Cheap Apartments for Rent in Memphis, IN from $400 (47 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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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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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
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The Commons Apartments
1 to 2 Bedroom Apartments

The Commons Apartments

818 Hausfeldt LnNew Albany, IN 47150
Corporate Housing
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Koehler Springs
2 to 3 Bedroom Apartments

Koehler Springs

2012 Payne Koehler RdSellersburg, IN 47172
  • Utilities Included

Bourbon, Baseball, and the Blues: Your Insider's Guide to Louisville, Kentucky

There's more to Louisville than the Kentucky Derby. Get a local insider's take on the best bourbon tours, dining, music venues, horse racing, and cultural experiences the city has to offer.

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Showing Results 1-47, 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
Meadows at Green TreeThe Prairie2BR,1BA$905
Ashby1 Bedroom 1 Bathroom - Small1BR,1BA$937
Lakeview1 Bedroom 1 Bath1BR,1BA$942
Stonebridge ApartmentsSecond Floor 1Bed/1Bath1BR,1BA$995
Charlestown FlatsOne Bedroom Flat1BR,1BA$995
Clarksville Lofts1 br small1BR,1BA$1,001
Parkside Trace Apartments1 BEDROOM 1 BATHROOM NEW CONSTRUCTION1BR,1BA$1,050

Best Value Apartments for Rent in Memphis, IN and Nearby

As of June 13, 2026 the best value apartment in the Memphis area is the $0.96 price per square foot The Arbor Model at Arbor Place Apartments in the in the Southern Indiana neighborhood starting from $1,150. The second greatest value Memphis apartment is the 4229-8 Model at Adelyn Apartments starting at $1,145 with a $1.03 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.
Arbor Place ApartmentsThe Arbor2BR,1.5BA$0.96
Adelyn Apartments4229-82BR,2BA$1.03
Carrington Place2 Bedroom 1 Bath2BR,1BA$1.04
Nicholas LandingTwo Bedroom2BR,2BA$1.17
Holmans Crossing Apartments2Bedroom/2Bathroom 986 sqft (1st or 2nd floor)2BR,2BA$1.19
Klerner Lane ApartmentsTwo Bed 9702BR,2BA$1.13
Lakeview1 Bedroom 1 Bath1BR,1BA$1.17
The Monroe1 Bedroom and 1 Bathroom1BR,1BA$1.12
Courtyard Apartments1.1B1BR,1BA$1.07
Yellowwood Terrace Affordable Senior HousingStandard1BR,1BA$0.34

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 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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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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Remember the 3 Rules of Real Estate:
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 $863 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 Colonial Village Apartments and starts from $1,314.

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.

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Bourbon, Baseball, and the Blues: Your Insiders Guide to Louisville, Kentucky

Written by: Mike Heuer

Louisville is one great city in which to visit, live, work, and raise a family. It has excellent and reasonably affordable housing, great neighborhoods, and a whole lot more to offer its residents and visitors alike.

Articles, How-To's, and Tips

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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.

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Pet-Friendly Renting: Everything You Need to Know Before You Move

Written by: Christine Leonard, Esq.

For so many of us, pets are the best companions and a big part of our lives. For this reason, a pet-friendly house or apartment is often a very important - and nonnegotiable - part of a move.

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Creative Ways Developers Reimagine Retail Spaces as Residential Units

Written by: Robin Stewart

Adaptive reuse is when a commercial property is converted and repurposed. The real estate industry has embraced a growing number of these projects.

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Neighborhood and Market Insights: How to Choose the Right Area to Rent

Written by: Robin Stewart

Apartment-hunting can be a gargantuan task. Renters have a wish list of items—some luxuries, some necessities—but finding what you seek in the right place is perhaps the most important part of the journey.