Cheap Apartments for Rent in the Peterson Park Neighborhood of Tempe, AZ from $700 (91 Rentals)

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Search the lowest-cost Apartments available for rent right now in the Peterson Park area of Tempe.

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Avana Tempe
Rent Specials
$958 - $6,707
Total Monthly Price

Total Monthly Price

Base Rent
$958 - $6,707
Total Monthly Price
Varies
Studio to 2 Bedroom Apartments Available Now

Avana Tempe

30 W Carter DrTempe, AZ 85282
Affordability
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2024 S Mill Ave, Unit 1
$1,100
Total Monthly Price

Total Monthly Price

Base Rent
$1,100
Total Monthly Price
$1,100
1 Bedroom Apartment Available Now

2024 S Mill Ave, Unit 1

2024 S Mill AveTempe, AZ 85282
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  • Smoke Free

Your Guide to Co-Signers: The Risks, Rewards, and Everything in Between

Thinking about getting a co-signer for your rental application? We break down what a co-signer is, the potential benefits, and the serious risks for both parties. Find out if it's the right choice for you.

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Galleria Palms
$1,186 - $2,464
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Total Monthly Price

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$1,186 - $2,464
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1 to 3 Bedroom Apartments Available Now

Galleria Palms

1600 W La Jolla DrTempe, AZ 85282
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Highland Park
Rent Specials
$1,214 - $1,877
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$1,214 - $1,877
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1 to 3 Bedroom Apartments Available Now

Highland Park

5038 S Hardy DrTempe, AZ 85282
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Cash or credit? Understanding the Importance of Credit Score in Real Estate and Renting

Discover how your credit score impacts your ability to lease or buy a home. Learn how credit scores are determined, how to check yours, and strategies to improve it for real estate success.

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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 Jun 30

731 W University Dr

TempeAZ85281

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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property at 1214 S Wilson St

$1,650

Total Monthly Price

Total Monthly Price

Base Rent
$1,650
Total Monthly Price
$1,650

2 Bedroom, 1 Bath Townhome for Rent

Available Now

1214 S Wilson St

TempeAZ85281
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San Portella
Rent Specials
$1,679 - $6,058
Total Monthly Price

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$1,679 - $6,058
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1 to 3 Bedroom Apartments Available Now

San Portella

2155 S 55th StTempe, AZ 85282
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Venture on Wilson
1 to 2 Bedroom Apartments

Venture on Wilson

626 S Wilson StTempe, AZ 85281

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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Peterson Park, Tempe, AZ Local Guide

Cheapest Available Peterson Park Apartments for Rent

 

The cheapest available apartment rental in the Peterson Park area of Phoenix, AZ is a Studio unit found at Sentry Tempe priced from $826. Solaris On University has the second lowest priced unit, which is a Studio apartment currently listed from $899. Here are the most affordable Peterson Park apartments for rent in Phoenix, AZ:

Apartment ListingModel NameBed/BathPriced From
Sentry TempeKonaStudio,1BA$826
Solaris On UniversityStudioStudio,1BA$899
Grandes CortesStudioStudio,1BA$899
MargoStudioStudio,1BA$929
The Molino ApartmentsStudio 325sqftStudio,1BA$949
The Place of TempeStudioStudio,1BA$950
Sono TempeOlsenStudio,1BA$980
Mercury on MillKona - 1bed 1bath1BR,1BA$999
Mission SpringsSaguaro - Junior One BedroomStudio,1BA$1,023
Avana TempeStudio - SophisticatedStudio,1BA$1,033

Best Value Apartments for Rent in Peterson Park, AZ

As of June 07, 2026 the best value apartment in the Peterson Park area is the $1.48 price per square foot 3 Beds, 3.5 Baths Model at 430 W 7th St in the in the Downtown Tempe neighborhood starting from $3,250. The second greatest value Peterson Park apartment is the 3x2 Model at Colonia Apartment Homes - Roger starting at $2,300 with a $1.60 price per square foot in the South Phoenix neighborhood. Here is today’s list of the best values for Peterson Park apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
430 W 7th St3 Beds, 3.5 Baths3BR,3.5BA$1.48
Colonia Apartment Homes - Roger3x23BR,2BA$1.60
MAA FountainheadThe Warhol2BR,2BA$1.63
505 WestHavasu2BR,2BA$1.34
The Avi2x22BR,2BA$1.28
525-539 W Pebble Beach2 Beds, 1 bath2BR,1BA$1.42
Lyndon LaneLyndon Lane Two Bedroom One Bath2BR,1BA$1.66
Highland Park2x1 Reno2BR,1BA$1.72
Sofia ApartmentsThe Athena (1x1)1BR,1BA$1.55
Mercury on MillKona - 1bed 1bath1BR,1BA$1.57

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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Pet Friendly Lifestyle
Peterson Park, Tempe, AZ

Ranked #17

Among cities in Arizona for Apartment listings with Pet Friendly Amenities.

Pet Friendliness Lifestyle Score

3.5
Pet Friendly

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Best Local Schools in
Peterson Park, Tempe, AZ

School data provided by Great Schools

Frequently Asked Questions about Cheap Peterson Park Apartments

What is a cheap apartment in Peterson Park?

A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in Peterson Park is under $1,033.

What is the price of a cheap apartment in Peterson Park?

The cheapest apartment in Peterson Park is Sentry Tempe which is listed at $925, while the average apartment in Peterson Park costs $3,800.

What types of apartments are the cheapest in Peterson Park?

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 91 regular apartments in Peterson Park 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 Peterson Park?

Cheap apartments in Peterson Park have an average cost of $932 which is $2,868 cheaper than the average rent for all rentals in Peterson Park.

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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