Cheap Homes for Rent in Downtown Phoenix Neighborhood of Phoenix, AZ from $600 (161 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 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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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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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
Elevate at ThomasStudioStudio,1BA$700
La Buena Vida1 Bed, 1 bath1BR,1BA$705
Park LeeOne-Bedroom1BR,1BA$715
Omnia on Thomas0x1 350sf ClassicStudio,1BA$716
McCarty on Monroe1 Bedroom (A)1BR,1BA$717
Victory Place I-IVStudioStudio,1BA$720
2025 West Apartment HomesS1Studio,1BA$724
The Venue on Camelback ApartmentsHoneyStudio,1BA$738

Best Value Apartments for Rent in Downtown Phoenix, AZ

As of August 18, 2025 the best value apartment in the Downtown Phoenix area is the $0.92 price per square foot 3 Bedroom 2.5 Bath Model at Monterosa Villas in the in the Downtown Phoenix neighborhood starting from $2,100. The second greatest value Downtown Phoenix apartment is the C2 - Phase ll Model at Collins Off Colter II starting at $1,536 with a $1.20 price per square foot in the Central 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 Bath3BR,2.5BA$0.92
Collins Off Colter IIC2 - Phase ll2BR,2BA$1.20
Legacy Crossing I & II3 bedroom3BR,2BA$0.97
Villas at PapagoTwo Bedroom2BR,1BA$1.08
Copper Stone on 32nd2B2B - A2BR,2BA$1.21
1746 E Virginia Ave, Unit 21746 E Virginia Ave2BR,1BA$1.22
Osborn Place1 Bed - 1 Bath B1BR,1BA$1.21
McCarty on Monroe1 Bedroom (A)1BR,1BA$1.04
La Buena Vida1 Bed, 1 bath1BR,1BA$1.04
Park LeeOne-Bedroom1BR,1BA$1.06

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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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 2167 Apartments for Rent in Downtown Phoenix, AZ with pricing that ranges from $420 to $31,470. There are also 672 Single Family Homes for rent, Condos, and Townhome rentals currently available in Downtown Phoenix ranging from $650 to $30,000.

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 $650 to $30,000 with an average monthly rent of $6,205.

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 $1,395 to $15,000. Four Bedroom Single-Family rentals are also available starting from $1,695 and Four Bedroom Apartments start at $749.

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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The Ultimate Long-Distance Moving Checklist: Tips from a Real Estate Pro

Written by: Christine Leonard, Esq.

Hard truth. Moving is never easy. I’ve done it all – from local moves to cross-country relocations From packing to unpacking the last box, I have found moving to be an exhausting, expensive and stressful experience every time.

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Cash or credit? Understanding the Importance of Credit Score in Real Estate and Renting

Written by: Christine Leonard, Esq.

Throughout the day, think about all the times that you have to pay for something. So many of us reach automatically for a credit card or even our phone for a quick payment.

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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.