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Cheap Apartments in Phoenix, AZ

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Cheap Apartments in Phoenix, AZ

Search and browse 5139 cheap (under $400) apartments available for rent in Phoenix, AZ. With apartments that span the entire city, you will find an apartment in Phoenix for just the right price. During your search, sort your favorite cheap (under $400) apartments by one of our listed amenities — covered parking, in-unit washer and dryer, a rooftop pool, a modern fitness center, an updated kitchen, energy efficient appliances, smart technology, online leasing, payments, and more. Want to tour a property? Schedule a tour online and you’ll be moving in to your new Phoenix apartment before you know it.

September Rent Report

Welcome to the September 2021 Phoenix Apartment Report. In this assessment of the local rental market, Rentable data scientists and rental experts break down the September 2021 key findings and figures for the Phoenix rental landscape.

Our experts analyze the pricing trends — one-bedroom, two-bedroom, year-over-year and month-over-month — in Phoenix and surrounding areas and provide comparisons to the entire metro area, nearby cities and some of the most desirable and expensive cities in the United States. Take a look at the last 12 months of Phoenix average rent prices in the chart below.

Monthly Rent Report

Phoenix Rent Prices Increase From August to September

Phoenix rent prices increased over the last month. From August to September, the city experienced a 6.68% increase for the price of a one-bedroom apartment. The rent price for a Phoenix one-bedroom apartments currently stands at $1,358.0.

When we take a look at the two-bedroom comparison from August to September, Phoenix experienced a 5.38% increase for the price of a two-bedroom apartment. The rent price for a Phoenix two-bedroom apartments currently stands at $1,686.0.

September Prices: Phoenix vs. Surrounding Areas

Rent Prices in Phoenix and Surrounding Areas

Rent prices have increased in Phoenix over the last month. But how have the surrounding areas fared when it comes to the recent volatility in apartment prices? Rent prices in 7 of the Phoenix suburbs increased last month. On the other hand, 0 local areas experienced a decrease in the price of a one-bedroom apartment.

More key findings include:

  • Rent increased in Tempe, AZ, Mesa, AZ, Scottsdale, AZ, Glendale, AZ, Chandler, AZ, Guadalupe, AZ, Gilbert, AZ .

  • Rents did not decrease in any of the Phoenix suburbs.

  • 3 suburbs are currently priced higher than the city of Phoenix.

  • 4 suburbs are currently priced lower than the city of Phoenix.

September 2021 Pricing Trends: Phoenix vs. National Comparisons

Phoenix Rent Prices More Affordable Than Major Cities

Rent growth in Phoenix over the past year has been on the rise. When compared to major cities nearby, along with some of the most expensive cities in the country, Phoenix average rent prices appear to be relatively affordable for local residents.

The price for a Phoenix one-bedroom apartment remains vastly more affordable than four of the largest cities in the United States — New York City, Washington, D.C. San Francisco and Los Angeles. And pricing compares quite similarly to nearby Midwest cities.

You can view the full rundown of Rentable's September 2021 National Apartment Report and data set here.

For more information about Phoenix and surrounding area rent prices, take a look at the complete data set below.

Data set for Phoenix and suburbs

1 BR September 1 BR M/M % Change 2 BR September 2 BR M/M % Change
Phoenix, AZ $1,273.0 5.29% $1,600.0 4.92%
Tempe, AZ $1,321.0 0.30% $1,603.0 2.36%
Mesa, AZ $1,304.0 8.31% $1,498.0 11.05%
Scottsdale, AZ $1,645.0 5.38% $1,949.0 5.58%
Glendale, AZ $1,044.0 6.21% $1,580.0 4.29%
Chandler, AZ $1,550.0 6.38% $1,845.0 5.49%
Guadalupe, AZ $970.0 4.64% $1,363.0 7.75%
Gilbert, AZ $1,581.0 4.91% $1,808.0 2.38%


Each month, using over 1 million Rentable listings across the United States, we calculate the median 1-bedroom and 2-bedroom rent prices by city, state, and nation, and track the month-over-month percent change. To avoid small sample sizes, we restrict the analysis for our reports to cities meeting minimum population and property count thresholds.