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.

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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property at 1234 W 4th St

1234 W 4th St

TempeAZ85281
property at 1228 W 4th St

1228 W 4th St

TempeAZ85281

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

Wondering how to determine your rental budget? This comprehensive guide covers everything from the 30% rule to hidden fees and effective budgeting strategies.

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property at 616 S Hardy Dr

616 S Hardy Dr

TempeAZ85281

Navigating the Rental Market: Tips for First-Time Renters

Entering the rental market? Learn these simple tips and strategies to avoid common pitfalls and make confident choices. Rent with peace of mind.

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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 1065 W 1st St

1065 W 1st 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 Studio unit found at Margo priced from $899. Axio Apartments has the second lowest priced unit, which is a 1 Bed apartment currently listed from $900. Here are the most affordable Downtown Tempe apartments for rent in Phoenix, AZ:

Apartment ListingModel NameBed/BathPriced From
MargoStudioStudio,1BA$899
Axio Apartments1x11BR,1BA$900
Riverside ApartmentsStudioStudio,1BA$963
Lyndon LaneOne Bed One Bath1BR,1BA$975
The Willowbrook Apartments1 Beds, 1 Baths1BR,1BA$985
MadEry ApartmentsBartlett1BR,1BA$999
PolancoStudioStudio,1BA$999
Studio 710 ApartmentsSmall Studio DeluxeStudio,1BA$1,000
Onnix ApartmentsJade - StudioStudio,1BA$1,007
Willow CreekSTDO-4051BR,1BA$1,095

Best Value Apartments for Rent in Downtown Tempe, AZ

As of May 24, 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 2 Bed - 1 Bath Model at Corsican starting at $1,199 with a $1.31 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
Corsican2 Bed - 1 Bath2BR,1BA$1.31
Nine20 TempeB12BR,2BA$1.39
La Paloma ApartmentsTwo Bedroom2BR,2BA$1.58
Solaris On UniversityU2 - 2 x 12BR,1BA$1.39
The Heights on Lemon2 Bedrooms, 1 Bath2BR,1BA$1.47
Emerson Park2 Bed 1 Bath2BR,1BA$1.55
Gateway at Tempe2x2 L Renovated2BR,2BA$1.36
Butterfield ParkOne Bedroom One Bathroom1BR,1BA$1.55
The Willowbrook Apartments1 Beds, 1 Baths1BR,1BA$1.52

Quick Rent Budget Calculator

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Frequently Asked Questions about Downtown Tempe

What type of rentals are currently available in Downtown Tempe?

There are currently 411 Apartments for Rent in Downtown Tempe, AZ with pricing that ranges from $650 to $14,000. There are also 201 Single Family Homes for rent, Condos, and Townhome rentals currently available in Downtown Tempe ranging from $725 to $6,000.

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 $6,000 with an average monthly rent of $2,418.

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 $840 to $9,639, while Three Bedroom Homes, Condos, and Townhomes for rent range from $750 to $6,000. Four Bedroom Single-Family rentals are also available starting from $900 and Four Bedroom Apartments start at $650.

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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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.

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The Freedom of Short-Term Leases: Exploring the Advantages for Renters

Written by: Bobbi Jackson

If you’re looking to relocate right now, a popular solution that may best fit your current rental needs is a short-term lease.