Cheap Apartments for Rent in the University Park Neighborhood of Tempe, AZ from $500 (58 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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property at 615 S Hardy Dr

$1,116 - $1,614

1 To 3 Bedroom Rentals

Available Now

615 S Hardy 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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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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ASU Crossroads
Studio to 3 Bedroom Apartments

ASU Crossroads

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

Plaza East

807 W 3rd StTempe, AZ 85281
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Rialto
1 to 2 Bedroom Apartments

Rialto

1125 E 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
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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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University Square
Studio to 2 Bedroom Apartments

University Square

1011 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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Suite 16
Studio Apartments

Suite 16

1402 S Terrace RdTempe, 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
  • Utilities Included

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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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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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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University Park
Studio to 2 Bedroom Apartments

University Park

1015 E University DrTempe, AZ 85281
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Echo Tempe
2 Bedroom Apartments

Echo Tempe

1014 S Farmer AveTempe, AZ 85281
  • Utilities Included

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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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 Studio 710 Apartments priced from $899. Spring Leaf Apartments 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
Studio 710 ApartmentsSmall StudioStudio,1BA$899
Spring Leaf Apartments1BR/1.0BA1BR,1BA$995
The Regency Apartment HomesUnfurnished One Bedroom1BR,1BA$999
The Vintage on College1x1 Remodeled W/D1BR,1BA$1,050
Westmount at Downtown TempeSunrise Diamond1BR,1BA$1,071
Paseo on University1 Bedroom Apartment Near ASU Tempe1BR,1BA$1,087
Beautiful Renovations One and Two Bedrooms Located in the Heart of Tempe!1x1 - 181BR,1BA$1,095
1433 S Kenneth PlTwo Bedroom/One Bath2BR,1BA$1,095
Dwell at 5th and Farmer0 Bed/1 BathStudio,1BA$1,099
University ParkTwo Bedroom Two Bathroom Ensuite2BR,2BA$1,099

Best Value Apartments for Rent in University Park, AZ

As of February 03, 2026 the best value apartment in the University Park area is the $0.74 price per square foot D1 PHPV Model at Nine20 Tempe in the in the Downtown Tempe neighborhood starting from $1,079. The second greatest value University Park apartment is the Acacia Model at Agave starting at $1,406 with a $1.39 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.
Nine20 TempeD1 PHPV4BR,4BA$0.74
AgaveAcacia2BR,1BA$1.39
The Brentwood2BR/2.0BA2BR,2BA$1.61
Sago GardensSingle Story2BR,1BA$1.24
University ParkTwo Bedroom Two Bathroom Ensuite2BR,2BA$1.25
The Heights on Lemon2 Bedrooms, 1 Bath2BR,1BA$1.47
The Rockford2BR/2.0BA2BR,2BA$1.66
Beautiful Renovations One and Two Bedrooms Located in the Heart of Tempe!1x1 - 181BR,1BA$1.58
1433 S Kenneth PlTwo Bedroom/One Bath2BR,1BA$1.68
Spring Leaf Apartments1BR/1.0BA1BR,1BA$1.66

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
University Park, Tempe, AZ

Ranked #22

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
University Park, Tempe, AZ

School data provided by Great Schools

Frequently Asked Questions about Cheap University Park Apartments

What is a cheap apartment in University Park?

A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in University Park is under $1,099.

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

The cheapest apartment in University Park is Spring Leaf Apartments which is listed at $995, while the average apartment in University Park costs $11,500.

What types of apartments are the cheapest in University 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 190 regular apartments in University 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 University Park?

Cheap apartments in University Park have an average cost of $1,172 which is $10,328 cheaper than the average rent for all rentals in University 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.