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Apartments for Rent in Phoenix, AZ under $500


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  • Rent specials 4 units available
    3 bd $399+
    Base rent
    3802 E Baseline Rd, Phoenix, AZ 85042
    Apply online • Pet friendly • Parking
  • Only 1 unit 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
  • Ask for pricing
    Income restricted
    Verified Listing

    Aeroterra 1

    4.5 (1)
    675 N. 16Th Street, Phoenix, AZ 85006
    Pet friendly • Parking • Fitness center
  • 12830 N Paradise Village Pkwy West 1-2 Beds Apartment for Rent
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    Income restricted
    Verified Listing

    The Summit PH

    4.0 (1)
    12830 N Paradise Village Pkwy West, Phoenix, AZ 85032
    Pet friendly
  • More Rentals Near Phoenix, AZ

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    Gene Rice

    10245 N. 87Th Ave., Phoenix, AZ 85345
    Pet friendly • Large Closets • Laundry Facilities
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    13613 N. Main Street, El Mirage, AZ 85335
    Parking • Pool • Dishwasher
  • 4-2-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 13 Nov 2026.

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

In Phoenix, 43% of the residents are renting compared to 57% owning a home, according to data from the U.S. Census Bureau. Large-scale apartment buildings with more than 50 units represent 25% of Phoenix's rentals, 45% are small-scale complexes with under 50 units, and 28% are single-family rentals.

Apartments in Phoenix, AZ under $500

Balancing snug and cheap is no joke when it comes to renting a place to live. “Are there any apartments near me under $500?” is a great question to start from. Knowing your budget means you’re one step ahead and on the right track. We’ve taken care of the rest and found 9 apartments for rent in Phoenix, AZ on which you’ll spend less than $500. A small, cheap rental means you’ll have to budget your living space as well. The great news is that keeping it simple pays off in more than one way. The cost of utilities is likely to run low, and you get the added benefit of not having to spend too much time cleaning up the whole place. Smaller apartments are more likely to be closer to the city center, so there are potential cuts to your transportation costs too. And here’s one more very special secret to add to your book-of-perks: you’re less likely to overshop when you know your space is limited.

Rentals near you under $500

Our goal is to help you find cheap apartments that live up to your dreams without crushing your budget. It may be a long shot to go looking for 3 bedroom apartments or even 2 bedroom for less than $500. The average rental size in Phoenix, AZ is 776 Sqft, but the $500 limit will probably narrow your search to places with a smaller square footage. Go through our listings and be on the look-out for a hassle-free studio or a 1 bedroom apartment. We trust you’ll turn it into a cozy home which is also budget-friendly to the core.