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Prices and availability in Phoenix, AZ were last updated on 4 Oct 2026.
The best apartments in Phoenix, AZ are: Solara, Boulders at Lookout Mountain Apartment Homes, Refinery at Pointe17, Element Deer Valley and Colter Park Apartments.
In Phoenix 43% of the housing is rented out compared to 57% of homes are owned, according to the most recent Census Bureau estimates. 25% of Phoenix's apartments are found in large buildings of 50 units or more, 45% are located in smaller apartment complexes with less than 50 units, and 28% are single-family rentals.
Searching for apartments for rent in Phoenix, AZ under $500 is not an easy task, but luckily you have come to the right place. Whether you are a student on a budget, a young professional on the move, or simply a frugal person, RentCafe can help you find what you are looking for. Just make sure you know what you consider non-negotiable and what you can compromise on. Your new home is just a few clicks away.
Finding a nice cheap apartment is by no means impossible. You just have to be patient. Your “apartments near me under $500” search can bear fruit sooner than you think if you look carefully and check our site often. You never know when discount deals and special offers might pop up. Keep in mind that you are not the only one looking for an affordable apartment in Phoenix, AZ. Choose “Save Search” to receive the latest apartments available directly to your inbox. This way, you will be able to stay one step ahead of the competition. With the cheapest apartments in Phoenix, AZ going for $420 per month, there are great deals waiting to be discovered. Feeling lucky? Expand your search to 2 bedroom apartments and 3 bedroom apartments as well for more space.
