Cheap Apartments for Rent in Memphis, TN from $300 (661 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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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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Renters Insurance 101: What It Is, What It Covers, and Why You Need It

From theft to fire to water damage, the unexpected can happen to any renter. Discover why renters insurance is one of the smartest and most affordable investments you can make as a tenant.

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Memphis, TN Local Guide

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Written By:
Justin Habersaat
Editing Staff

Cheapest Neighborhoods for Apartments in Memphis, TN

Pricing Updated: 07/10/2026

Current apartment rentals in the Memphis, TN area range in price from $350 to $7,985 with an overall median price of $1,704. The three Memphis neighborhoods with the lowest median rent pricing are Orange Mound at $750, Cherokee Park at $750, and Depot at $495. Here is today’s list of the top 10 neighborhoods with the lowest median pricing for Memphis Apartments for rent:

NeighborhoodMedian PriceMin PriceAvailable Units
Orange Mound$900$75016
Cherokee Park$950$75017
Depot$950$49544
Frayser$995$350103
New Chicago$995$7507
Yale Yards$995$57332
Dellwood$1,030$35032
Toni Pendleton$1,038$547204
Georgian Woods$1,050$7506
South Rhodes$1,065$55086

Cheapest Available Memphis Apartments for Rent

 

The cheapest available apartment rental in Memphis, TN is a 1 Bed unit found at Watkins Manor in the Frayser neighborhood priced from $350. Emberly Apartments in the South Memphis neighborhood has the second lowest priced unit, which is a Studio apartment currently listed from $547. Here is today’s list of the most affordable Memphis apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Watkins Manor1 Bed, 1 bath1BR,1BA$350
Emberly ApartmentsEFFStudio,1BA$547
165 N Merton1BR/1.0BA1BR,1BA$550
El Dorado1 Bedroom1BR,1BA$561
Longview Gardens2 Bedroom2BR,1BA$573
The Residences at LakeviewStudioStudio,1BA$581
Monarch on HighlandMHLA11BR,1BA$600
Longview Heights2 Bed / 1 Bath2BR,1BA$614
288 Leath St1 Beds, 1 Baths1BR,1BA$625
Huntington Hills1 BR/ 1 BA1BR,1BA$649

Best Value Apartments for Rent in Memphis, TN

As of July 10, 2026 the best value apartment in the Memphis area is the $0.51 price per square foot 4 Beds, 2 Baths Model at 378 N Highland St in the in the East Memphis neighborhood starting from $1,550. The second greatest value Memphis apartment is the 4 Bed, 3 Bath Model at Sunridge Townhomes starting at $1,545 with a $0.74 price per square foot in the Raleigh 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.
378 N Highland St4 Beds, 2 Baths4BR,2BA$0.51
Sunridge Townhomes4 Bed, 3 Bath4BR,3BA$0.74
Student Lofts at BristerEntire home 4 Bedrooms 4 Baths(SHARED HOUSING1BR,1BA$0.38
Village of Sycamore Ridge3brTH 2.5ba3BR,2.5BA$0.73
Raleigh Court Townhomes3 bedroom 1 1/2 bath3BR,1.5BA$0.77
Emerald Pointe3 bedroom 2.5 bathroom3BR,2.5BA$0.70
Shadowbrook Townhomes2 Bedroom w/ Den2BR,1.5BA$0.69
Barton Court Apartments2 Bed2BR,1BA$0.76
Longview Gardens2 Bedroom2BR,1BA$0.73
Watkins Manor1 Bed, 1 bath1BR,1BA$0.61

College Life in Memphis: Affordable Neighborhoods Where Students Rent and Thrive

Where do Memphis students actually live? Our local expert reveals the best affordable neighborhoods to rent near U of M, Rhodes, and CBU. Get local tips & save on rent!

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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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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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Memphis Overview

Memphis, Tennessee is a place where you can feel lost in time, surrounded by rich history and the roots of some of today’s most popular music. Southern hospitality and tradition combine with modern comfort and a sense of belonging in Tennessee’s largest city, which still manages to retain the quiet charms of simple living. From the vibrant neighborhoods of Downtown Memphis to the majestic Mississippi River, there is no shortage of variety to be found by people staying in apartments in Memphis. Also, you can’t visit this sunny getaway without trying some legendary Memphis barbecue.

Why live in Memphis, TN?

The endless possibilities in Memphis make it a city that is difficult to define. There are museums and historical sites that will satisfy anyone seeking to learn about the rich history of the south and the civil rights movement. The plentiful parks and trails can keep active nature lovers happy, and there’s no shortage of sights for music aficionados interested in the origins of the classics. Between the countless animals at the Memphis Zoo, the mouthwatering soul food and barbecue that’s always in easy reach, and the minor league stadium where you can watch the Memphis Redbirds in action, Memphis is a city that comes equipped with everything you might want to experience. No matter who you find your apartment in Memphis, you're bound for adventure.

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

Explore Memphis, TN Rentals by Map

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See the most popular apartments and homes in Memphis, TN

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Frequently Asked Questions about Cheap Memphis Apartments

What is a cheap apartment in Memphis?

A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in Memphis is under $649.

What is the price of a cheap apartment in Memphis?

The cheapest apartment in Memphis is Watkins Manor which is listed at $350, while the average apartment in Memphis costs $1,704.

What types of apartments are the cheapest in Memphis?

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 4,476 regular apartments in Memphis 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 Memphis?

Cheap apartments in Memphis have an average cost of $591 which is $1,113 cheaper than the average rent for all rentals in Memphis.

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.

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

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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.