Cheap Apartments for Rent in the Downtown Tempe Neighborhood of Tempe, AZ from $500 (165 Rentals)

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

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El Diablo Apartments
Rent Specials
$995 - $1,495
Total Monthly Price

Total Monthly Price

Base Rent
$935 - $1,435
Required Monthly Fees
$60
Total Monthly Price
$995 - $1,495
1 to 2 Bedroom Apartments Available Now

El Diablo Apartments

1201 S McCLintock DrTempe, AZ 85281
Student Housing
  • Verified
  • Customer Reviewed
  • Utilities Included
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Eastridge Apartments
$1,050 - $1,908
Total Monthly Price

Total Monthly Price

Base Rent
$1,020 - $1,878
Required Monthly Fees
$30
Total Monthly Price
$1,050 - $1,908
Studio to 2 Bedroom Apartments Available Now

Eastridge Apartments

1522 E Southern AveTempe, AZ 85282
Affordability
  • Verified
  • Customer Reviewed
  • 3D Tour

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Westmount at Downtown Tempe
Rent Specials
$1,116 - $1,999
Total Monthly Price

Total Monthly Price

Base Rent
$1,067 - $1,950
Required Monthly Fees
$49
Total Monthly Price
$1,116 - $1,999
1 to 3 Bedroom Apartments Available Now

Westmount at Downtown Tempe

615 S Hardy DrTempe, AZ 85281
Affordability
  • Verified
  • Customer Reviewed
  • 3D Tour
property at 615 S Hardy Dr

$1,116 - $1,614

1 To 3 Bedroom Rentals

Available Now

615 S Hardy Dr

TempeAZ85281

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Parq on 5th
$1,184 - $1,606
Total Monthly Price

Total Monthly Price

Base Rent
$1,105 - $1,527
Required Monthly Fees
$79
Total Monthly Price
$1,184 - $1,606
Studio to 2 Bedroom Apartments Available Feb 17

Parq on 5th

805 W Brown StTempe, AZ 85281
Corporate Housing
  • Verified
  • Customer Reviewed
  • 3D Tour

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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
Onnix ApartmentsJade - StudioStudio,1BA$867
Villas on 4thStudioStudio,1BA$875
Willowbrook Apartments1121BR,1BA$895
Spring Leaf Apartments1BR/1.0BA1BR,1BA$895
Studio 710 ApartmentsSmall StudioStudio,1BA$899
MargoStudioStudio,1BA$929
Solaris On UniversityP1 -1 x 11BR,1BA$929
Grandes CortesStudioStudio,1BA$950

Best Value Apartments for Rent in Downtown Tempe, AZ

As of February 14, 2026 the best value apartment in the Downtown Tempe area is the $1.21 price per square foot 3x3 Mud Room, Extended Garage Model at Roosevelt Luxury Townhomes in the in the Downtown Tempe neighborhood starting from $2,999. The second greatest value Downtown Tempe apartment is the Furnished Townhome Model at Lofts on 8th | Student Housing starting at $999 with a $0.53 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.
Roosevelt Luxury Townhomes3x3 Mud Room, Extended Garage3BR,3BA$1.21
Lofts on 8th | Student HousingFurnished Townhome4BR,4.5BA$0.53
Nine20 TempeD1 PHPV4BR,4BA$0.73
Luna Bear 5th StreetB12BR,2BA$1.37
Sago GardensSingle Story2BR,1BA$1.24
Cape Cod Apartments2BR/1.0BA2BR,1BA$1.44
University ParkTwo Bedroom Two Bathroom Ensuite2BR,2BA$1.25
Emerson Park2 Bed 1 Bath2BR,1BA$1.39
Solaris On UniversityU1 - 1 x 11BR,1BA$1.42
Willowbrook Apartments1121BR,1BA$1.38

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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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Best Local Schools in
Downtown Tempe, Tempe, AZ

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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 $950.

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 $12,500.

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 391 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 $1,027 which is $11,473 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

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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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Maximizing Your Refund: Essential Tax Tips for Renters

Written by: Christine Leonard, Esq.

Other than tax professionals, I can’t think of anyone who looks forward to tax season. For everybody else, April is a stressful month to collect information and meet deadlines.

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18 Must-Ask Rental Tour Questions That Reveal the Truth about a Property

Written by: Lauren Harrington

Renting your next home can feel thrilling and overwhelming at the same time.

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A Renters Guide for Tips on Writing Your Notice for Not Renewing Your Apartment

Written by: Bob Mallory

Packing up everything you own to move is so stressful for many that ending your apartment lease can feel like a small or unimportant task. Ending your lease involves more than simply turning over your keys on the last day.

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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.