Cheap Apartments for Rent in Memphis, TN from $300 (608 Rentals)

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

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Summer Trace Apartments
Rent Specials
$695 - $1,050
Total Monthly Price

Total Monthly Price

Base Rent
$686 - $1,041
Required Monthly Fees
$9
Total Monthly Price
$695 - $1,050
1 to 3 Bedroom Apartments Available Now

Summer Trace Apartments

6015 Summer TraceMemphis, TN 38134
Corporate Housing
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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: 02/24/2026

Current apartment rentals in the Memphis, TN area range in price from $485 to $9,077 with an overall median price of $2,591. The three Memphis neighborhoods with the lowest median rent pricing are Frayser at $500, Dellwood at $485, and Georgian Woods at $485. Here is today’s list of the top 10 neighborhoods with the lowest median pricing for Memphis Apartments for rent:

NeighborhoodMedian PriceMin PriceAvailable Units
Frayser$937$50070
Dellwood$940$48535
Georgian Woods$940$48519
New Chicago$995$5006
Walter Chandler$1,000$7004
Westwood$1,000$7004
Douglass$1,060$625140
Yale Yards$1,169$49525
Belz Park$1,175$49529
Mill Branch$1,175$62172

Cheapest Available Memphis Apartments for Rent

 

The cheapest available apartment rental in Memphis, TN is a 1 Bed unit found at Redwood Estates Mobile Home Community in the Frayser neighborhood priced from $485. Longview Gardens in the South Memphis neighborhood has the second lowest priced unit, which is a 2 Beds apartment currently listed from $495. Here is today’s list of the most affordable Memphis apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Redwood Estates Mobile Home Community1 Bed, 1 bath1BR,1BA$485
Longview Gardens2 Bedroom2BR,1BA$495
Emberly (NEW)EffStudio,1BA$547
165 N Merton1BR/1.0BA1BR,1BA$550
El Dorado1 Bedroom1BR,1BA$551
The Residences at LakeviewStudioStudio,1BA$581
Yugo Memphis Southern4 Bed, 4 Bath Classic4BR,4BA$599
Emerald Ridge1 bedroom 1 bathroom1BR,1BA$599
Mill Creek Apartments1 Bedroom / 1 Bathroom1BR,1BA$621
Springdale Creek Apartments1 Bedroom1BR,1BA$625

Best Value Apartments for Rent in Memphis, TN

As of February 24, 2026 the best value apartment in the Memphis area is the $0.65 price per square foot 4 Bedroom Model at Barksdale Flats in the in the East Memphis neighborhood starting from $1,500. The second greatest value Memphis apartment is the Private Room Model at 1791 Whitman Rd starting at $800 with a $0.36 price per square foot in the South Memphis 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.
Barksdale Flats4 Bedroom4BR,2BA$0.65
1791 Whitman RdPrivate Room5BR,1BA$0.36
Sunridge Townhomes4 Bed, 3 Bath4BR,3BA$0.74
Student Lofts at BristerEntire home 4 Bedrooms 4 Baths1BR,1BA$0.38
Emerald Square4 bedroom 2.5 bathroom4BR,2.5BA$0.75
Emerald Pointe3 bedroom 2.5 bathroom3BR,2.5BA$0.70
Lakes at Epping Way3 Bed / 2 Bath - Family Option3BR,2BA$0.70
Shadowbrook Townhomes2 Bedroom w/ Den2BR,1.5BA$0.69
Barton Court Apartments2 Bed2BR,1BA$0.76
Longview Gardens2 Bedroom2BR,1BA$0.63

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

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

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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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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 $625.

What is the price of a cheap apartment in Memphis?

The cheapest apartment in Memphis is Redwood Estates Mobile Home Community which is listed at $485, while the average apartment in Memphis costs $2,591.

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 5,650 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 $572 which is $2,019 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.

Articles, How-To's, and Tips

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