Cheap Homes for Rent in Memphis, MO from $500 (15 Rentals)

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

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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The Art of the Rental Viewing: What to look for during a property tour

Touring a rental? This guide helps you know exactly what to look for, from safety features to hidden flaws, so you can confidently sign your lease or keep searching.

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property at 116 N 5th St

116 N 5th St

BurlingtonIA52601

Smart Renter's Guide: Calculating Affordable Rent & Housing Costs

Wondering how to determine your rental budget? This comprehensive guide covers everything from the 30% rule to hidden fees and effective budgeting strategies.

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Memphis, MO Local Guide

Cheapest Available Memphis Apartments for Rent and Nearby

 

The cheapest available apartment rental in Memphis, MO is a 3 Beds unit found at Cedar Creek Crossing Apartments priced from $340. 510 Wapello St S has the second lowest priced unit, which is a 2 Beds apartment currently listed from $595. Here is today’s list of the most affordable Memphis apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Cedar Creek Crossing Apartments3 Bed 2 Bath3BR,2BA$340
510 Wapello St SUnit 672BR,1BA$595
Halls of Brookfield - 55+ Years2 Bed 1 Bath2BR,1BA$685
Urbane424 ApartmentsS3 - Studio / 1 BathStudio,1BA$700
Park Madison Apartments1BR/1BA1BR,1BA$700

Best Value Apartments for Rent in Memphis, MO and Nearby

As of June 11, 2025 the best value apartment in the Memphis area is the $0.89 price per square foot Churchill Lofts - 316 Model at Churchill Lofts in the in the Ginger Ridge neighborhood starting from $1,498. The second greatest value Memphis apartment is the Elizabeth Model at Terrace View by Kading starting at $1,295 with a $1.05 price per square foot . 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.
Churchill LoftsChurchill Lofts - 3162BR,1BA$0.89
Terrace View by KadingElizabeth3BR,2BA$1.05
Cedar Creek Crossing Apartments3 Bed 2 Bath3BR,2BA$0.30
Blaul LoftsBlaul Lofts - 3121BR,1BA$0.98
School House Apartments1 Bedroom and 1 Bath1BR,1BA$0.89
Orchard Lane Apartments2BR/1.0BA2BR,1BA$0.96
Halls of Brookfield - 55+ Years2 Bed 1 Bath2BR,1BA$0.83
Louden LoftsTwo Bedroom2BR,2BA$1.00
Park Madison Apartments1BR/1BA1BR,1BA$0.93
Mediapolis VillageUnit 382BR,1BA$0.95

Quick Rent Budget Calculator

How much rent can you afford?

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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Frequently Asked Questions about Memphis

What type of rentals are currently available in Memphis?

There are currently 37 Apartments for Rent in Memphis, MO with pricing that ranges from $300 to $1,900. There are also 32 Single Family Homes for rent, Condos, and Townhome rentals currently available in Memphis ranging from $298 to $1,800.

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

Today's rental pricing for Homes for Rent, Condos and Townhomes in Memphis ranges from $298 to $1,800 with an average monthly rent of $996.

How much are larger Three and Four Bedroom Rentals in Memphis?

For those who are looking for larger living arrangements, Three Bedroom Apartments in Memphis range from $799 to $1,900, while Three Bedroom Homes, Condos, and Townhomes for rent range from $298 to $1,750. Four Bedroom Single-Family rentals are also available starting from $1,095 and Four Bedroom Apartments start at $1,058.

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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The Art of the Rental Viewing: What to look for during a property tour

Written by: Marie Brown

You’ve scrolled through countless listings, walked through a blur of rentals, and finally found what feels like the one. The pictures? Fantastic. The neighborhood seems just right.

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Know Your Budget: Calculating What You Can Realistically Afford When Renting

Written by: Lauren Harrington

Renting an apartment or house isn’t just about looking through online ads, choosing a few apartments or homes you want to tour, filling out an application, and putting down a deposit. Those things are all necessary and important.

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The Freedom of Short-Term Leases: Exploring the Advantages for Renters

Written by: Bobbi Jackson

If you’re looking to relocate right now, a popular solution that may best fit your current rental needs is a short-term lease.

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Navigating the Rental Market: Tips for First-Time Renters

Written by: Sandy Baker

Making the decision to rent is exciting and terrifying at the same time. For many people, there are a lot of unknowns.