Cheap Apartments for Rent in Tempe, AZ from $500 (393 Rentals)

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Search the lowest-cost Apartments available for rent right now in Tempe.

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

Find the Best Phoenix Neighborhoods to Rent and Essential Tips on Getting Around Town, the City's Unique History, Must-try Local Food, and the Outdoor Culture.

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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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Tempe, AZ Local Guide

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Written By:
Staff Writer
Local Guide Expert

Cheapest Neighborhoods for Apartments in Tempe, AZ

Pricing Updated: 11/04/2025

Current apartment rentals in the Tempe, AZ area range in price from $680 to $23,770 with an overall median price of $3,108. The three Tempe neighborhoods with the lowest median rent pricing are Guadalupe at $854, South Tempe at $854, and Alameda at $680. Here is today’s list of the top 7 neighborhoods with the lowest median pricing for Tempe Apartments for rent:

NeighborhoodMedian PriceMin PriceAvailable Units
Guadalupe$1,999$854107
South Tempe$2,049$854410
Alameda$2,051$6801257
The Lakes$2,099$905204
Apache$2,176$680690
Tally Ho Farms Raintree$2,236$1,089131
West Chandler$9,147$1,089334

Cheapest Available Tempe Apartments for Rent

 

The cheapest available apartment rental in Tempe, AZ is a Studio unit found at Vista Village on Van Buren in the South Phoenix neighborhood priced from $649. Boulder Creek Apartments in the South Phoenix neighborhood has the second lowest priced unit, which is a Studio apartment currently listed from $768. Here is today’s list of the most affordable Tempe apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Vista Village on Van BurenStudioStudio,1BA$649
Boulder Creek ApartmentsS1Studio,1BA$768
Valencia ParkSonomaStudio,1BA$795
Aster on UniversityS1 RStudio,1BA$799
Papago VistaJunior One Bedroom1BR,1BA$825
Villetta Apartment HomesS1Studio,1BA$835
Hayden Terrace0x1Studio,1BA$850
The Atrium1x11BR,1BA$850
Mission SpringsSaguaro - Junior One BedroomStudio,1BA$854

Best Value Apartments for Rent in Tempe, AZ

As of November 05, 2025 the best value apartment in the Tempe 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 Tempe 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 Tempe 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
Villas at PapagoTwo Bedroom2BR,1BA$1.17
Avenue 8B12BR,2BA$1.18
La Costa at Dobson RanchC22BR,2BA$1.34
505 WestHavasu2BR,2BA$1.36
New Horizons2 Bed 2 Bath2BR,2BA$1.26
Corsican2 Bed - 1 Bath2BR,1BA$1.31
MadEry ApartmentsSaguaro2BR,1BA$1.35
522 W Howe St, Unit 522522 W Howe St1BR,1BA$1.25

Apartment Common Area Rules: What Renters Need to Know

From the lounge to the laundry room, understand your rights and responsibilities in shared apartment spaces. Get tips on pet rules, noise, and security.

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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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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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Tempe Overview

Tempe, Arizona is in the heart of the Phoenix metro valley and has been experiencing exciting growth in recent years. Abundant sunshine, outdoor activities, a lively restaurant and entertainment scene, burgeoning tech economy, proximity to Arizona State University and moderate cost of living all make Tempe a desirable place to live.

Why live in Tempe, AZ?

Tempe is a vibrant city that is home to one of the largest U.S. universities and offers something for everyone - from sports fans to outdoor enthusiasts to foodies and life-long learners. The city embodies a resilient and progressive spirit and is quickly attracting new residents, businesses and amenities. Choosing to live in a Tempe apartment also has the added benefit of being located close to the cities of Phoenix, Scottsdale and Mesa.

Pet Friendly Lifestyle
Tempe, AZ

Ranked #2

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

Pet Friendliness Lifestyle Score

2.5
Pet Friendly

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Best Local Schools in
Tempe, AZ

School data provided by Great Schools

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

Explore Tempe, AZ Rentals by Map

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See the most popular apartments and homes in Tempe, AZ

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Getting Around Tempe, AZ

Walk Score®

59 / 100

Somewhat Walkable

Some errands can be accomplished on foot

Bike Score®

74 / 100

Very Bikeable

Biking is convenient for most trips

Transit Score®

46 / 100

Some Transit

A few nearby public transportation options

What Are Walk Score®, Transit Score®, and Bike Score® Ratings?

  • Walk Score® measures the walkability of any address.
  • Transit Score® measures access to public transit.
  • Bike Score® measures the bikeability of any address.

Frequently Asked Questions about Cheap Tempe Apartments

What is a cheap apartment in Tempe?

A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in Tempe is under $854.

What is the price of a cheap apartment in Tempe?

The cheapest apartment in Tempe is Papago Vista which is listed at $825, while the average apartment in Tempe costs $3,108.

What types of apartments are the cheapest in Tempe?

Student, low-income, and by-the-bed apartments are typically the cheapest rentals in most cities, though they require qualifying criteria to rent. There are 723 regular apartments in Tempe that we think qualify as ‘cheap apartments’ that do not have special requirements to apply to rent.

How do the prices of cheap apartments compare to the average apartment in Tempe?

Cheap apartments in Tempe have an average cost of $405 which is $2,703 cheaper than the average rent for all rentals in Tempe.

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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Apartment Common Area Rules: What Renters Need to Know

Written by: Christine Leonard, Esq.

Back in the day when I rented one of my first apartments, the property didn’t even have laundry in the building. Now, rental properties are often competing against each other to provide the best amenities.

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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.