Cheap Apartments for Rent in the Downtown Tempe Neighborhood of Tempe, AZ from $500 (145 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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Ten01
Rent Specials
$1,214 - $3,255Studio to 4 Bedroom Apartments Available Now

Ten01

1001 E Playa del Norte DrTempe, AZ 85288
Student Housing
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property at 828 W 2nd St

828 W 2nd St

TempeAZ85281

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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. Hayden Terrace has the second lowest priced unit, which is a Studio apartment currently listed from $850. Here are the most affordable Downtown Tempe apartments for rent in Phoenix, AZ:

Apartment ListingModel NameBed/BathPriced From
The Atrium1x11BR,1BA$850
Hayden Terrace0x1Studio,1BA$850
Riverside ApartmentsStudioStudio,1BA$866
Alegre Apartments1x11BR,1BA$899
The Willowbrook Apartments1 Beds, 1 Baths1BR,1BA$935
Grandes CortesStudioStudio,1BA$950
Parq on 5thStudioStudio,1BA$958
Solaris On UniversityS1 -1 x 11BR,1BA$969
Willow CreekSTDO-405Studio,1BA$995

Best Value Apartments for Rent in Downtown Tempe, AZ

As of November 05, 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 $1,099 with a $0.75 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$0.75
Luna Bear 5th StreetB12BR,2BA$1.45
Sago GardensTownhome2BR,1BA$1.37
Corsican2 Bed - 1 Bath2BR,1BA$1.31
Cape Cod Apartments2BR/1.0BA2BR,1BA$1.44
Brix2 Bed - 2 Bath2BR,2BA$1.45
MadEry ApartmentsSaguaro2BR,1BA$1.35
522 W Howe St, Unit 522522 W Howe St1BR,1BA$1.25
The Willowbrook Apartments1 Beds, 1 Baths1BR,1BA$1.44

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Don't Settle: How to Negotiate Your Apartment Lease and Save Money

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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!

Getting Around the Downtown Tempe Neighborhood in Tempe, AZ

Walk Score®

76 / 100

Very Walkable

Most errands can be accomplished on foot

Bike Score®

95 / 100

Biker's Paradise

Daily errands can be accomplished on a bike

Transit Score®

63 / 100

Good Transit

Many 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 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 $995.

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 $2,242.

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 362 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 $892 which is $1,350 cheaper than the average rent for all rentals in Downtown 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

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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.