Cheap Homes for Rent in Downtown Phoenix Neighborhood of Phoenix, AZ from $700 (157 Rentals)

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

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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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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Smart Renter's Guide: Calculating Affordable Rent & Housing Costs

Wondering how to determine your rental budget? This comprehensive guide covers everything from the 30% rule to hidden fees and effective budgeting strategies.

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property at 5312 E Taylor St

5312 E Taylor St

PhoenixAZ85008
property at 21 W Tonto St

21 W Tonto St

PhoenixAZ85003

Navigating the Rental Market: Tips for First-Time Renters

Entering the rental market? Learn these simple tips and strategies to avoid common pitfalls and make confident choices. Rent with peace of mind.

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property at 4301 N 24th St

4301 N 24th St

PhoenixAZ85016

Downtown Phoenix - One of the Best Affordable Neighborhoods in Phoenix

Named as one of the Best Affordable Areas to rent in Phoenix by our Phoenix, AZ Local Expert Andrew Jollett. See how it ranks!

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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 Studio unit found at Coral Gardens priced from $420. Legacy Crossing I & II has the second lowest priced unit, which is a 1 Bed apartment currently listed from $647. Here are the most affordable Downtown Phoenix apartments for rent in Phoenix, AZ:

Apartment ListingModel NameBed/BathPriced From
Coral GardensStudioStudio,1BA$420
Legacy Crossing I & II1 bedroom1BR,1BA$647
MarqueeOne Bedroom 559 Sq Ft A1BR,1BA$670
Crosstown Phoenixe10a - WestStudio,1BA$693
AdaraD24BR,4BA$699
La Buena Vida1 Bed, 1 bath1BR,1BA$705
Park LeeOne-Bedroom1BR,1BA$715
SeventhStudio - ClassicStudio,1BA$717
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 June 21, 2025 the best value apartment in the Downtown Phoenix area is the $1.08 price per square foot Two Bedroom Model at Villas at Papago in the in the South Phoenix neighborhood starting from $1,225. The second greatest value Downtown Phoenix apartment is the The Loft Model at Portola Biltmore starting at $1,399 with a $1.27 price per square foot in the Downtown 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.
Villas at PapagoTwo Bedroom2BR,1BA$1.08
Portola BiltmoreThe Loft2BR,2BA$1.27
The Clubhouse at Arcadia2x22BR,2BA$1.33
Boulder Creek ApartmentsB12BR,2BA$1.38
Portola at PapagoB22BR,1BA$1.29
Legacy Crossing I & II1 bedroom1BR,1BA$0.93
McCarty on Monroe1 Bedroom (A)1BR,1BA$1.04
La Buena Vida1 Bed, 1 bath1BR,1BA$1.04
Park LeeOne-Bedroom1BR,1BA$1.06
MarqueeOne Bedroom 559 Sq Ft A1BR,1BA$1.04

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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Frequently Asked Questions about Downtown Phoenix

What type of rentals are currently available in Downtown Phoenix?

There are currently 2184 Apartments for Rent in Downtown Phoenix, AZ with pricing that ranges from $420 to $15,694. There are also 564 Single Family Homes for rent, Condos, and Townhome rentals currently available in Downtown Phoenix ranging from $745 to $51,000.

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 $745 to $51,000 with an average monthly rent of $8,489.

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 $799 to $14,995, while Three Bedroom Homes, Condos, and Townhomes for rent range from $1,275 to $27,000. Four Bedroom Single-Family rentals are also available starting from $850 and Four Bedroom Apartments start at $699.

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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Roommate Matching: Finding the Right Fit and Avoiding Pitfalls

Written by: Cheryl Bowman

A fantastic way to save money and enjoy a built-in community is to share an apartment. However, a bad roommate situation can turn your dream rental into a nightmare.

decorative image for The Art of the Rental Viewing: What to look for during a property tour article

The Art of the Rental Viewing: What to look for during a property tour

Written by: Marie Brown

You’ve scrolled through countless listings, walked through a blur of rentals, and finally found what feels like the one. The pictures? Fantastic. The neighborhood seems just right.

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Know Your Budget: Calculating What You Can Realistically Afford When Renting

Written by: Lauren Harrington

Renting an apartment or house isn’t just about looking through online ads, choosing a few apartments or homes you want to tour, filling out an application, and putting down a deposit. Those things are all necessary and important.