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Apartments for Rent in Phoenix, AZ under $500

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  • Only 1 unit left
    Studio $100
    Base rent
    Verified Listing

    915 N 16th St

    915 N 16Th St, Phoenix, AZ 85006
    Apply online
  • Rent specials
    1 bd $291+
    Base rent Income restricted
    Verified Listing

    Santa Fe Springs

    4.0 (2)
    1717 West Glendale Avenue, Phoenix, AZ 85021
    Apply online • Pet friendly • Pool
  • 12830 N Paradise Village Pkwy West 1-2 Beds Apartment for Rent
    1 bd $340
    Base rent Income restricted
    Verified Listing

    The Summit PH

    4.0 (1)
    12830 N Paradise Village Pkwy West, Phoenix, AZ 85032
    Apply online • Pet friendly
  • Only 3 units left
    Ask for Pricing
    Income restricted
    Verified Listing

    Camelback Properties

    5102 N 11Th. Ave, Phoenix, AZ 85013
    Apply online • Pet friendly • Parking
  • Only 2 units left
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    Income restricted
    Verified Listing

    North 17

    4.0 (15)
    9601 N. 17Th Avenue, Phoenix, AZ 85021
    Apply online • Pet friendly • Parking

  • More Rentals Near Phoenix, AZ

  • Studio $420
    Base rent
    Verified Listing

    Gene Rice

    10245 N. 87Th Ave., Phoenix, AZ 85345
    Pet friendly • In unit laundry • Large Closets
  • 5-1-city
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Frequently asked questions

When were prices and availability in Phoenix, AZ last updated?

Prices and availability in Phoenix, AZ were last updated on 23 Aug 2026.

What are the best apartments in Phoenix, AZ?
What type of rental buildings are in Phoenix, AZ?

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.

Renting apartments in Phoenix, AZ under $500

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. In Phoenix, AZ, where the average rent is $441 per month, there are 12 units available for less than $500. Click on any of these units to see pictures, floor plans, amenities and more. After you have picked your favorite, you can contact the property to check availability. Considering that you are trying to spend as little as possible, looking at 1 bedroom apartments and studio apartments might be a good idea.

We’ll help you find the cheapest rental near you

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 $291 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.