Cheap Apartments for Rent in the Peterson Park Neighborhood of Tempe, AZ from $700 (43 Rentals)

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

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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Broadway Park
1 to 2 Bedroom Apartments

Broadway Park

1120 W Broadway RdTempe, AZ 85282
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Venture on Wilson
1 to 2 Bedroom Apartments

Venture on Wilson

626 S Wilson StTempe, AZ 85281

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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The Vintage on College
1 to 2 Bedroom Apartments

The Vintage on College

1700 S College AveTempe, AZ 85281
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Echo Tempe
2 Bedroom Apartments

Echo Tempe

1014 S Farmer AveTempe, AZ 85281
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Corsican
2 Bedroom Apartments

Corsican

1312 S Hardy DrTempe, AZ 85281
Student Housing
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Ovation at Tempe
1 to 2 Bedroom Apartments

Ovation at Tempe

4505-4505 S Hardy DrTempe, AZ 85282

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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Showing Results 1-43, Page 1 of 1

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 Sono Tempe priced from $809. Sentry Tempe has the second lowest priced unit, which is a Studio apartment currently listed from $826. Here are the most affordable Peterson Park apartments for rent in Phoenix, AZ:

Apartment ListingModel NameBed/BathPriced From
Sono TempeOlsenStudio,1BA$809
Sentry TempeKonaStudio,1BA$826
The Mod at MillsS1Studio,1BA$898
Studio 710 ApartmentsSmall StudioStudio,1BA$899
Avana TempeStudio - ClassicStudio,1BA$912
MargoStudioStudio,1BA$929
Solaris On UniversityP1 -1 x 11BR,1BA$929
Grandes CortesStudioStudio,1BA$950
Mission SpringsSaguaro - Junior One BedroomStudio,1BA$994
The Avi1x11BR,1BA$1,025

Best Value Apartments for Rent in Peterson Park, AZ

As of February 04, 2026 the best value apartment in the Peterson Park area is the $1.52 price per square foot 3x2 not renovated Model at Colonia Apartment Homes - Roger in the in the South Phoenix neighborhood starting from $2,199. The second greatest value Peterson Park apartment is the C Model at Obsidian at South Mountain starting at $2,008 with a $1.44 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 - Roger3x2 not renovated3BR,2BA$1.52
Obsidian at South MountainC3BR,2BA$1.44
San Portella3A3BR,2BA$1.66
Townhomes at Kyrene3 Bed 2 Bath B3BR,2BA$1.66
San Marquis2X2-11822BR,2BA$1.57
505 WestHavasu2BR,2BA$1.34
525-539 W Pebble Beach2 Beds, 1 bath2BR,1BA$1.42
Lyndon LaneTwo Bed One Bath2BR,1BA$1.66
Mercury on MillSunrise - 2bed 2bath2BR,2BA$1.55
The Avi1x11BR,1BA$1.42

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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Quick Rent Budget Calculator

How much rent can you afford?

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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Pet Friendly Lifestyle
Peterson Park, Tempe, AZ

Ranked #20

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 $1,025.

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

The cheapest apartment in Peterson Park is Solaris On University which is listed at $929, while the average apartment in Peterson Park costs $11,500.

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 90 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 $496 which is $11,004 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.

Helpful Local Expert Guides

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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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Experts Guide to the Top Neighborhoods in Phoenix, AZ for College Renters

Written by: Andrew Jollett

I never attended school in Phoenix. While living there for some time, I often longed to join in on the fun and adventure I saw students from a number of colleges in the area.

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A Phoenix Experts Relocation Guide: Best Neighborhoods to Rent Near Banner, ASU, & Amazon

Written by: Andrew Jollett

Phoenix has long been one of the fastest-growing metros in the United States. When I think about how much I’ve seen it change over the years, it’s no wonder so many young professionals flock to the area every year.

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New to Phoenix? Your Essential Guide to Top Neighborhoods, City Life and Transit Options

Written by: Andrew Jollett

Hi everyone! My name is Andrew, and I’m your local ApartmentHomeLiving.com guide for the greater Phoenix area. Today, I want to take you on an insider’s tour of the area.

Articles, How-To's, and Tips

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18 Must-Ask Rental Tour Questions That Reveal the Truth about a Property

Written by: Lauren Harrington

Renting your next home can feel thrilling and overwhelming at the same time.

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A Renters Guide for Tips on Writing Your Notice for Not Renewing Your Apartment

Written by: Bob Mallory

Packing up everything you own to move is so stressful for many that ending your apartment lease can feel like a small or unimportant task. Ending your lease involves more than simply turning over your keys on the last day.

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Renting with Roommates: Realistic Expectations for Shared Lease

Written by: Christine Leonard, Esq.

Given the high costs for housing, I have found that many people are looking for a roommate to share expenses. These arrangements can increase opportunities for more desirable and larger spaces.

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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.