Cheap Apartments for Rent in the Peterson Park Neighborhood of Tempe, AZ from $600 (96 Rentals)

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

property at 5910 S Colonial Way

$900

Total Monthly Price

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$900
Total Monthly Price
$900

4 Bedroom, 2.5 Bath Home for Rent

Available Now

5910 S Colonial Way

TempeAZ85283
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Avana Tempe
Rent Specials
$923 - $5,353
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$923 - $5,353
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Varies
Studio to 2 Bedroom Apartments Available Now

Avana Tempe

30 W Carter DrTempe, AZ 85282
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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 700 W University Dr

$950 - $1,100

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Total Monthly Price

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$950 - $1,100
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$950 - $1,100

1 To 2 Bedroom Condos for Rent

Available Now

700 W University Dr

TempeAZ85281
property at 528 W Howe St

$1,000

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$1,000
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$1,000

1 Bedroom, 1 Bath Townhome for Rent

Available Now

528 W Howe St

TempeAZ85281

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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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

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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Highland Park
Rent Specials
$1,282 - $2,210
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$1,282 - $2,210
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1 to 3 Bedroom Apartments Available Now

Highland Park

5038 S Hardy DrTempe, AZ 85282
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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 May 15

731 W University Dr

TempeAZ85281
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Galleria Palms
Rent Specials
$1,358 - $2,114
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$1,358 - $2,114
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1 to 3 Bedroom Apartments Available Now

Galleria Palms

1600 W La Jolla DrTempe, AZ 85282
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San Portella
Rent Specials
$1,424 - $5,411
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Total Monthly Price

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$1,424 - $5,411
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1 to 3 Bedroom Apartments Available Now

San Portella

2155 S 55th StTempe, AZ 85282
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Lyndon Lane
$1,425 - $1,530
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Total Monthly Price

Base Rent
$1,425 - $1,530
Total Monthly Price
$1,425 - $1,530
Studio to 2 Bedroom Apartments Available Now

Lyndon Lane

1548 W University DrTempe, AZ 85281
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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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Showing Results 1-50, Page 1 of 2

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 Grandes Cortes priced from $899. Sentry Tempe has the second lowest priced unit, which is a Studio apartment currently listed from $904. Here are the most affordable Peterson Park apartments for rent in Phoenix, AZ:

Apartment ListingModel NameBed/BathPriced From
Grandes CortesStudioStudio,1BA$899
Sentry TempeKonaStudio,1BA$904
Avana TempeStudio - ClassicStudio,1BA$923
MargoStudioStudio,1BA$929
Parkside ApartmentsA11BR,1BA$948
Studio 710 ApartmentsSmall StudioStudio,1BA$949
The Place of TempeStudioStudio,1BA$950
Axio Apartments1x11BR,1BA$999
The HalstonA11BR,1BA$999

Best Value Apartments for Rent in Peterson Park, AZ

As of April 23, 2026 the best value apartment in the Peterson Park area is the $1.60 price per square foot 3x2 Model at Colonia Apartment Homes - Roger in the in the South Phoenix neighborhood starting from $2,300. The second greatest value Peterson Park apartment is the Two Bedroom/Two Bath Model at San Palmilla starting at $1,870 with a $1.57 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.
Colonia Apartment Homes - Roger3x23BR,2BA$1.60
San PalmillaTwo Bedroom/Two Bath2BR,2BA$1.57
525-539 W Pebble Beach2 Beds, 1 bath2BR,1BA$1.42
Lyndon LaneLyndon Lane Two Bedroom One Bath2BR,1BA$1.58
Sofia ApartmentsThe Calla (2x2)2BR,2BA$1.46
505 WestRillito1BR,1BA$1.42
The Avi1x11BR,1BA$1.45
Ovation at TempePALO VERDE1BR,1BA$1.54
The HalstonA11BR,1BA$1.59
Parkside ApartmentsA11BR,1BA$1.55

10 Hidden Costs of Renting You Should Budget for Before Signing a Lease

Avoid financial stress when renting. Learn about the 10 most common hidden costs—from pet fees to utilities—you must budget for before you sign a lease.

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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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The Ultimate Long-Distance Moving Checklist: Tips from a Real Estate Pro

Moving is tough, especially long-distance. Learn how to minimize stress & expenses with proven strategies from a real estate pro, covering everything from logistics to finances.

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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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Pet Friendly Lifestyle
Peterson Park, Tempe, AZ

Ranked #18

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 $999.

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

The cheapest apartment in Peterson Park is Parkside Apartments which is listed at $948, while the average apartment in Peterson Park costs $2,333.

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 169 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 $1,095 which is $1,238 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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