
Cheap Apartments for Rent in the Downtown Phoenix Neighborhood of Phoenix, AZ from $500 (623 Rentals)
Search the lowest-cost Apartments available for rent right now in the Downtown Phoenix area of Phoenix.


2032 W Adams St

2226 N 22nd St

Capri on Camelback

1845 E Monroe St

Crosstown Phoenix

4633 N 8th Pl

Vista Village on Van Buren

2301 N 28th St
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.

Elevate at Thomas

Sunset Sound Studio Apartments

Victory Place I-IV

Collins off Colter*

Spectra Midtown

Kinley at Biltmore
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.

Valencia Park

Adara

5128 N 15th St

The Urban

The Venue on Camelback Apartments

2524 E Willetta St

2025 West Apartment Homes

2417 West Campbell Ave

The Resort on 27th

Amara Apartments
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.

Courtyard at Encanto Apartments

909 E Roosevelt St

3025 N 32nd St

512 E Roanoke Ave

3415 N 43rd Pl, Unit 3415 n 43rd Place

Papago Vista

Boulder Creek Apartments

Seventh Apartments

Omnia on Thomas

1552 W McDowell Rd
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.

1645 E Thomas Rd

The Loreto Apartments

Prados Apartments at Arcadia

1241 E McKinley St

1805 E Indian School Rd

Park Terrace

The Continental

Summit on Thomas
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.
Downtown Phoenix, Phoenix, AZ Local Guide

How much does it cost to rent an apartment in Downtown Phoenix?
Bedroom | Average Rent | Cheapest Rent | Highest Rent |
---|---|---|---|
Downtown Phoenix Studio Apartments | $1,392 | $650 | $3,394 |
Downtown Phoenix 1 Bedroom Apartments | $1,690 | $670 | $6,151 |
Downtown Phoenix 2 Bedroom Apartments | $2,150 | $700 | $10,000+ |
Downtown Phoenix 3 Bedroom Apartments | $2,771 | $879 | $10,000+ |
Downtown Phoenix 4 Bedroom Apartments | $1,232 | $773 | $3,400 |
Browse Apartments in this Neighborhood
There are currently 623 rentals with your search options within a 2 mile radius of the Downtown Phoenix Neighborhood of Phoenix, AZ.
See all Apartments in PhoenixExplore Phoenix
Downtown Phoenix, Phoenix, AZ Local Guide
- Nearby Phoenix neighborhoods
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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 Listing | Model Name | Bed/Bath | Priced From |
---|---|---|---|
Legacy Crossing I & II | LG2 3 Bedroom | 3BR,2BA | $639 |
Coral Gardens | Studio | Studio,1BA | $650 |
Crosstown Phoenix | e10a - East | Studio,1BA | $684 |
Bethany at Midtown | Studio | Studio,1BA | $699 |
Vista Village on Van Buren | Studio | Studio,1BA | $699 |
Elevate at Thomas | Studio | Studio,1BA | $700 |
Park Lee | One-Bedroom | 1BR,1BA | $715 |
McCarty on Monroe | 1 Bedroom (A) | 1BR,1BA | $717 |
Victory Place I-IV | Studio | Studio,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 Listing | Model Name | Bed/Bath | Price Per Sq.Ft. |
---|---|---|---|
Midtown Flats | C1 | 2BR,2BA | $1.13 |
Matthew Henson Apartments | 3 Bedroom Townhouse | 3BR,2.5BA | $1.10 |
Legacy Crossing I & II | 3 bedroom | 3BR,2BA | $1.10 |
Cactus Canyon | Two Bedroom - Two Bathroom | 2BR,2BA | $1.05 |
New Horizons | 2 Bed 2 Bath | 2BR,2BA | $1.05 |
U Apartments @ Melrose | 2x1 B1 R | 2BR,1BA | $1.04 |
Camelback Courtyard | Two Bedroom/ one and a Half Bath | 2BR,1.5BA | $1.08 |
132 N 10th Ave, Unit 132 | 132 N 10th Ave | 2BR,1BA | $0.88 |
McCarty on Monroe | 1 Bedroom (A) | 1BR,1BA | $1.04 |
Park Lee | One-Bedroom | 1BR,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.
Read ArticleA Phoenix Expert's Relocation Guide: Best Neighborhoods to Rent Near Banner, ASU, & Amazon
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Read ArticleDon'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 ArticleThe Ultimate Long-Distance Moving Checklist: Tips from a Real Estate Pro
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Read ArticleExpert'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 ArticleQuick 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.
Pet Friendly LifestyleDowntown Phoenix, Phoenix, AZ
Ranked #4
Among cities in Arizona for Apartment listings with Pet Friendly Amenities.
Pet Friendliness Lifestyle Score
4.0Pet Friendly
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.

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).

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.

How to Negotiate Your Apartment Lease and Save Money
Written by: Christine Leonard, Esq.
Everything is a negotiation in real estate!

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.