Cheap Apartments for Rent in the Island Home Neighborhood of Knoxville, TN from $600 (26 Rentals)

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Search the lowest-cost Apartments available for rent right now in the Island Home area of Knoxville.

Welcome to Knoxville: A Local Expert's Guide to Renting in the Heart of Tennessee

Discover why Knoxville, Tennessee is one of the South's best places to rent. Explore top neighborhoods, universities, restaurants, and everything the city has to offer.

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Rent According to Income: A Look at Income-Restricted Rentals

Find income-restricted rentals and housing subsidies. Explore government programs designed to help low-income families secure stable, affordable housing.

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612 South Studios
Studio Apartments

612 South Studios

612 Gertrude AveKnoxville, TN 37920
Corporate Housing
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Hillwood Villas
1 to 2 Bedroom Apartments

Hillwood Villas

1642 Hillwood DrKnoxville, TN 37920
  • Utilities Included
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Riverview Park
2 to 3 Bedroom Apartments

Riverview Park

3219 River Maple WayKnoxville, TN 37914
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Knoxville Living: Mapping Your Next Apartment Near the City's Biggest Businesses

Looking for a rental in Knoxville? Our guide breaks down 20+ neighborhoods with affordable housing, great schools, and easy access to job opportunities across Knox County.

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Red Bud
1 to 2 Bedroom Apartments

Red Bud

430 & 500 E Redbud RdKnoxville, TN 37920
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Southside Flats
1 to 3 Bedroom Apartments

Southside Flats

2727 Fort Stanley wayKnoxville, TN 37920
  • Utilities Included

Knoxville's Best Affordable Neighborhoods

Learn about Knoxville and the best places to live with original content written by our Local Expert Wendy Melton

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Island Home, Knoxville, TN Local Guide

Cheapest Available Island Home Apartments for Rent

 

The cheapest available apartment rental in the Island Home area of Knoxville, TN is a 1 Bed unit found at Evergreen Terrace priced from $900. Morningside Gardens Apartments has the second lowest priced unit, which is a 1 Bed apartment currently listed from $945. Here are the most affordable Island Home apartments for rent in Knoxville, TN:

Apartment ListingModel NameBed/BathPriced From
Evergreen TerraceOne Bedroom remodel1BR,1BA$900
Morningside Gardens Apartments1 Bedroom 1 Bathroom1BR,1BA$945
Red Bud2 Bedroom 1 Bath - 715502BR,1BA$995
1901 E. 5th Ave - NEW Flint Rock - FL1901 E. 5th Ave - NEW Flint Rock - FL - 022BR,1BA$995
The Shiloh Ridge Apartments2 Bed2BR,1BA$999
Oak Crest ApartmentsTwo Bedroom2BR,2BA$1,000
2436 Belvedere AveStudioStudio,1BA$1,075
Southside Flats1A Type B 60%1BR,1BA$1,095
City South ApartmentsStudio - 6121BR,1BA$1,107
Southmont ApartmentsTwo Bedroom2BR,1BA$1,199

Best Value Apartments for Rent in Island Home, TN

As of July 21, 2026 the best value apartment in the Island Home area is the $1.52 price per square foot 2505 Washington Avenue Model at 2505 Washington Avenue in the in the Holston Hills neighborhood starting from $2,350. The second greatest value Island Home apartment is the Two Bedroom Model at Oak Crest Apartments starting at $1,000 with a $0.83 price per square foot in the North Knoxville neighborhood. Here is today’s list of the best values for Island Home apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
2505 Washington Avenue2505 Washington Avenue3BR,2BA$1.52
Oak Crest ApartmentsTwo Bedroom2BR,2BA$0.83
The HenleyUrban2BR,2BA$1.52
The Shiloh Ridge Apartments2 Bed2BR,1BA$1.21
River’s Edge ApartmentsThe Holston1BR,1BA$1.73
Red Bud2 Bedroom 1 Bath - 715502BR,1BA$1.40
Southside Flats1A Type B 60%1BR,1BA$1.64
1901 E. 5th Ave - NEW Flint Rock - FL1901 E. 5th Ave - NEW Flint Rock - FL - 022BR,1BA$1.53
Evergreen TerraceOne Bedroom remodel1BR,1BA$1.55
Morningside Gardens Apartments1 Bedroom 1 Bathroom1BR,1BA$1.73

Knoxville's College Scene: An Expert's Deep Dive into Local Universities and Top Student Neighborhoods for Renting

Searching for student housing in Knoxville? Discover affordable rentals in neighborhoods near top colleges in Knoxville, TN.

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Don't Settle: How to Negotiate Your Apartment Lease and Save Money

Discover the insider tips from an attorney and real estate agent on how to negotiate your next apartment lease. Find out what's on the table and what's not, so you can save money and get the best terms possible.

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Real Estate and Rental Term Glossary | ApartmentHomeLiving.com Renter University

From the letter A all the way to the letter Z, the Real Estate and Rental Term Glossary from the content team at ApartmentHomeLiving.com provides our visitors and shoppers with a little clarity and helpful guidance in navigating the real estate world through definitions and explainers for the top subjects and terms that someone may come across during the leasing, buying, or selling process.

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The common "Rule of Thumb" is that rent should be no more than 30% of your income. How much is that? Enter your monthly income and click "Calculate My Budget" to find out.

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Pet Friendly Lifestyle
Island Home, Knoxville, TN

Ranked #25

Among cities in Tennessee for Apartment listings with Pet Friendly Amenities.

Pet Friendliness Lifestyle Score

3.0
Pet Friendly

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Lifestyle Ratings

Our team of engineers and researchers is happy to bring you our detailed rental analysis called 'Lifestyle Ratings' - a comparison of neighborhoods, cities, and rental properties across Tennessee and customized analysis for Knoxville, Tennessee. Lifestyle Ratings show you the best fit for your needs and interests. This takes in many factors including searching for the best amenities, and easy access to the parks, places to raise kids, raising pets, transit options, and more. Find Lifestyle Search in the filter options (above). Happy Searching!

Frequently Asked Questions about Cheap Island Home Apartments

What is the price of a cheap apartment in Island Home?

The cheapest apartment in Island Home is Evergreen Terrace which is listed at $900, while the average apartment in Island Home costs $1,999.

What types of apartments are the cheapest in Island Home?

Student, low-income, and by-the-bed apartments are typically the cheapest rentals in most cities, though they require qualifying criteria to rent. There are 79 regular apartments in Island Home that we think qualify as ‘cheap apartments’ that do not have special requirements to apply to rent.

How do the prices of cheap apartments compare to the average apartment in Island Home?

Cheap apartments in Island Home have an average cost of $1,329 which is $670 cheaper than the average rent for all rentals in Island Home.

Expert Rental Resources

The rental experts at ApartmentHomeLiving.com provide you with top advice, tools, and tips for understanding the leasing process and finding the perfect rental. Here are a few helpful rental and leasing articles from our experts to guide you on your search.

Helpful Local Expert Guides

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Welcome to Knoxville: A Local Expert's Guide to Renting in the Heart of Tennessee

Written by: Wendy Melton

Knoxville, Tennessee, is a jewel in the heart of the South. Many travelers who pass through often return again and again because of the hospitality and friendliness of local residents.

decorative image for Knoxville Living: Mapping Your Next Apartment Near the Citys Biggest Businesses article

Knoxville Living: Mapping Your Next Apartment Near the Citys Biggest Businesses

Written by: Wendy Melton

With a population of over 190,000, Knoxville, Tennessee, is the third-largest city in the state. It sits adjacent to the Tennessee River.

decorative image for Knoxvilles College Scene: An Expert's Deep Dive into Local Universities and Top Student Neighborhoods for Renting article

Knoxvilles College Scene: An Expert's Deep Dive into Local Universities and Top Student Neighborhoods for Renting

Written by: Wendy Melton

Knoxville, Tennessee, is located in the heart of the Great Smoky Mountains. The quiet calm of the mountains is the perfect place for college students to study and focus on their education.

decorative image for An Expert Local Guide to Top Affordable Neighborhoods to Rent in Knoxville, TN article

An Expert Local Guide to Top Affordable Neighborhoods to Rent in Knoxville, TN

Written by: Wendy Melton

Knoxville is considered to be a jewel of the south. It is the largest city in the eastern half of Tennessee and home to the main campus of the University of Tennessee.

Articles, How-To's, and Tips

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Rent According to Income: A Look at Income-Restricted Rentals

Written by: Robin Stewart

The idea of affordable housing can be subjective. Every individual is in a different place financially and vocationally. What one may easily afford could be a struggle for someone else.

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Renters Insurance 101: What It Is, What It Covers, and Why You Need It

Written by: Robin Stewart

Insurance seems to be a part of life. In some states, having insurance is the law, as is the case for automobile insurance. Renters are no exception.

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Apartment Occupancy Rates: Renter Attraction vs Renter Retention

Written by: Robin Stewart

There’s a tenet in marketing about client or customer attraction and retention. Studies and data have consistently shown it costs less to keep a current customer than to attract a new one.

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How I Find the Perfect Rental for My Clients: A Real Estate Pro's Guide

Written by: Robin Stewart

Evaluating rental properties for clients draws many parallels to house-hunting. Whether an apartment, loft, townhouse, or other rental, finding the right place means finding “home” for your client.