Cheap Apartments for Rent in Memphis, IN from $400 (38 Rentals)

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Search the lowest-cost Apartments available for rent right now in Memphis.

What Does “Rent Burdened” Mean? How Much Rent Is Too Much

Learn the official definition (spending 30% or more of your gross income on housing) and how to calculate your exact rent-to-income ratio. This guide offers expert tips on factoring in total housing costs (including utilities and fees) and budgeting accurately to avoid unnecessary financial strain.

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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.

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Foxtail Pointe
2 to 3 Bedroom Apartments

Foxtail Pointe

8810 Old Highway 60Sellersburg, IN 47172

Roommate Matching: Finding the Right Fit and Avoiding Pitfalls

When searching for a roommate, follow this list of essential steps and set clear expectations to create a solid foundation for a harmonious living situation.

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Arbor Place Apartments
1 to 2 Bedroom Apartments

Arbor Place Apartments

200 Arbor PlNew Albany, IN 47150
  • Utilities Included

Mint Juleps and Mile-Saving Commutes: Finding Quality Louisville Apartments Near Major Employers

Stop driving and start living! We highlight the best Louisville neighborhoods—from Beechmont to Audubon Park—with great rentals near top job providers.

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Koehler Springs
2 to 3 Bedroom Apartments

Koehler Springs

2012 Payne Koehler RdSellersburg, IN 47172
  • Utilities Included
Showing Results 1-38, Page 1 of 1

Memphis, IN Local Guide

Cheapest Available Memphis Apartments for Rent and Nearby

 

The cheapest available apartment rental in Memphis, IN is a 1 Bed unit found at Yellowwood Terrace Affordable Senior Housing in the Southern Indiana neighborhood priced from $200. Courtyard Apartments in the Southern Indiana neighborhood has the second lowest priced unit, which is a 1 Bed apartment currently listed from $740. Here is today’s list of the most affordable Memphis apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Yellowwood Terrace Affordable Senior HousingStandard1BR,1BA$200
Courtyard Apartments1.1B1BR,1BA$740
The Monroe1 Bedroom and 1 Bathroom1BR,1BA$899
Clarksville Lofts1 br small1BR,1BA$899
Ashby1 Bedroom 1 Bathroom - Small1BR,1BA$937
Lakeview1 Bedroom 1 Bath1BR,1BA$942
Meadows at Green TreeThe Elm1BR,1BA$965
Stonebridge ApartmentsFirst Floor 1Bed/1Bath1BR,1BA$995
Charlestown FlatsOne Bedroom Flat1BR,1BA$995
Parkside Trace Apartments1 BEDROOM 1 BATHROOM NEW CONSTRUCTION1BR,1BA$1,050

Best Value Apartments for Rent in Memphis, IN and Nearby

As of April 29, 2026 the best value apartment in the Memphis area is the $1.17 price per square foot 2 BEDROOM LARGE Model at The Commons Apartments in the in the Southern Indiana neighborhood starting from $1,421. The second greatest value Memphis apartment is the Two Bed Model at Plum Ridge Apartments starting at $1,250 with a $1.10 price per square foot in the Southern Indiana neighborhood. Here is today’s list of the best values for Memphis apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
The Commons Apartments2 BEDROOM LARGE2BR,2BA$1.17
Plum Ridge ApartmentsTwo Bed2BR,2BA$1.10
Adelyn Apartments72BR,2BA$1.03
Carrington Place2 Bedroom 1 Bath2BR,1BA$1.04
Holmans Crossing Apartments2Bedroom/2Bathroom 986 sqft (1st or 2nd floor)2BR,2BA$1.17
Klerner Lane ApartmentsTwo Bed 9702BR,2BA$1.13
Courtyard Apartments2.1B2BR,1BA$1.09
Lakeview1 Bedroom 1 Bath1BR,1BA$1.17
The Monroe1 Bedroom and 1 Bathroom1BR,1BA$1.12
Yellowwood Terrace Affordable Senior HousingStandard1BR,1BA$0.34

10 Hidden Costs of Renting You Should Budget for Before Signing a Lease

Avoid financial stress when renting. Learn about the 10 most common hidden costs—from pet fees to utilities—you must budget for before you sign a lease.

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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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The Ultimate Long-Distance Moving Checklist: Tips from a Real Estate Pro

Moving is tough, especially long-distance. Learn how to minimize stress & expenses with proven strategies from a real estate pro, covering everything from logistics to finances.

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Cash or credit? Understanding the Importance of Credit Score in Real Estate and Renting

Discover how your credit score impacts your ability to lease or buy a home. Learn how credit scores are determined, how to check yours, and strategies to improve it for real estate success.

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The Official Expert's Guide to the Top Neighborhoods in Louisville for College Renters

Learn About the Best Neighborhoods to Rent Near College Campuses in Louisville, KY | Find Louisville Off-Campus Student Housing at ApartmentHomeLiving.com

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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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Location, Location, Location!

Explore Memphis, IN Rentals by Map

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Frequently Asked Questions about Cheap Memphis Apartments

How much is rent for a Cheap One Bedroom Memphis Apartment?

The lowest price for a Cheap One Bedroom Memphis Apartment is $200 at Yellowwood Terrace Affordable Senior Housing.

What is the lowest price for a Cheap Two Bedroom Memphis Apartment for rent?

Today's best deal for a Cheap Two Bedroom Apartment in Memphis is starting from $845 at Courtyard Apartments.

What is the most affordable Memphis Three Bedroom Apartment?

The best deal on a cheap Memphis Three Bedroom Apartment rental is at Courtyard Apartments and starts from $1,116.

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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The 10 Best Affordable Neighborhoods for Renting in Louisville, KY

Written by: Mike Heuer

Louisville, Kentucky, founded in 1778, has grown to be the largest city in Kentucky and is a terrific city situated right along the south bank of the Ohio River.

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The Official Expert's Guide to the Top Neighborhoods in Louisville for College Renters

Written by: Mike Heuer

Louisville is a terrific location to get an advanced education at one of its many great colleges and universities.

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Mint Juleps and Mile-Saving Commutes: Finding Quality Louisville Apartments Near Major Employers

Written by: Mike Heuer

Kentucky is a business-friendly commonwealth, and Louisville is its largest city. It also is home to many great employers who pay well, and their workers have lots of great choices in neighborhoods to rent great apartments.

Articles, How-To's, and Tips

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Expert Solutions for Creating the Perfect Work-From-Home Apartment Layouts

Written by: Lauren Harrington

This article is based on first-hand experience managing apartment communities and helping renters adapt to their spaces after moving in.

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What Does “Rent Burdened” Mean? How Much Rent Is Too Much

Written by: Lauren Harrington

This article draws from first-hand renter experiences and recurring financial challenges reported after moving in.

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Maximizing Your Refund: Essential Tax Tips for Renters

Written by: Christine Leonard, Esq.

Other than tax professionals, I can’t think of anyone who looks forward to tax season. For everybody else, April is a stressful month to collect information and meet deadlines.

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18 Must-Ask Rental Tour Questions That Reveal the Truth about a Property

Written by: Lauren Harrington

Renting your next home can feel thrilling and overwhelming at the same time.