Cheap Homes for Rent in Downtown Tempe Neighborhood of Tempe, AZ from $700 (49 Rentals)

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

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

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property at 615 S Hardy Dr

615 S Hardy Dr

TempeAZ85281
property at 615 S Hardy Dr

615 S Hardy Dr

TempeAZ85281

Smart Renter's Guide: Calculating Affordable Rent & Housing Costs

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property at 850 W 9th St

850 W 9th St

TempeAZ85281

Navigating the Rental Market: Tips for First-Time Renters

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property at 1005 E 8th St

1005 E 8th St

TempeAZ85281

Phoenix's Best Affordable Neighborhoods

Learn about Phoenix and the best places to live with original content written by our Local Expert Andrew Jollett

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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 Studio unit found at Margo priced from $899. Lyndon Lane has the second lowest priced unit, which is a 1 Bed apartment currently listed from $975. Here are the most affordable Downtown Tempe apartments for rent in Phoenix, AZ:

Apartment ListingModel NameBed/BathPriced From
MargoStudioStudio,1BA$899
Lyndon LaneOne Bed One Bath1BR,1BA$975
The Willowbrook Apartments1 Beds, 1 Baths1BR,1BA$985
Villas on 4thStudioStudio,1BA$990
PolancoStudioStudio,1BA$999
Emerson SquareStudioStudio,1BA$1,000
Paseo on University1 Bedroom Apartment Near ASU Tempe1BR,1BA$1,004
Ten01StudioStudio,1BA$1,015
Willow CreekSTDO-405Studio,1BA$1,035
The Atrium1x11BR,1BA$1,050

Best Value Apartments for Rent in Downtown Tempe, AZ

As of July 13, 2025 the best value apartment in the Downtown Tempe area is the $1.48 price per square foot Three Bedroom Three Bathroom Model at Dolce Villagio Townhomes in the in the Downtown Tempe neighborhood starting from $2,499. The second greatest value Downtown Tempe apartment is the 3 Bedroom 3.5 Bath Model at The Place On Jentilly starting at $2,499 with a $1.52 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.
Dolce Villagio TownhomesThree Bedroom Three Bathroom3BR,3BA$1.48
The Place On Jentilly3 Bedroom 3.5 Bath3BR,3.5BA$1.52
Corsican2 Bed - 1 Bath2BR,1BA$1.45
Nine20 TempeB12BR,2BA$1.39
University ParkTwo Bedroom Two Bathroom Ensuite2BR,2BA$1.48
MadEry ApartmentsSaguaro2BR,1BA$1.41
Emerson Park2 Bed 1 Bath2BR,1BA$1.51
Hayden Terrace2x12BR,1BA$1.54
The Willowbrook Apartments1 Beds, 1 Baths1BR,1BA$1.52
Paseo on University1 Bedroom Apartment Near ASU Tempe1BR,1BA$1.56

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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Frequently Asked Questions about Downtown Tempe

What type of rentals are currently available in Downtown Tempe?

There are currently 424 Apartments for Rent in Downtown Tempe, AZ with pricing that ranges from $700 to $21,164. There are also 227 Single Family Homes for rent, Condos, and Townhome rentals currently available in Downtown Tempe ranging from $725 to $5,999.

What is the current price range for Rental Homes in Downtown Tempe?

Today's rental pricing for Homes for Rent, Condos and Townhomes in Downtown Tempe ranges from $725 to $5,999 with an average monthly rent of $2,522.

How much are larger Three and Four Bedroom Rentals in Downtown Tempe?

For those who are looking for larger living arrangements, Three Bedroom Apartments in Downtown Tempe range from $775 to $9,378, while Three Bedroom Homes, Condos, and Townhomes for rent range from $1,000 to $5,999. Four Bedroom Single-Family rentals are also available starting from $850 and Four Bedroom Apartments start at $725.

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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Roommate Matching: Finding the Right Fit and Avoiding Pitfalls

Written by: Cheryl Bowman

A fantastic way to save money and enjoy a built-in community is to share an apartment. However, a bad roommate situation can turn your dream rental into a nightmare.

decorative image for The Art of the Rental Viewing: What to look for during a property tour article

The Art of the Rental Viewing: What to look for during a property tour

Written by: Marie Brown

You’ve scrolled through countless listings, walked through a blur of rentals, and finally found what feels like the one. The pictures? Fantastic. The neighborhood seems just right.

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Know Your Budget: Calculating What You Can Realistically Afford When Renting

Written by: Lauren Harrington

Renting an apartment or house isn’t just about looking through online ads, choosing a few apartments or homes you want to tour, filling out an application, and putting down a deposit. Those things are all necessary and important.