Cheap Homes for Rent in the Downtown Tempe Neighborhood of Tempe, AZ from $750 (44 Rentals)

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

property at 505 W Howe St

$750

Total Monthly Price

Total Monthly Price

Base Rent
$750
Total Monthly Price
$750

5 Bedroom, 2 Bath Home for Rent

Available Now

505 W Howe St

TempeAZ85281
property at 1409 S Mill Ave

$900 - $1,250

Total Monthly Price

Total Monthly Price

Base Rent
$900 - $1,250
Total Monthly Price
$900 - $1,250

Studio To 2 Bedroom Condos for Rent

Available Now

1409 S Mill Ave

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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property at 907 E Broadmor Dr

$950

Total Monthly Price

Total Monthly Price

Base Rent
$950
Total Monthly Price
$950

1 Bedroom, 1 Bath Home for Rent

Available Now

907 E Broadmor Dr, Unit Room #1 Twin

907 E Broadmor Dr
TempeAZ85282
property at 931 S Casitas Dr

$950

Total Monthly Price

Total Monthly Price

Base Rent
$950
Total Monthly Price
$950

1 Bedroom, 1 Bath Home for Rent

Available Now

931 S Casitas Dr

TempeAZ85281
property at 407 W Howe St

$975

Total Monthly Price

Total Monthly Price

Base Rent
$975
Total Monthly Price
$975

1 Bedroom, 1 Bath Home for Rent

Available Now

407 W Howe St

TempeAZ85281

Rent According to Income: A Look at Income-Restricted Rentals

Find income-restricted rentals and housing subsidies. Explore government programs designed to help low-income families secure stable, affordable housing.

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Renters Insurance 101: What It Is, What It Covers, and Why You Need It

From theft to fire to water damage, the unexpected can happen to any renter. Discover why renters insurance is one of the smartest and most affordable investments you can make as a tenant.

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How I Find the Perfect Rental for My Clients: A Real Estate Pro's Guide

Finding the right apartment starts with three things: location, cost, and amenities. Get the insider perspective from a real estate professional on how to nail all three.

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property at 731 W University Dr

$1,300

Total Monthly Price

Total Monthly Price

Base Rent
$1,300
Total Monthly Price
$1,300

2 Bedroom, 1 Bath Home for Rent

Available Sep 15

731 W University Dr

TempeAZ85281

What Does “Rent Burdened” Mean? How Much Rent Is Too Much

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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property at 1156 E Tempe Dr

$1,495

Total Monthly Price

Total Monthly Price

Base Rent
$1,495
Total Monthly Price
$1,495

2 Bedroom, 1 Bath Condo for Rent

Available Now

1156 E Tempe Dr, Unit 1156

1156 E Tempe Dr
TempeAZ85288
Showing Results 1-44, Page 1 of 1

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 2 Beds unit found at Yugo Tempe Villas priced from $829. Kenneth Place 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
Yugo Tempe Villas2 Bed, 2 Bath2BR,2BA$829
Kenneth Place1BR/1.0BA1BR,1BA$850
Paseo on University1 Bedroom Apartment Near ASU Tempe1BR,1BA$908
SoL4BR/4BA - Horizon4BR,4BA$920
Onnix ApartmentsJade - StudioStudio,1BA$931
Sago GardensTownhome2BR,1BA$950
Scene 1 Condos1BR/1.0BA1BR,1BA$950
Parkside ApartmentsA11BR,1BA$993
Riviera PalmsOne Bedroom1BR,1BA$995
PolancoStudioStudio,1BA$997

Best Value Apartments for Rent in Downtown Tempe, AZ

As of August 25, 2026 the best value apartment in the Downtown Tempe area is the $0.43 price per square foot Furnished Townhome Model at Lofts on 8th | Student Housing in the in the Downtown Tempe neighborhood starting from $799. The second greatest value Downtown Tempe apartment is the 2 Bed/2 Bath Model at Tempe Horizons starting at $1,395 with a $1.36 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$0.43
Tempe Horizons2 Bed/2 Bath2BR,2BA$1.36
336 S Roosevelt St, Unit 2336 S Roosevelt St2BR,1BA$1.20
Corsican2 Bed - 1 Bath2BR,1BA$1.31
SoL2BR/2BA - Golden Cove2BR,2BA$1.18
Yugo Tempe Villas2 Bed, 2 Bath2BR,2BA$0.91
Sago GardensSingle Story2BR,1BA$1.21
Solaris On UniversityU2 - 2 x 12BR,1BA$1.34
MadEry ApartmentsSaguaro2BR,1BA$1.35
Gateway at Tempe2x2 S Renovated2BR,2BA$1.35

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

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Frequently Asked Questions about Downtown Tempe

What type of rentals are currently available in Downtown Tempe?

There are currently 448 Apartments for Rent in Downtown Tempe, AZ with pricing that ranges from $676 to $12,750. There are also 219 Single Family Homes for rent, Condos, and Townhome rentals currently available in Downtown Tempe ranging from $700 to $9,500.

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 $700 to $9,500 with an average monthly rent of $2,462.

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 $801 to $4,947, while Three Bedroom Homes, Condos, and Townhomes for rent range from $1,600 to $9,500. Four Bedroom Single-Family rentals are also available starting from $1,995 and Four Bedroom Apartments start at $676.

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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