Cheap Homes for Rent in Phoenix, AZ from $500 (1,115 Rentals)

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property at 5128 N 15th St

5128 N 15th St

PhoenixAZ85014
Showing Results 1-50, Page 1 of 23

Phoenix, AZ Local Guide

Cheapest Neighborhoods for Apartments in Phoenix, AZ

Pricing Updated: 10/14/2025

Current apartment rentals in the Phoenix, AZ area range in price from $578 to $29,995 with an overall median price of $5,001. The three Phoenix neighborhoods with the lowest median rent pricing are Community Fiesta at $925, Sherwood at $815, and Colony by the Green at $829. Here is today’s list of the top 10 neighborhoods with the lowest median pricing for Phoenix Apartments for rent:

NeighborhoodMedian PriceMin PriceAvailable Units
Community Fiesta$1,295$92549
Sherwood$1,297$81596
Colony by the Green$1,300$82946
Fairway North$1,300$93638
Reed Park$1,303$94166
Alta Mesa$1,322$99716
McAfee Heights$1,345$81558
Hawthorne$1,355$81578
Industrial Districts$1,367$7208
Watertower$1,395$93044

Cheapest Available Phoenix Apartments for Rent

 

The cheapest available apartment rental in Phoenix, AZ is a 1 Bed unit found at The Venue on Camelback Apartments in the Encanto neighborhood priced from $619. Legacy Crossing I & II in the South Phoenix neighborhood has the second lowest priced unit, which is a 3 Beds apartment currently listed from $639. Here is today’s list of the most affordable Phoenix apartments for rent:

Apartment ListingModel NameBed/BathPriced From
The Venue on Camelback ApartmentsAmber1BR,1BA$619
Legacy Crossing I & IILG2 3 Bedroom3BR,2BA$639
Coral GardensStudioStudio,1BA$650
Tides on 51st0BD, 1BTHStudio,1BA$663
Cielo ApartmentsStudioStudio,1BA$697
The Union on 28thOne Bedroom A1BR,1BA$699
LUMINA ON 19th APARTMENTSS2Studio,1BA$699
Eclipse ApartmentsStudioStudio,1BA$699
Chateau Gardens Apartments0x1Studio,1BA$699
Biltmore on the LakeStudio (0x1)-no patioStudio,1BA$699

Best Value Apartments for Rent in Phoenix, AZ

As of October 14, 2025 the best value apartment in the Phoenix area is the $0.53 price per square foot Furnished Townhome Model at Lofts on 8th | Student Housing in the in the Downtown Tempe neighborhood starting from $999. The second greatest value Phoenix apartment is the D1 PHPV Model at Nine20 Tempe starting at $1,099 with a $0.75 price per square foot in the Downtown Tempe neighborhood. Here is today’s list of the best values for Phoenix apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Lofts on 8th | Student HousingFurnished Townhome4BR,4.5BA$0.53
Nine20 TempeD1 PHPV4BR,4BA$0.75
Matthew Henson Apartments3 Bedroom Townhouse3BR,2.5BA$1.10
Grandfamilies PlaceThree Bedroom x Two Bathroom3BR,2BA$1.07
U Apartments @ Melrose2x1 B1 C2BR,1BA$1.07
Park at 55th2x2A2BR,2BA$1.12
132 N 10th Ave, Unit 132132 N 10th Ave2BR,1BA$0.88
Legacy Crossing I & II1 bedroom1BR,1BA$0.93
McCarty on Monroe1 Bedroom (A)1BR,1BA$1.04
Park LeeOne-Bedroom1BR,1BA$1.06

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Pet Friendly Lifestyle
Phoenix, AZ

Ranked #1

Among cities in Arizona for Apartment listings with Pet Friendly Amenities.

Pet Friendliness Lifestyle Score

2.5
Pet Friendly

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Remember the 3 Rules of Real Estate:
Location, Location, Location!

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Frequently Asked Questions about Phoenix

What type of rentals are currently available in Phoenix?

There are currently 5888 Apartments for Rent in Phoenix, AZ with pricing that ranges from $578 to $29,995. There are also 5265 Single Family Homes for rent, Condos, and Townhome rentals currently available in Phoenix ranging from $575 to $60,000.

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

Today's rental pricing for Homes for Rent, Condos and Townhomes in Phoenix ranges from $575 to $60,000 with an average monthly rent of $5,617.

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

For those who are looking for larger living arrangements, Three Bedroom Apartments in Phoenix range from $775 to $28,445, while Three Bedroom Homes, Condos, and Townhomes for rent range from $999 to $49,995. Four Bedroom Single-Family rentals are also available starting from $725 and Four Bedroom Apartments start at $680.

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.