Cheap Apartments for Rent in Phoenix, AZ from $500 (1,705 Rentals)

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Search the lowest-cost Apartments available for rent right now in Phoenix.

Phoenix's Best Affordable Neighborhoods

Learn about Phoenix and the best places to live with original content written by our Local Expert Andrew Jollett

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Phoenix, AZ Local Guide

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Written By:
Trey Huguley
Director, Product Marketing

Cheapest Neighborhoods for Apartments in Phoenix, AZ

Pricing Updated: 04/12/2025

Current apartment rentals in the Phoenix, AZ area range in price from $628 to $25,000 with an overall median price of $3,136. The three Phoenix neighborhoods with the lowest median rent pricing are Pleasant Shadows at $899, Santo Tomas Mesa at $825, and Broadmor at $699. Here is today’s list of the top 10 neighborhoods with the lowest median pricing for Phoenix Apartments for rent:

NeighborhoodMedian PriceMin PriceAvailable Units
Pleasant Shadows$1,465$89984
Santo Tomas Mesa$1,500$825169
Broadmor$1,512$699218
Devonshire Estates$1,550$825123
Mesa Madrid$1,550$825111
Westbrook$1,550$825123
Encanto$1,613$69548
Cave Creek$1,617$1,18012
Jen Tilly Terrace$1,629$650482
Daley Park$1,636$699353

Cheapest Available Phoenix Apartments for Rent

 

The cheapest available apartment rental in Phoenix, AZ is a Studio unit found at Tides on 51st in the South Phoenix neighborhood priced from $628. McCarty on Monroe in the Central City neighborhood has the second lowest priced unit, which is a 1 Bed apartment currently listed from $647. Here is today’s list of the most affordable Phoenix apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Tides on 51st0BD, 1BTHStudio,1BA$628
McCarty on Monroe1 Bedroom (A)1BR,1BA$647
2025 West Apartment HomesS1Studio,1BA$652
Paradise Palms I1 Bedroom1BR,1BA$669
MarqueeOne Bedroom 559 Sq Ft A1BR,1BA$670
Crosstown Phoenixe10a - EastStudio,1BA$672
Vista Village on Van BurenStudioStudio,1BA$699
Eclipse ApartmentsStudioStudio,1BA$700
LUMINA ON 19th APARTMENTSS1Studio,1BA$709

Best Value Apartments for Rent in Phoenix, AZ

As of April 13, 2025 the best value apartment in the Phoenix area is the $0.59 price per square foot Furnished Townhome Model at Lofts on 8th | Student Housing in the in the Downtown Tempe neighborhood starting from $1,099. The second greatest value Phoenix apartment is the Two Bedroom 1.5 Bath Model at Camelback Gardens starting at $1,350 with a $1.10 price per square foot in the Downtown Phoenix neighborhood. Here is today’s list of the best values for Phoenix apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Lofts on 8th | Student HousingFurnished Townhome4BR,4.5BA$0.59
Camelback GardensTwo Bedroom 1.5 Bath2BR,1.5BA$1.10
Rancho Montanas Senior ApartmentsA22BR,2BA$1.01
Legacy Crossing I & IILG2 2 Bedroom2BR,2BA$0.92
Santa Fe SpringsTwo Bedroom Two Bath2BR,2BA$1.00
Luna VillaB12BR,1BA$1.10
Paradise Palms I1 Bedroom1BR,1BA$0.96
McCarty on Monroe1 Bedroom (A)1BR,1BA$0.93
Park LeeOne-Bedroom1BR,1BA$1.06
MarqueeOne Bedroom 559 Sq Ft A1BR,1BA$1.04

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Phoenix Overview

Phoenix is the capital of Arizona, but there is a rich and diverse cultural history to this city that extends well beyond the local government. Phoenix is the home to many businesses, artists, and scholars and so much more that make it a wonderful place to call home. Combine all of that with a wide variety of superb options of apartments for rent and rental homes in the Phoenix metro area and you have a recipe for a truly amazing place to live.

Why live in Phoenix, AZ?

Phoenix is one of the fastest growing cities in the United States, with new companies and jobs arriving almost daily. The warm weather and relatively low cost of living has made the area very attractive to everyone from young professionals looking for their first job to retirees looking to take advantage of the mild winters and low cost of living while still having all of the advantages of living in a major city. Many people are flocking to the area to take advantage of job opportunities with companies such as Avnet, Mesa Air Group, and a variety of large hospitals and research centers.

Pet Friendly Lifestyle
Phoenix, AZ

Ranked #1

Among cities in Arizona for Apartment listings with Pet Friendly Amenities

Pet Friendliness Lifestyle Score

2.5
Pet Friendly

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Remember the 3 Rules of Real Estate:
Location, Location, Location!

Explore Phoenix, AZ Rentals by Map

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See the most popular apartments and homes in Phoenix, AZ

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Getting Around Phoenix, AZ

Walk Score®

52 / 100

Somewhat Walkable

Some errands can be accomplished on foot

Bike Score®

59 / 100

Bikeable

Some bike infrastructure

Transit Score®

40 / 100

Some Transit

A few nearby public transportation options

What Are Walk Score®, Transit Score®, and Bike Score® Ratings?

  • Walk Score® measures the walkability of any address.
  • Transit Score® measures access to public transit.
  • Bike Score® measures the bikeability of any address.

Frequently Asked Questions about Cheap Phoenix Apartments

What is a cheap apartment in Phoenix?

A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in Phoenix is under $709.

What is the price of a cheap apartment in Phoenix?

The cheapest apartment in Phoenix is McCarty on Monroe which is listed at $647, while the average apartment in Phoenix costs $3,136.

What types of apartments are the cheapest in Phoenix?

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 10,830 regular apartments in Phoenix 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 Phoenix?

Cheap apartments in Phoenix have an average cost of $354 which is $2,782 cheaper than the average rent for all rentals in Phoenix.

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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Understanding Amenity Fees: Know Where You Might Be Able to Save Money

Written by: Amber Kanuckel

With the rising costs of housing, a lot of renters are asking this question: Is it possible to opt out of various amenities that your rental property offers so that you can avoid paying the fees.

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Renting Smart: Lease Basics Every Renter Needs

Written by: Christine Leonard, Esq.

Often, in the excitement of finding a new place to live, there’s a rush to make it happen, and - too often - a new tenant signs a lease without reading it carefully.

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Battling the Butts: Your Guide to the Reality of Smoke-Free Renting

Written by: Andrea Lee Negroni, JD

While many apartment buildings are “no smoking” properties, it’s hard to know exactly how many. In 2017, the National Apartment Association reported more than half of rental properties had smoke free policies.