Cheap Apartments for Rent in Memphis, TN from $450 (705 Rentals)

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Tiger Estates
$599
Total Monthly Price

Total Monthly Price

Base Rent
$599
Total Monthly Price
$599
1 Bedroom Apartments Available Now

Tiger Estates

3875 Spottswood AveMemphis, TN 38111
Student Housing
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  • Utilities Included

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property at 2876 Cela Rd

$650

1 Bedroom Rentals

Available Now

2876 Cela Rd

MemphisTN38128

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Memphis, TN Local Guide

Photo of Justin Habersaat - Editing Staff
Written By:
Justin Habersaat
Editing Staff

Cheapest Neighborhoods for Apartments in Memphis, TN

Pricing Updated: 08/24/2026

Current apartment rentals in the Memphis, TN area range in price from $450 to $9,763 with an overall median price of $1,111. The three Memphis neighborhoods with the lowest median rent pricing are Hyde Park at $709, Yale Yards at $725, and Jackson Heights Rhodes at $742. Here is today’s list of the top 10 neighborhoods with the lowest median pricing for Memphis Apartments for rent:

NeighborhoodMedian PriceMin PriceAvailable Units
Hyde Park$709$49586
Yale Yards$725$56126
Jackson Heights Rhodes$742$49598
Frayser$745$495113
Voillintine-Evergreen$759$495103
Kilowatt Lake$795$495135
Berclair$850$61883
Dellwood$850$66034
Hollywood$850$645130
Orange Mound$850$75018

Cheapest Available Memphis Apartments for Rent

 

The cheapest available apartment rental in Memphis, TN is a 1 Bed unit found at El Dorado in the East Memphis neighborhood priced from $545. 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
El Dorado1 Bedroom1BR,1BA$545
Emberly ApartmentsEFFStudio,1BA$547
165 N Merton1BR/1.0BA1BR,1BA$550
Longview Gardens2 Bedroom2BR,1BA$562
The Residences at LakeviewStudioStudio,1BA$581
195 Hawthrone1BR/1.0BA1BR,1BA$595
Tiger Estates1BR/1.0BA1BR,1BA$599
1111 N Parkway1 Beds, 1 Baths1BR,1BA$600
Longview Heights2 Bed / 1 Bath2BR,1BA$615
Emerald Park Apartments1 bedroom 1 bathroom1BR,1BA$625

Best Value Apartments for Rent in Memphis, TN

As of August 24, 2026 the best value apartment in the Memphis area is the $0.50 price per square foot 4 Beds, 2 Baths Model at 378 N HIGHLAND St in the in the East Memphis neighborhood starting from $1,500. 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$0.50
Sunridge Townhomes4 Bed, 3 Bath4BR,3BA$0.74
Student Lofts at Brister, Bldg 101Entire home 4 Bedrooms 4 Baths(SHARED HOUSING1BR,1BA$0.38
Emerald Pointe3 bedroom 2.5 bathroom3BR,2.5BA$0.70
FairwayTwo Bedroom Townhome w/Stairs2BR,1.5BA$0.67
Shadowbrook Townhomes2 Bedroom w/ Den2BR,1.5BA$0.69
Faronia Square2 bdr 1.5 ba Plan IV2BR,1.5BA$0.75
Barton Court Apartments2 Bed2BR,1BA$0.76
1111 N Parkway1 Beds, 1 Baths1BR,1BA$0.75
Longview Gardens2 Bedroom2BR,1BA$0.71

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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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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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 El Dorado which is listed at $545, while the average apartment in Memphis costs $1,111.

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 6,393 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 $545 which is $566 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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