Cheap Apartments for Rent in the Downtown Phoenix Neighborhood of Phoenix, AZ from $500 (534 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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Collins off Colter*
Rent Specials
$641 - $4,320
Total Monthly Price

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Base Rent
$641 - $4,320
Total Monthly Price
$641 - $4,320
Studio to 3 Bedroom Apartments Available Now

Collins off Colter*

5128 N 15th StPhoenix, AZ 85014
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Adara
Rent Specials
$692 - $3,460
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Total Monthly Price

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$692 - $3,460
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Studio to 4 Bedroom Apartments Available Now

Adara

888 N 4th StPhoenix, AZ 85004
Student Housing
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What Does “Rent Burdened” Mean? How Much Rent Is Too Much

Learn the official definition (spending 30% or more of your gross income on housing) and how to calculate your exact rent-to-income ratio. This guide offers expert tips on factoring in total housing costs (including utilities and fees) and budgeting accurately to avoid unnecessary financial strain.

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Crosstown Phoenix
Rent Specials
$722 - $1,384
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$722 - $1,384
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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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Your Guide to Co-Signers: The Risks, Rewards, and Everything in Between

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Briella Phoenix
Rent Specials
$774 - $1,631
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$774 - $1,631
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Studio to 2 Bedroom Apartments Available Now

Briella Phoenix

1502 E Osborn RdPhoenix, AZ 85014
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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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Looking to rent in the Phoenix area, but outside of the core? This guide covers top cities in the metroplex like Gilbert and Chandler, highlighting key differences in cost of living, commute, and community feel.

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Terrasol
Rent Specials
$855 - $1,284
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$855 - $1,284
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1 to 2 Bedroom Apartments Available Now

Terrasol

1010 N 48th StPhoenix, AZ 85008
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Your Essential Local Experts Phoenix Relocation Guide: Housing, Utilities, and Local Tips

Your complete checklist for relocating to the Phoenix metro area. Easily navigate housing, set up electricity and gas with provider links, handle vehicle registration, and learn local regulations.

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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. Phoenix Scholar House has the second lowest priced unit, which is a 1 Bed apartment currently listed from $526. 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
Phoenix Scholar HousePhoenix Scholar House 1/1 588 SF1BR,1BA$526
Legacy Crossing I & II1 bedroom1BR,1BA$647
Collins off Colter*S1 - Phase lStudio,1BA$691
AdaraCo-living 4BStudio,1BA$692
The Venue on Camelback ApartmentsHoneyStudio,1BA$695
Vista Village on Van BurenStudioStudio,1BA$699
2025 West Apartment HomesS1Studio,1BA$700
Park LeeOne-Bedroom1BR,1BA$715
Victory Place I-IVStudioStudio,1BA$720

Best Value Apartments for Rent in Downtown Phoenix, AZ

As of May 06, 2026 the best value apartment in the Downtown Phoenix area is the $1.26 price per square foot 3 BED 2.5 BATH Model at Woodgate Townhomes in the in the South Phoenix neighborhood starting from $1,895. 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.
Woodgate Townhomes3 BED 2.5 BATH3BR,2.5BA$1.26
Legacy Crossing I & II3 bedroom3BR,2BA$0.97
Villas at PapagoTwo Bedroom Villas2BR,1BA$1.24
Camelback GardensTwo Bedroom, Two Bath2BR,2BA$1.25
The Clubhouse at Arcadia2x22BR,2BA$1.28
Copper Stone on 32nd2B2B - A2BR,2BA$1.21
TamarackB12BR,1BA$1.19
Radius Apartments2bd/1ba2BR,1BA$1.07
Park LeeOne-Bedroom1BR,1BA$1.06
Garfield TerraceGarfield Terrace One Bedroom1BR,1BA$0.78

A Seasoned Property Manager's Step-by-Step Guide to Getting Your Deposit Back

Learn the property manager's true secrets to a zero-deduction move-out. Use this step-by-step guide on documentation, cleaning, and lease-reading to reclaim your security deposit.

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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

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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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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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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 $720.

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 $2,513.

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 1,171 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 $820 which is $1,693 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

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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

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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

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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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A Seasoned Property Manager's Step-by-Step Guide to Getting Your Deposit Back

Written by: Lauren Harrington

I’m going to talk with you as a seasoned property manager and friend. So, let’s start with your security deposit. I want you to think about this guide as insider information. You deserve your deposit back.

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Expert Solutions for Creating the Perfect Work-From-Home Apartment Layouts

Written by: Lauren Harrington

This article is based on first-hand experience managing apartment communities and helping renters adapt to their spaces after moving in.

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What Does “Rent Burdened” Mean? How Much Rent Is Too Much

Written by: Lauren Harrington

This article draws from first-hand renter experiences and recurring financial challenges reported after moving in.

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Maximizing Your Refund: Essential Tax Tips for Renters

Written by: Christine Leonard, Esq.

Other than tax professionals, I can’t think of anyone who looks forward to tax season. For everybody else, April is a stressful month to collect information and meet deadlines.