Cheap Apartments for Rent in the Downtown Tempe Neighborhood of Tempe, AZ from $700 (181 Rentals)

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

property at 700 W University Dr

$875 - $1,100

Total Monthly Price

Total Monthly Price

Base Rent
$875 - $1,100
Total Monthly Price
$875 - $1,100

1 To 2 Bedroom Condos for Rent

Available Now

700 W University Dr

TempeAZ85281

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Learn the official definition (spending 30% or more of your gross income on housing) and how to calculate your exact rent-to-income ratio. This guide offers expert tips on factoring in total housing costs (including utilities and fees) and budgeting accurately to avoid unnecessary financial strain.

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Eastridge Apartments
Rent Specials
$957 - $1,710
Total Monthly Price

Total Monthly Price

Base Rent
$957 - $1,710
Total Monthly Price
$957 - $1,710
Studio to 2 Bedroom Apartments Available Now

Eastridge Apartments

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

Your Guide to Co-Signers: The Risks, Rewards, and Everything in Between

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

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property at 729 W University Dr

$1,200

Total Monthly Price

Total Monthly Price

Base Rent
$1,200
Total Monthly Price
$1,200

2 Bedroom, 1 Bath Home for Rent

Available Jul 1

729 W University Dr

TempeAZ85281
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West 5th
$1,234 - $1,334
Total Monthly Price

Total Monthly Price

Base Rent
$1,234 - $1,334
Total Monthly Price
$1,234 - $1,334
1 to 2 Bedroom Apartments Available Now

West 5th

601 W 5th StTempe, AZ 85281
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IMT Desert Palm Village
Rent Specials
$1,253 - $1,753
Total Monthly Price

Total Monthly Price

Base Rent
$1,253 - $1,753
Total Monthly Price
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1 to 3 Bedroom Apartments Available May 24

IMT Desert Palm Village

1215 E Vista Del Cerro DrTempe, AZ 85281
Student Housing
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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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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 1 Bed unit found at The Atrium priced from $850. Villas on 4th has the second lowest priced unit, which is a Studio apartment currently listed from $875. Here are the most affordable Downtown Tempe apartments for rent in Phoenix, AZ:

Apartment ListingModel NameBed/BathPriced From
The Atrium1x11BR,1BA$850
Villas on 4thStudioStudio,1BA$875
Riviera PalmsStudioStudio,1BA$899
Parq on 5thStudioStudio,1BA$899
Grandes CortesStudioStudio,1BA$899
University Pointe ApartmentsStudioStudio,1BA$899
MargoStudioStudio,1BA$929
The Place of TempeStudioStudio,1BA$950
MadEry ApartmentsBartlett1BR,1BA$950
Sago GardensTownhome2BR,1BA$950

Best Value Apartments for Rent in Downtown Tempe, AZ

As of May 18, 2026 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 D3 Model at Canvas starting at $1,249 with a $0.92 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
CanvasD34BR,4BA$0.92
The District on Apache3x3 Luxe3BR,3BA$1.02
Tempe Horizons2 Bed/2 Bath2BR,2BA$1.36
SoL2BR/2BA - Platinum Deluxe2BR,2BA$1.21
Luna Bear 5th StreetB12BR,2BA$1.37
Nine20 TempeB12BR,2BA$1.41
Sago GardensSingle Story2BR,1BA$1.21
Ascent on SpencePlan A2BR,2BA$1.38
Gateway at Tempe2x2 L Renovated2BR,2BA$1.39

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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Real Estate and Rental Term Glossary | ApartmentHomeLiving.com Renter University

From the letter A all the way to the letter Z, the Real Estate and Rental Term Glossary from the content team at ApartmentHomeLiving.com provides our visitors and shoppers with a little clarity and helpful guidance in navigating the real estate world through definitions and explainers for the top subjects and terms that someone may come across during the leasing, buying, or selling process.

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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

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 $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 $10,800.

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 280 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 $1,106 which is $9,694 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.

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