Cheap Homes for Rent in Downtown Phoenix Neighborhood of Phoenix, AZ from $700 (127 Rentals)

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

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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property at 1201 E Moreland St

$1,000 - $2,600

Total Monthly Price

Total Monthly Price

Base Rent
$1,000 - $2,600
Total Monthly Price
$1,000 - $2,600

Studio To 2 Bedroom Townhomes for Rent

Available Now

1201 E Moreland St

PhoenixAZ85006

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 4017 E Palm Ln

$1,100

Total Monthly Price

Total Monthly Price

Base Rent
$1,100
Total Monthly Price
$1,100

Studio, 1 Bath Townhome for Rent

Available Now

4017 E Palm Ln

PhoenixAZ85008
property at 1333 E Thomas Rd

$1,100 - $1,300

1 To 2 Bedroom Rentals

Available Now

1333 E Thomas Rd

PhoenixAZ85014

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 535 W Thomas Rd

$1,195 - $2,900

1 Bedroom Rentals

Available Now

535 W Thomas Rd

PhoenixAZ85013

From Scottsdale to Peoria: Your Renter’s Guide to Phoenix's Best Cities

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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property at 1241 N 48th St

$1,050 - $1,250

1 Bedroom Rentals

Available Now

1241 N 48th St

PhoenixAZ85008
property at 328 N 12th St

$1,295

Total Monthly Price

Total Monthly Price

Base Rent
$1,295
Total Monthly Price
$1,295

1 Bedroom, 1 Bath Home for Rent

Available Now

328 N 12th St

PhoenixAZ85006

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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Showing Results 1-50, Page 1 of 3

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
2025 West Apartment HomesS1Studio,1BA$675
AdaraCo-living 4AStudio,1BA$692
Collins off Colter*S1 - Phase lStudio,1BA$692
Vista Village on Van BurenStudioStudio,1BA$699
Park LeeOne-Bedroom1BR,1BA$715
Victory Place I-IVStudioStudio,1BA$720
Sunset Sound Studio ApartmentsSTUStudio,1BA$724

Best Value Apartments for Rent in Downtown Phoenix, AZ

As of April 23, 2026 the best value apartment in the Downtown Phoenix area is the $0.97 price per square foot 3 bedroom Model at Legacy Crossing I & II in the in the South Phoenix neighborhood starting from $1,139. The second greatest value Downtown Phoenix apartment is the Two Bedroom Villas Model at Villas at Papago starting at $1,250 with a $1.11 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.
Legacy Crossing I & II3 bedroom3BR,2BA$0.97
Villas at PapagoTwo Bedroom Villas2BR,1BA$1.11
Camelback GardensTwo Bedroom, Two Bath2BR,2BA$1.25
Copper Stone on 32nd2B2B - A2BR,2BA$1.21
Camelback CourtyardTwo Bedroom/ one and a Half Bath2BR,1.5BA$1.24
Arcadia 302x12BR,1BA$1.21
Cactus CanyonOne Bedroom-One Bath1BR,1BA$1.27
Park LeeOne-Bedroom1BR,1BA$1.06
Garfield TerraceGarfield Terrace One Bedroom1BR,1BA$0.78
Radius Apartments1bd/1ba1BR,1BA$1.15

10 Hidden Costs of Renting You Should Budget for Before Signing a Lease

Avoid financial stress when renting. Learn about the 10 most common hidden costs—from pet fees to utilities—you must budget for before you sign a lease.

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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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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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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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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 2156 Apartments for Rent in Downtown Phoenix, AZ with pricing that ranges from $507 to $21,352. There are also 451 Single Family Homes for rent, Condos, and Townhome rentals currently available in Downtown Phoenix ranging from $750 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 $750 to $50,000 with an average monthly rent of $9,684.

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 $730 to $19,995, while Three Bedroom Homes, Condos, and Townhomes for rent range from $1,249 to $14,995. Four Bedroom Single-Family rentals are also available starting from $1,095 and Four Bedroom Apartments start at $957.

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

Written by: Andrew Jollett

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.

decorative image for A Phoenix Experts Relocation Guide: Best Neighborhoods to Rent Near Banner, ASU, & Amazon article

A Phoenix Experts Relocation Guide: Best Neighborhoods to Rent Near Banner, ASU, & Amazon

Written by: Andrew Jollett

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.

decorative image for New to Phoenix? Your Essential Guide to Top Neighborhoods, City Life and Transit Options article

New to Phoenix? Your Essential Guide to Top Neighborhoods, City Life and Transit Options

Written by: Andrew Jollett

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

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

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.

decorative image for What Does “Rent Burdened” Mean? How Much Rent Is Too Much article

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.

decorative image for 18 Must-Ask Rental Tour Questions That Reveal the Truth about a Property article

18 Must-Ask Rental Tour Questions That Reveal the Truth about a Property

Written by: Lauren Harrington

Renting your next home can feel thrilling and overwhelming at the same time.