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Apartments for Rent in Phoenix, AZ under $500 – 5 Rentals available

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Phoenix, AZ Demographics

  • Total Population1,574,421
  • Female 784,828
    Male 789,593
  • Median Age33.3

Average Rent in Phoenix, AZ

  • Phoenix, AZ Average Rental Price, May 2019$1,014/mo

Phoenix, AZ Apartment Rent Ranges

  • $501-$70011%
  • $701-$1,00045%
  • $1,001-$1,50038%
  • $1,501-$2,0005%
  • > $2,0001%

Phoenix, AZ Rent Trends

Average Rent Jan / 2016 May / 2016 Sept / 2016 Jan / 2017 May / 2017 Sept / 2017 Jan / 2018 May / 2018 May / 2019
Phoenix, AZ $851 $882 $894 $906 $932 $935 $955 $956 $1,014
National $1,290 $1,319 $1,334 $1,329 $1,354 $1,366 $1,366 $1,381 $1,396
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Average rent is projected to grow by 5% in 2018 compared to 2017.

Please note that projected rent growth is calculated at city level.

Average rent values on this page are aggregated from data from the following zip codes: 850038500485006850078500885009850128501385014850158501685017850188501985020850218502285023850248502785028850298503185032850338503485035850378504085041850428504385044850458504885050850518505385054850838508585086

Check out the average rent prices in Phoenix by neighborhood.

Phoenix, AZ Households

  • Total Number of Households544,022
  • Family 345,463
    Non-family 198,559
  • Children 195,746
    No Children 348,276
  • Average People Per Household2.86
  • Median Household Income$52,080
  • Median Housing Costs Per Month$1,023

Phoenix, AZ Education Statistics

  • No High School8%
  • Some High School35%
  • Some College25%
  • Associate Degree7%
  • Bachelor Degree16%
  • Graduate Degree9%

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, RENTCafé 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.

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.

Finding a home nearby is easier than you think. Check out our Apartments Near Me page and take your pick!