Cheap Apartments for Rent in the Peterson Park Neighborhood of Tempe, AZ from $600 (40 Rentals)
Search the lowest-cost Apartments available for rent right now in the Peterson Park area of Tempe.

The Mod at Mills

Grandes Cortes

Studio 710 Apartments

Solaris On University

Omnia Baseline

Avana Tempe

Tides at Park View

Sofia Apartments

Mercury on Mill

1311 W Baseline Rd

Mission Springs

Villagio Furnished

The Halston

Ponderosa Ranch

2309 S College Ave

510 W University Dr

700 W University Dr

Avana Cordoba

The Pointe at South Mountain

Palms at South Mountain
Peterson Park, Tempe, AZ Local Guide

How much does it cost to rent an apartment in Peterson Park?
Bedroom | Average Rent | Cheapest Rent | Highest Rent |
---|---|---|---|
Peterson Park Studio Apartments | $1,538 | $699 | $2,790 |
Peterson Park 1 Bedroom Apartments | $1,597 | $975 | $4,060 |
Peterson Park 2 Bedroom Apartments | $1,818 | $1,095 | $4,794 |
Peterson Park 3 Bedroom Apartments | $2,605 | $1,095 | $4,967 |
Peterson Park 4 Bedroom Apartments | $2,724 | $1,045 | $5,560 |
Browse Apartments in this Neighborhood
There are currently 40 rentals with your search options within a 2 mile radius of the Peterson Park Neighborhood of Tempe, AZ.
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Peterson Park, Tempe, AZ Local Guide
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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 The Mod at Mills priced from $898. The Molino Apartments has the second lowest priced unit, which is a Studio apartment currently listed from $899. Here are the most affordable Peterson Park apartments for rent in Phoenix, AZ:
Apartment Listing | Model Name | Bed/Bath | Priced From |
---|---|---|---|
The Mod at Mills | S1 | Studio,1BA | $898 |
The Molino Apartments | Studio 325sqft | Studio,1BA | $899 |
Grandes Cortes | Studio | Studio,1BA | $949 |
Lyndon Lane | One Bed One Bath | 1BR,1BA | $975 |
Studio 710 Apartments | Small Studio Deluxe | Studio,1BA | $1,000 |
Solaris On University | S1 -1 x 1 | 1BR,1BA | $1,019 |
Sentry Tempe | Kona | Studio,1BA | $1,040 |
Omnia Baseline | A1P | 1BR,1BA | $1,045 |
Mercury on Mill | Kona - 1bed 1bath | 1BR,1BA | $1,099 |
Best Value Apartments for Rent in Peterson Park, AZ
As of March 23, 2025 the best value apartment in the Peterson Park area is the $1.62 price per square foot 400 E Greenway Dr Model at 400 E Greenway Dr in the in the South Phoenix neighborhood starting from $3,000. The second greatest value Peterson Park apartment is the 3A Model at San Portella starting at $2,275 with a $1.74 price per square foot in the Downtown Tempe neighborhood. Here is today’s list of the best values for Peterson Park apartments based on price per square foot:
Apartment Listing | Model Name | Bed/Bath | Price Per Sq.Ft. |
---|---|---|---|
400 E Greenway Dr | 400 E Greenway Dr | 4BR,3BA | $1.62 |
San Portella | 3A | 3BR,2BA | $1.74 |
1808 W Village Way | 1808 W Village Way | 3BR,2BA | $1.61 |
San Palmilla | One Bedroom/One Bath | 1BR,1BA | $1.60 |
Corsican | 2 Bed - 1 Bath | 2BR,1BA | $1.42 |
Tides at Park View | B1 | 2BR,1BA | $1.53 |
Sofia Apartments | The Bronte (2x1) | 2BR,1BA | $1.52 |
505 West | Rillito | 1BR,1BA | $1.63 |
Omnia Baseline | A1RWD | 1BR,1BA | $1.68 |
Mercury on Mill | Kona - 1bed 1bath | 1BR,1BA | $1.73 |
Quick Rent Budget Calculator
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Pet Friendly LifestylePeterson Park, Tempe, AZ
Ranked #26
Among neighborhoods in Tempe, AZ for Apartment listings with Pet Friendly Amenities
Pet Friendliness Lifestyle Score
3.0Pet Friendly
Best Local Schools in Peterson Park, Tempe, AZ
School data provided by Great Schools
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 $1,099.
What is the price of a cheap apartment in Peterson Park?
The cheapest apartment in Peterson Park is Lyndon Lane which is listed at $975, while the average apartment in Peterson Park costs $2,199.
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 768 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 $1,207 which is $992 cheaper than the average rent for all rentals in Peterson Park.
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.

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).

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.

What to Know About Fees and Fines When Renting
Written by: Trey Huguley
When it comes to renting a new apartment or home there can be a number of fees that you will want to keep in mind going into the process.

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.