Cheap Apartments for Rent in Memphis, TN from $300 (622 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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Affordable Memphis: The Best Neighborhoods with Character and Lower Rents

Explore affordable Memphis neighborhoods like Victorian Village, Medical District, South Memphis, and Uptown. Find apartments where your rent goes further.

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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: 05/25/2026

Current apartment rentals in the Memphis, TN area range in price from $525 to $7,985 with an overall median price of $1,755. The three Memphis neighborhoods with the lowest median rent pricing are Georgian Woods at $660, Orange Mound at $750, and Cherokee Park at $750. Here is today’s list of the top 10 neighborhoods with the lowest median pricing for Memphis Apartments for rent:

NeighborhoodMedian PriceMin PriceAvailable Units
Georgian Woods$920$66018
Orange Mound$922$7505
Cherokee Park$950$7506
Depot$950$63032
Walter Chandler$967$7004
Westwood$985$7005
Frayser$995$625102
New Chicago$995$7257
Yale Yards$995$60921
Toni Pendleton$1,038$547202

Cheapest Available Memphis Apartments for Rent

 

The cheapest available apartment rental in Memphis, TN is a Studio unit found at Emberly Apartments in the South Memphis neighborhood priced from $547. 165 N Merton in the East Memphis neighborhood has the second lowest priced unit, which is a 1 Bed apartment currently listed from $550. Here is today’s list of the most affordable Memphis apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Emberly ApartmentsEFFStudio,1BA$547
165 N Merton1BR/1.0BA1BR,1BA$550
Longview Gardens2 Bedroom2BR,1BA$559
Creekside Meadows1 Bedroom 1 Bathroom1BR,1BA$561
The Residences at LakeviewStudioStudio,1BA$581
El Dorado1 Bedroom1BR,1BA$582
Emerald Ridge1 bedroom 1 bathroom1BR,1BA$599
Monarch on HighlandMHLA11BR,1BA$600
Longview Heights2 Bed / 1 Bath2BR,1BA$615

Best Value Apartments for Rent in Memphis, TN

As of May 26, 2026 the best value apartment in the Memphis area is the $0.36 price per square foot Private Room Model at 1791 Whitman Rd in the in the South Memphis neighborhood starting from $800. The second greatest value Memphis apartment is the Entire home 4 Bedrooms 4 Baths Model at Student Lofts at Brister starting at $695 with a $0.38 price per square foot in the East 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.
1791 Whitman RdPrivate Room5BR,1BA$0.36
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
9 S Tucker St, Unit 9 S Tucker9 S Tucker St2BR,1BA$0.60
Shadowbrook Townhomes2 Bedroom w/ Den2BR,1.5BA$0.69
Barton Court Apartments2 Bed2BR,1BA$0.76
Summer Oaks Apartments4030 Summer2BR,1BA$0.81
Longview Heights2 Bed / 1 Bath2BR,1BA$0.78
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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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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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 $615.

What is the price of a cheap apartment in Memphis?

The cheapest apartment in Memphis is 165 N Merton which is listed at $550, while the average apartment in Memphis costs $1,755.

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 7,380 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 $598 which is $1,157 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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Affordable Memphis: The Best Lower Priced Neighborhoods with Character

Written by: Joshua Carlucci

I’m Josh, your ApartmentHomeLiving.com Local Expert for Memphis.

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A Seasoned Property Manager's Step-by-Step Guide to Getting Your Deposit Back

Written by: Lauren Harrington

I’m going to talk with you as a seasoned property manager and friend. So, let’s start with your security deposit. I want you to think about this guide as insider information. You deserve your deposit back.

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Expert Solutions for Creating the Perfect Work-From-Home Apartment Layouts

Written by: Lauren Harrington

This article is based on first-hand experience managing apartment communities and helping renters adapt to their spaces after moving in.

decorative image for What Does “Rent Burdened” Mean? How Much Rent Is Too Much article

What Does “Rent Burdened” Mean? How Much Rent Is Too Much

Written by: Lauren Harrington

This article draws from first-hand renter experiences and recurring financial challenges reported after moving in.