Cheap Apartments for Rent in the Downtown Tempe Neighborhood of Tempe, AZ from $500 (154 Rentals)

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Search the lowest-cost Apartments available for rent right now in the Downtown Tempe area of 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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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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property at 828 W 2nd St

$1,150

2 Bedroom Rentals

Available Now

828 W 2nd St

TempeAZ85281

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 615 S Hardy Dr

$1,249 - $1,496

2 To 3 Bedroom Rentals

Available Now

615 S Hardy Dr

TempeAZ85281

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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Showing Results 1-50, Page 1 of 4

Downtown Tempe, Tempe, AZ Local Guide

Cheapest Available Downtown Tempe Apartments for Rent

 

The cheapest available apartment rental in the Downtown Tempe area of Phoenix, AZ is a 4 Beds unit found at SoL priced from $760. The Atrium has the second lowest priced unit, which is a 1 Bed apartment currently listed from $850. Here are the most affordable Downtown Tempe apartments for rent in Phoenix, AZ:

Apartment ListingModel NameBed/BathPriced From
SoL4BR/4BA - Silver4BR,4BA$760
The Atrium1x11BR,1BA$850
The Willowbrook Apartments1 Beds, 1 Baths1BR,1BA$895
PolancoStudioStudio,1BA$929
Grandes CortesStudioStudio,1BA$950
Solaris On UniversityP1 -1 x 11BR,1BA$979
Onnix ApartmentsJade - StudioStudio,1BA$984
El Diablo Apartments1BR/1.0BA1BR,1BA$995
Beautiful Renovations One and Two Bedrooms Located in the Heart of Tempe!1x11BR,1BA$995
Vue Nineteen 01One Bedroom - UTILITIES INCLUDED1BR,1BA$998

Best Value Apartments for Rent in Downtown Tempe, AZ

As of December 31, 2025 the best value apartment in the Downtown 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 Downtown Tempe apartment is the D1 PHPV Model at Nine20 Tempe starting at $1,079 with a $0.74 price per square foot in the Downtown Tempe neighborhood. Here is today’s list of the best values for Downtown 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$0.74
AgaveAcacia2BR,1BA$1.26
Corsican2 Bed - 1 Bath2BR,1BA$1.26
Sago GardensSingle Story2BR,1BA$1.24
Cape Cod Apartments2BR/1.0BA2BR,1BA$1.44
The Heights on Lemon2 Bedrooms, 1 Bath2BR,1BA$1.41
Emerson Park2 Bed 1 Bath2BR,1BA$1.42
Beautiful Renovations One and Two Bedrooms Located in the Heart of Tempe!1x11BR,1BA$1.44
The Willowbrook Apartments1 Beds, 1 Baths1BR,1BA$1.38

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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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 Tempe, Tempe, AZ

Ranked #3

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 Tempe, Tempe, AZ

School data provided by Great Schools

Lifestyle Ratings

ApartmentHomeLiving brings you comprehensive Lifestyle Ratings of rentals and neighborhoods across the USA, including Tempe. Our Lifestyle Ratings help you zero-in on the perfect place to call home. This takes in many factors including rankings of the best places for the best outdoor access, luxury amenities, features that make it easier to raise kids, raising pets, transit options, walking, and biking. Find Lifestyle Search in the filter options (above). Happy Searching!

Frequently Asked Questions about Cheap Downtown Tempe Apartments

What is a cheap apartment in Downtown Tempe?

A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in Downtown Tempe is under $998.

What is the price of a cheap apartment in Downtown Tempe?

The cheapest apartment in Downtown Tempe is The Atrium which is listed at $850, while the average apartment in Downtown Tempe costs $1,950.

What types of apartments are the cheapest in Downtown 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 332 regular apartments in Downtown 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 Downtown Tempe?

Cheap apartments in Downtown Tempe have an average cost of $915 which is $1,035 cheaper than the average rent for all rentals in Downtown Tempe.

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.

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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.

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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

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How to Make Your Apartment Holiday-Ready: Renter-Friendly Tips

Written by: Justin Habersaat

Getting your apartment ready for the holidays can be exciting but sometimes challenging in a smaller space. Here are some modern tips to keep things festive, safe, and inviting this season.

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Renting with Roommates: Realistic Expectations for Shared Lease

Written by: Christine Leonard, Esq.

Given the high costs for housing, I have found that many people are looking for a roommate to share expenses. These arrangements can increase opportunities for more desirable and larger spaces.

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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!