Cheap Homes for Rent in Downtown Tempe Neighborhood of Tempe, AZ from $500 (43 Rentals)

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

property at 1630 E 12th St

1630 E 12th St

TempeAZ85281
property at 615 S Hardy Dr

615 S Hardy Dr

TempeAZ85281
property at 615 S Hardy Dr

615 S Hardy Dr

TempeAZ85281
property at 1065 W 1st St

1065 W 1st St

TempeAZ85281
Showing Results 1-43, 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 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
Grandes CortesStudioStudio,1BA$899
Parq on 5thStudioStudio,1BA$958
Riverside ApartmentsStudioStudio,1BA$968
Solaris On UniversityS1 -1 x 11BR,1BA$969
The Willowbrook Apartments1 Beds, 1 Baths1BR,1BA$985
Willow CreekSTDO-405Studio,1BA$995
Alegre Apartments1x11BR,1BA$995

Best Value Apartments for Rent in Downtown Tempe, AZ

As of October 28, 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
University ParkTwo Bedroom Two Bathroom Ensuite2BR,2BA$1.25
Brix2 Bed - 2 Bath2BR,2BA$1.45
Emerson Park2 Bed 1 Bath2BR,1BA$1.48
522 W Howe St, Unit 522522 W Howe St1BR,1BA$1.25

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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

Frequently Asked Questions about Downtown Tempe

What type of rentals are currently available in Downtown Tempe?

There are currently 432 Apartments for Rent in Downtown Tempe, AZ with pricing that ranges from $680 to $15,000. There are also 252 Single Family Homes for rent, Condos, and Townhome rentals currently available in Downtown Tempe ranging from $550 to $5,500.

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 $550 to $5,500 with an average monthly rent of $2,185.

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 $6,102, while Three Bedroom Homes, Condos, and Townhomes for rent range from $1,000 to $5,500. Four Bedroom Single-Family rentals are also available starting from $1,900 and Four Bedroom Apartments start at $680.

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.

decorative image for A Local Experts Guide to the Top 10 Budget Friendly Neighborhoods in Phoenix, AZ article

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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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.

decorative image for How to Negotiate Your Apartment Lease and Save Money article

How to Negotiate Your Apartment Lease and Save Money

Written by: Christine Leonard, Esq.

Everything is a negotiation in real estate! 

decorative image for The Rental Move-In Inspection Checklist: A Guide for Renters article

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.