The one time I've been to PHX, I played both TPC courses. (There is a tougher, longer course that hosts the PGA every year and an easier, shorter course that isn't used for the pros.) The big course was pretty expensive in the morning (over $150) but we played in the afternoon for about $80 each. The easier course was about $55 each.

Both courses were nice. TPCs in some cities tend to be a wee bit overrated, but for $80 I thought it was okay.

I don't know about rental costs, but I know from experience to make sure to call courses ahead if you plan to rent. Ask what they cost and exactly what make/model/length/shaft they rent. If you don't like their answer but still want to play that course, call some local golf shops. A lot of big golf shops (especially in places like PHX) rent at several quality levels and with some shaft and length choices.

Whatever you do, don't play a $100 round of golf with crappy sticks. That's no fun at all.