Cheap Homes for Rent in Downtown Phoenix Neighborhood of Phoenix, AZ from $700 (195 Rentals)

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

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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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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property at 4301 N 24th St

4301 N 24th St

PhoenixAZ85016

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 3101 N 32nd St

3101 N 32nd St

PhoenixAZ85018

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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property at 1645 E Thomas Rd

1645 E Thomas Rd

PhoenixAZ85016
Showing Results 1-50, Page 1 of 4

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
Capri on CamelbackArcadia AffordableStudio,1BA$675
Crosstown Phoenixe10a - WestStudio,1BA$697
Elevate at ThomasStudioStudio,1BA$700
Park LeeOne-Bedroom1BR,1BA$715
McCarty on Monroe1 Bedroom (A)1BR,1BA$717
Victory Place I-IVStudioStudio,1BA$720
Sunset Sound Studio ApartmentsSTUStudio,1BA$720
Valencia ParkSonomaStudio,1BA$745

Best Value Apartments for Rent in Downtown Phoenix, AZ

As of October 07, 2025 the best value apartment in the Downtown Phoenix area is the $0.92 price per square foot 3 Bedroom 2.5 Bath Large Model at Monterosa Villas in the in the Downtown Phoenix neighborhood starting from $2,150. 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.
Monterosa Villas3 Bedroom 2.5 Bath Large3BR,2.5BA$0.92
Matthew Henson Apartments3 Bedroom Townhouse3BR,2.5BA$1.10
Villas at PapagoTwo Bedroom2BR,1BA$1.17
Copper Stone on 32nd2B2B - A2BR,2BA$1.21
U Apartments @ Melrose2x1 B1 R2BR,1BA$1.21
Camelback CourtyardTwo Bedroom/ one and a Half Bath2BR,1.5BA$1.14
Portola at PapagoB22BR,1BA$1.18
Legacy Crossing I & II1 bedroom1BR,1BA$0.93
McCarty on Monroe1 Bedroom (A)1BR,1BA$1.04
Park LeeOne-Bedroom1BR,1BA$1.06

Quick Rent Budget Calculator

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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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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

Frequently Asked Questions about Downtown Phoenix

What type of rentals are currently available in Downtown Phoenix?

There are currently 2202 Apartments for Rent in Downtown Phoenix, AZ with pricing that ranges from $650 to $31,140. There are also 666 Single Family Homes for rent, Condos, and Townhome rentals currently available in Downtown Phoenix ranging from $795 to $50,000.

What is the current price range for Rental Homes in Downtown Phoenix?

Today's rental pricing for Homes for Rent, Condos and Townhomes in Downtown Phoenix ranges from $795 to $50,000 with an average monthly rent of $6,782.

How much are larger Three and Four Bedroom Rentals in Downtown Phoenix?

For those who are looking for larger living arrangements, Three Bedroom Apartments in Downtown Phoenix range from $879 to $19,995, while Three Bedroom Homes, Condos, and Townhomes for rent range from $999 to $15,000. Four Bedroom Single-Family rentals are also available starting from $1,750 and Four Bedroom Apartments start at $773.

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.

decorative image for A Local Experts Guide to the Top 10 Budget Friendly Neighborhoods in Phoenix, AZ article

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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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.

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

Written by: Christine Leonard, Esq.

For many people, obstacles can arise during the rental application process for a variety of issues.