Cheap Apartments for Rent in the Downtown Phoenix Neighborhood of Phoenix, AZ from $500 (515 Rentals)

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

Downtown Phoenix

Named as one of the Best Affordable Areas to rent in Phoenix by our Phoenix, AZ Local Expert Andrew Jollett. See how it ranks!

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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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Downtown Phoenix, Phoenix, AZ Local Guide

Cheapest Available Downtown Phoenix Apartments for Rent

 

The cheapest available apartment rental in the Downtown Phoenix area of Phoenix, AZ is a 1 Bed unit found at McCarty on Monroe priced from $647. Marquee has the second lowest priced unit, which is a 1 Bed apartment currently listed from $670. Here are the most affordable Downtown Phoenix apartments for rent in Phoenix, AZ:

Apartment ListingModel NameBed/BathPriced From
McCarty on Monroe1 Bedroom (A)1BR,1BA$647
MarqueeOne Bedroom 559 Sq Ft A1BR,1BA$670
2025 West Apartment HomesS1Studio,1BA$683
Vista Village on Van BurenStudioStudio,1BA$699
Park LeeOne-Bedroom1BR,1BA$715
Victory Place I-IVStudioStudio,1BA$720
Spectra MidtownS2CStudio,1BA$773
Crosstown Phoenixe10a - WestStudio,1BA$789
Omnia on ThomasCoronadoStudio,1BA$794
Sunset Sound Studio ApartmentsSTUStudio,1BA$795

Best Value Apartments for Rent in Downtown Phoenix, AZ

As of April 06, 2025 the best value apartment in the Downtown Phoenix area is the $1.27 price per square foot 4 bed 3 bath Model at Raymond Place Townhomes in the in the South Phoenix neighborhood starting from $2,200. The second greatest value Downtown Phoenix apartment is the The Cardinal Model at Nido 18 starting at $2,095 with a $1.35 price per square foot in the South Phoenix neighborhood. Here is today’s list of the best values for Downtown Phoenix apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Raymond Place Townhomes4 bed 3 bath4BR,3BA$1.27
Nido 18The Cardinal3BR,3BA$1.35
Rancho Montanas Senior ApartmentsA22BR,2BA$1.01
Legacy Crossing I & IILG2 2 Bedroom2BR,2BA$0.92
Cactus CanyonTwo Bedroom - Two Bathroom2BR,2BA$1.26
Camelback CourtyardTwo Bedroom/ one and a Half Bath2BR,1.5BA$1.34
2234 W Medlock Dr1 Bedroom1BR,1BA$1.35
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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Pet Friendly Lifestyle
Downtown Phoenix, Phoenix, AZ

Ranked #4

Among neighborhoods in Phoenix, AZ for Apartment listings with Pet Friendly Amenities

Pet Friendliness Lifestyle Score

4.0
Pet Friendly

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Best Local Schools in
Downtown Phoenix, Phoenix, AZ

School data provided by Great Schools

Lifestyle Ratings

ApartmentHomeLiving.com works hard to bring you comprehensive Lifestyle Ratings of rentals in cities across the United States, including Phoenix. Lifestyle Ratings show you the best fit for your needs and interests. This takes in many factors including searching for the best amenities, and convenient access to the outdoors, pet-friendly features, family-friendliness, proximity to transit, and more. Use Lifestyle Search in the site filter options on this page - and find your Perfect place!

Frequently Asked Questions about Cheap Downtown Phoenix Apartments

What is a cheap apartment in Downtown Phoenix?

A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in Downtown Phoenix is under $795.

What is the price of a cheap apartment in Downtown Phoenix?

The cheapest apartment in Downtown Phoenix is McCarty on Monroe which is listed at $647, while the average apartment in Downtown Phoenix costs $2,295.

What types of apartments are the cheapest in Downtown 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 177 regular apartments in Downtown 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 Downtown Phoenix?

Cheap apartments in Downtown Phoenix have an average cost of $149 which is $2,146 cheaper than the average rent for all rentals in Downtown 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.

decorative image for A Local Experts Guide to the Top 10 Budget Friendly Neighborhoods in Phoenix, AZ article

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.