67 Apartments under 700 for rent in Phoenix, AZ

Last updated August 18 at 3:47am UTC
Las Colinas Apartments
5704 W Thomas Rd
Phoenix, AZ
Updated August 18 at 3:25am UTC
1 Bedroom
$675
2 Bedrooms
$775
Cielo
8222 N 19th Ave
Phoenix, AZ
Updated August 18 at 3:24am UTC
Studio
$644
1 Bedroom
$750
2 Bedrooms
$830
Canyon Woods
2524 W Glenrosa Ave
Phoenix, AZ
Updated August 9 at 6:40pm UTC
1 Bedroom
$630
2 Bedrooms
$800
Casa De Flores
2454 W Campbell Ave
Phoenix, AZ
Updated August 16 at 6:20pm UTC
1 Bedroom
$400
2 Bedrooms
$500

August 2018 Phoenix Rent Report

Welcome to the August 2018 Phoenix Rent Report. Phoenix rents increased over the past month. In this report, we'll evaluate trends in the Phoenix rental market, including comparisons to cities throughout the metro, state, and nation.

View full Phoenix Rent Report
Rent Report
Phoenix

August 2018 Phoenix Rent Report

Welcome to the August 2018 Phoenix Rent Report. Phoenix rents increased over the past month. In this report, we'll evaluate trends in the Phoenix rental market, including comparisons to cities throughout the metro, state, and nation.

Phoenix rents increased significantly over the past month

Phoenix rents have increased 0.4% over the past month, and are up moderately by 2.4% in comparison to the same time last year. Currently, median rents in Phoenix stand at $840 for a one-bedroom apartment and $1,050 for a two-bedroom. This is the eighth straight month that the city has seen rent increases after a decline in November of last year. Phoenix's year-over-year rent growth leads the state average of 2.3%, as well as the national average of 1.2%.

Rents rising across the Phoenix Metro

Throughout the past year, rent increases have been occurring not just in the city of Phoenix, but across the entire metro. Of the largest 10 cities that we have data for in the Phoenix metro, all of them have seen prices rise. Here's a look at how rents compare across some of the largest cities in the metro.

  • Gilbert has seen the fastest rent growth in the metro, with a year-over-year increase of 5.9%. The median two-bedroom there costs $1,440, while one-bedrooms go for $1,150.
  • Phoenix proper has the least expensive rents in the Phoenix metro, with a two-bedroom median of $1,050; rents increased 0.4% over the past month and 2.4% over the past year.

Phoenix rents more affordable than many comparable cities nationwide

As rents have increased moderately in Phoenix, a few similar cities nationwide have seen rents grow more modestly, or in some cases, even decline. Phoenix is still more affordable than most other large cities across the country.

  • Rents increased slightly in other cities across the state, with Arizona as a whole logging rent growth of 2.3% over the past year. For example, rents have grown by 1.8% in Tucson.
  • Phoenix's median two-bedroom rent of $1,050 is below the national average of $1,180. Nationwide, rents have grown by 1.2% over the past year compared to the 2.4% rise in Phoenix.
  • While Phoenix's rents rose moderately over the past year, the city of Seattle saw a decrease of 2.4%.
  • Renters will find more reasonable prices in Phoenix than most similar cities. For example, San Francisco has a median 2BR rent of $3,090, which is nearly three times the price in Phoenix.

For more information check out our national report. You can also access our full data for cities and counties across the U.S. at this link.
City Median 1BR price Median 2BR price M/M price change Y/Y price change
Phoenix $840 $1,050 0.4% 2.4%
Mesa $860 $1,070 0.2% 2.3%
Chandler $1,080 $1,350 0.1% 5.6%
Glendale $900 $1,120 0.3% 2.8%
Scottsdale $1,040 $1,290 0.3% 2.4%
Gilbert $1,150 $1,440 -0.8% 5.9%
Tempe $930 $1,160 0.6% 2.5%
Peoria $1,120 $1,390 0.4% 3.5%
Surprise $1,080 $1,350 1.3% 1.5%
Avondale $990 $1,230 -0.3% 1.7%
See more

Methodology - Recent Updates:

Data from private listing sites, including our own, tends to skew toward luxury apartments, which introduces sample bias when estimates are calculated directly from these listings. To address these limitations, we’ve recently made major updates to our methodology, which we believe have greatly improved the accuracy and reliability of our estimates.

Read more about our new methodology below, or see a more detailed post here.

Methodology:

Apartment List is committed to making our rent estimates the best and most accurate available. To do this, we start with reliable median rent statistics from the Census Bureau, then extrapolate them forward to the current month using a growth rate calculated from our listing data. In doing so, we use a same-unit analysis similar to Case-Shiller’s approach, comparing only units that are available across both time periods to provide an accurate picture of rent growth in cities across the country.

Our approach corrects for the sample bias inherent in other private sources, producing results that are much closer to statistics published by the Census Bureau and HUD. Our methodology also allows us to construct a picture of rent growth over an extended period of time, with estimates that are updated each month.

Read more about our methodology here.

About Rent Reports:

Apartment List publishes monthly reports on rental trends for hundreds of cities across the U.S. We intend these reports to be a source of reliable information that help renters and policymakers make sound decisions, and we invest significant time and effort in gathering and analyzing rent data. Our work is covered regularly by journalists across the country.

We are continuously working to improve our methodology and data, with the goal of providing renters with the information that they need to make the best decisions.