Cheap Homes for Rent in Melbourne, AR from $500 (11 Rentals)

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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.

Your Guide to Co-Signers: The Risks, Rewards, and Everything in Between

Thinking about getting a co-signer for your rental application? We break down what a co-signer is, the potential benefits, and the serious risks for both parties. Find out if it's the right choice for you.

Melbourne, AR Local Guide

Cheapest Available Melbourne Apartments for Rent and Nearby

 

The cheapest available apartment rental in Melbourne, AR is a Studio unit found at The Heights Apartments priced from $450. Breckenridge Apartments has the second lowest priced unit, which is a 1 Bed apartment currently listed from $545. Here is today’s list of the most affordable Melbourne apartments for rent:

Apartment ListingModel NameBed/BathPriced From
The Heights ApartmentsSmall StudioStudio,1BA$450
Breckenridge ApartmentsBreckenridge - 1 Bed 1 Bath with W/D Hookup1BR,1BA$545
Sugarloaf StudiosStudioStudio,1BA$575
Spring River CommonsStudioStudio,1BA$675
Meadow Lake Apartments1.11BR,1BA$675

Best Value Apartments for Rent in Melbourne, AR and Nearby

As of September 26, 2025 the best value apartment in the Melbourne area is the $0.93 price per square foot 1501 Model at 2700 Burke Ave in the starting from $1,400. The second greatest value Melbourne apartment is the Triplex Model at Magnolia Gardens starting at $1,435 with a $1.12 price per square foot . Here is today’s list of the best values for Melbourne apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
2700 Burke Ave15012BR,1.5BA$0.93
Magnolia GardensTriplex2BR,2BA$1.12
The Oak Townhomes2 Bed 1.5 Bath - Morganne Dr2BR,1.5BA$0.75
Breckenridge ApartmentsBreckenridge - 2 Bed 2 Bath with W/D Hookup2BR,2BA$0.91
Creekside Village Townhomes2 Bedroom Townhome2BR,1BA$1.00
Tara Apartments2 bedroom apartment2BR,1BA$0.97
Grand Oak Place2x12BR,1BA$1.16
Country Meadows Apartments1.1 Classic1BR,1BA$0.97
Sugarloaf StudiosStudioStudio ,1BA$1.15
The Heights ApartmentsSmall StudioStudio ,1BA$1.00

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Remember the 3 Rules of Real Estate:
Location, Location, Location!

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Frequently Asked Questions about Melbourne

What type of rentals are currently available in Melbourne?

There are currently 43 Apartments for Rent in Melbourne, AR with pricing that ranges from $450 to $2,200. There are also 40 Single Family Homes for rent, Condos, and Townhome rentals currently available in Melbourne ranging from $500 to $2,500.

What is the current price range for Rental Homes in Melbourne?

Today's rental pricing for Homes for Rent, Condos and Townhomes in Melbourne ranges from $500 to $2,500 with an average monthly rent of $1,414.

Expert Rental Resources

Helpful Apartment Articles, How-To's and Tips

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.

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Kansas Citys Major Employers & the Best Places to Rent Near Them | A Local Expert Guide

Written by: Amber Kanuckel

Hey, there! I’m Amber, your ApartmentHomeLiving.com local expert for Kansas City, and I’m back with my recommendations for top employers in the area.

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How to Negotiate Your Apartment Lease and Save Money

Written by: Christine Leonard, Esq.

Everything is a negotiation in real estate! 

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The Rental Move-In Inspection Checklist: A Guide for Renters

Written by: Trey Huguley

The move-in inspection checklist is a crucial tool for both tenants and landlords. This checklist, provided by the team at ApartmentHomeLiving.com, helps document the condition of an apartment at the time of move-in.

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Your Guide to Co-Signers: The Risks, Rewards, and Everything in Between

Written by: Christine Leonard, Esq.

For many people, obstacles can arise during the rental application process for a variety of issues.