, AZ

As of October 23, 2025 the best value apartment in the Downtown Phoenix area is the $1.13 price per square foot C1 Model at Midtown Flats in the in the Downtown Phoenix neighborhood starting from $1,615. The second greatest value Downtown Phoenix apartment is the 3 Bedroom Townhouse Model at Matthew Henson Apartments starting at $1,449 with a $1.10 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.
Midtown FlatsC12BR,2BA$1.13
Matthew Henson Apartments3 Bedroom Townhouse3BR,2.5BA$1.10
Legacy Crossing I & II3 bedroom3BR,2BA$1.10
Cactus CanyonTwo Bedroom - Two Bathroom2BR,2BA$1.05
New Horizons2 Bed 2 Bath2BR,2BA$1.05
U Apartments @ Melrose2x1 B1 R2BR,1BA$1.04
Camelback CourtyardTwo Bedroom/ one and a Half Bath2BR,1.5BA$1.08
132 N 10th Ave, Unit 132132 N 10th Ave2BR,1BA$0.88
McCarty on Monroe1 Bedroom (A)1BR,1BA$1.04
Park LeeOne-Bedroom1BR,1BA$1.06

Apartment Common Area Rules: What Renters Need to Know

From the lounge to the laundry room, understand your rights and responsibilities in shared apartment spaces. Get tips on pet rules, noise, and security.

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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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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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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

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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 $720.

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

The cheapest apartment in Downtown Phoenix is Legacy Crossing I & II which is listed at $647, while the average apartment in Downtown Phoenix costs $2,144.

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 482 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 $314 which is $1,830 cheaper than the average rent for all rentals in Downtown Phoenix.

Expert Rental Resources

Helpful Apartment Articles, How-To's and Tips

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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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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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.

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How to Negotiate Your Apartment Lease and Save Money

Written by: Christine Leonard, Esq.

Everything is a negotiation in real estate! 

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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.