22 Apartments under 700 for rent in Tempe, AZ

Last updated August 20 at 7:10pm UTC
Results within 5 miles of Tempe, AZ
Revival Biltmore
2911 East Indian School Road
Phoenix, AZ
Updated August 16 at 6:20pm UTC
Studio
$599
1 Bedroom
$739
2 Bedrooms
$899
3038 N 38TH Street
Citrus Acres
Phoenix, AZ
Updated July 19 at 10:25am UTC
1 Bedroom
$649
1626 W MCDOWELL Road
Fairview Place
Phoenix, AZ
Updated August 16 at 10:28am UTC
1 Bedroom
$600
114 S Wilson St
Riverside
Tempe, AZ
Updated August 15 at 5:24pm UTC
Studio
$649
Results within 10 miles of Tempe, AZ
110 S Wilson St
Riverside
Tempe, AZ
Updated August 10 at 5:10pm UTC
Studio
$649
1410 N 50th St
Phoenix
Phoenix, AZ
Updated August 20 at 1:22am UTC
1 Bedroom
$650
903 N 30th St
Phoenix
Phoenix, AZ
Updated August 18 at 5:25pm UTC
2 Bedrooms
$650
2020 N 32nd St
Phoenix
Phoenix, AZ
Updated August 15 at 5:24pm UTC
1 Bedroom
$685
1743 E Almeria Rd
Phoenix
Phoenix, AZ
Updated July 23 at 5:22pm UTC
1 Bedroom
$160
8818 S Central Ave
Phoenix
Phoenix, AZ
Updated August 20 at 5:24pm UTC
Studio
$660
416 N Roca
The Groves
Mesa, AZ
Updated July 3 at 7:24pm UTC
2 Bedrooms
$600

August 2018 Tempe Rent Report

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

View full Tempe Rent Report
Rent Report
Tempe

August 2018 Tempe Rent Report

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

Tempe rents increase sharply over the past month

Tempe rents have increased 0.6% over the past month, and are up moderately by 2.5% in comparison to the same time last year. Currently, median rents in Tempe stand at $930 for a one-bedroom apartment and $1,160 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. Tempe'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 Tempe, 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 grew 0.4% over the past month and 2.4% over the past year.

Tempe rents more affordable than many large cities nationwide

As rents have increased moderately in Tempe, a few large cities nationwide have seen rents grow more modestly, or in some cases, even decline. Tempe is still more affordable than most 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.
  • Tempe's median two-bedroom rent of $1,160 is slightly below the national average of $1,180. Nationwide, rents have grown by 1.2% over the past year compared to the 2.5% rise in Tempe.
  • While Tempe'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 Tempe than most large cities. For example, San Francisco has a median 2BR rent of $3,090, which is more than two-and-a-half times the price in Tempe.

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.