Cheap Apartments for Rent in the University Park Neighborhood of Tempe, AZ from $500 (60 Rentals)

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Search the lowest-cost Apartments available for rent right now in the University 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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property at 615 S Hardy Dr

615 S Hardy Dr

TempeAZ85281

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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ASU Crossroads
Studio to 3 Bedroom Apartments

ASU Crossroads

1010-1044 E Orange StTempe, AZ 85281
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Plaza East
1 Bedroom Apartments

Plaza East

807 W 3rd StTempe, AZ 85281
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Venture on Wilson
1 to 2 Bedroom Apartments

Venture on Wilson

626 S Wilson StTempe, AZ 85281
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Valor on Eighth
1 to 3 Bedroom Apartments

Valor on Eighth

1001 E 8th StTempe, AZ 85281
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Tempe Horizons
2 Bedroom Apartments

Tempe Horizons

1117 E 8th StTempe, AZ 85281
Student Housing
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Cortez Palms Apartments
Studio to 3 Bedroom Apartments

Cortez Palms Apartments

1031 E Lemon StTempe, AZ 85281
Student Housing
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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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Suite 16
Studio Apartments

Suite 16

1402 S Terrace RdTempe, AZ 85281
Student Housing
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George Ann
Studio to 2 Bedroom Apartments

George Ann

1122 E Lemon StTempe, AZ 85281
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Riviera Palms
Studio to 2 Bedroom Apartments

Riviera Palms

914 E Lemon StTempe, AZ 85281
Student Housing
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University Gardens
Studio to 2 Bedroom Apartments

University Gardens

1019 E Lemon StTempe, AZ 85281
Student Housing
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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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Hidden Glen
1 to 2 Bedroom Apartments

Hidden Glen

818 W 3rd StTempe, AZ 85281
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Encore on Farmer
1 to 2 Bedroom Apartments

Encore on Farmer

601 S Farmer AveTempe, AZ 85281
Senior Living
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Echo Tempe
2 Bedroom Apartments

Echo Tempe

1014 S Farmer AveTempe, 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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University Park, Tempe, AZ Local Guide

Cheapest Available University Park Apartments for Rent

 

The cheapest available apartment rental in the University Park area of Phoenix, AZ is a Studio unit found at Parq on 5th priced from $984. Beautiful Renovations One and Two Bedrooms has the second lowest priced unit, which is a 1 Bed apartment currently listed from $995. Here are the most affordable University Park apartments for rent in Phoenix, AZ:

Apartment ListingModel NameBed/BathPriced From
Parq on 5thStudioStudio,1BA$984
Beautiful Renovations One and Two Bedrooms1x11BR,1BA$995
Riviera PalmsStudioStudio,1BA$999
University Pointe ApartmentsStudioStudio,1BA$999
Studio 710 ApartmentsSmall Studio DeluxeStudio,1BA$999
Hidden Glen1X11BR,1BA$1,050
The Vintage on College1x1 w/d in unit - 081BR,1BA$1,050
Westmount at Downtown TempeSunset Classic2BR,1BA$1,094
Spring Leaf Apartments1BR/1.0BA1BR,1BA$1,095

Best Value Apartments for Rent in University Park, AZ

As of November 03, 2025 the best value apartment in the University Park area is the $1.54 price per square foot 3/3 Corner Model at The Hardy Tempe Townhome Living in the in the Downtown Tempe neighborhood starting from $2,621. The second greatest value University Park apartment is the 2x2.5 Standard Garage Model at Roosevelt Luxury Townhomes starting at $2,595 with a $1.65 price per square foot in the Downtown Tempe neighborhood. Here is today’s list of the best values for University Park apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
The Hardy Tempe Townhome Living3/3 Corner3BR,3BA$1.54
Roosevelt Luxury Townhomes2x2.5 Standard Garage2BR,2.5BA$1.65
Nine20 TempeD1 PHPV4BR,4BA$0.75
AgaveSaguaro3BR,2BA$1.59
Sago GardensTownhome2BR,1BA$1.37
Corsican2 Bed - 1 Bath2BR,1BA$1.31
The Heights on Lemon2 Bedrooms, 1 Bath2BR,1BA$1.59
Brix2 Bed - 2 Bath2BR,2BA$1.45
Beautiful Renovations One and Two Bedrooms2x1- Renovated with Brown Cabinets2BR,1BA$1.58
522 W Howe St, Unit 522522 W Howe St1BR,1BA$1.25

Apartment Common Area Rules: What Renters Need to Know

From the lounge to the laundry room, understand your rights and responsibilities in shared apartment spaces. Get tips on pet rules, noise, and security.

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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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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
University Park, Tempe, AZ

Ranked #32

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

Pet Friendliness Lifestyle Score

3.0
Pet Friendly

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Best Local Schools in
University Park, Tempe, AZ

School data provided by Great Schools

Frequently Asked Questions about Cheap University Park Apartments

What is the Cheapest Studio apartment in University Park?

Currently the most affordable Cheap Studio Apartment in University Park is at Parq on 5th listed at $958.

How much is rent for a Cheap One Bedroom University Park Apartment?

The lowest price for a Cheap One Bedroom University Park Apartment is $995 at Beautiful Renovations One and Two Bedrooms.

What is the lowest price for a Cheap Two Bedroom University Park Apartment for rent?

Today's best deal for a Cheap Two Bedroom Apartment in University Park is starting from $1,094 at Westmount at Downtown Tempe.

What is the most affordable University Park Three Bedroom Apartment?

The best deal on a cheap University Park Three Bedroom Apartment rental is at Union Tempe and starts from $1,200.

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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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.

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How to Negotiate Your Apartment Lease and Save Money

Written by: Christine Leonard, Esq.

Everything is a negotiation in real estate! 

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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.