Cheap Apartments for Rent in Memphis, TN from $300 (589 Rentals)

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

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

Moving is tough, especially long-distance. Learn how to minimize stress & expenses with proven strategies from a real estate pro, covering everything from logistics to finances.

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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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Memphis, TN Local Guide

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Written By:
Justin Habersaat
Editing Staff

Cheapest Neighborhoods for Apartments in Memphis, TN

Pricing Updated: 09/23/2025

Current apartment rentals in the Memphis, TN area range in price from $525 to $12,471 with an overall median price of $3,589. The three Memphis neighborhoods with the lowest median rent pricing are Georgian Woods at $598, Frayser at $660, and Dellwood at $649. 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$840$59825
Frayser$937$66015
Dellwood$940$64917
Walter Chandler$967$7003
Westwood$967$7003
Raleigh$975$59842
New Chicago$995$61510
Gardenview Park$1,014$598134
New Getwell$1,014$598207
Depot$1,025$55623

Cheapest Available Memphis Apartments for Rent

 

The cheapest available apartment rental in Memphis, TN is a 4 Beds unit found at Yugo Memphis Southern in the East Memphis neighborhood priced from $549. 4015 Summer Ave 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
Yugo Memphis Southern4 Bed, 4 Bath Classic4BR,4BA$549
4015 Summer AveOne1BR,1BA$550
165 N Merton1BR/1.0BA1BR,1BA$550
El Dorado1 Bedroom1BR,1BA$555
The Residences at LakeviewStudioStudio,1BA$581
Shady Oaks1 Bed, 1 bath1BR,1BA$595
Emberly Apartments1 Bedroom, 1 Bathroom1BR,1BA$598
Emerald Ridge1 bedroom 1 bathroom1BR,1BA$599
Hilldale Apartments1x11BR,1BA$600
Cromwell Park Apartments2BR/1.5BA2BR,1BA$600

Best Value Apartments for Rent in Memphis, TN

As of September 23, 2025 the best value apartment in the Memphis area is the $0.38 price per square foot Student Housing Per Person Model at 3570 Spottswood Ave in the in the East Memphis neighborhood starting from $750. 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.
3570 Spottswood AveStudent Housing Per Person5BR,5BA$0.38
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
Flairwood Apartments2 Beds, 1 bath2BR,1BA$0.79
Shady Oaks1 Bed, 1 bath1BR,1BA$0.66
Cromwell Park Apartments2BR/1.5BA2BR,1.5BA$0.71
Longview Heights2 Bed / 1 Bath2BR,1BA$0.76

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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Getting Around Memphis, TN

Walk Score®

50 / 100

Somewhat Walkable

Some errands can be accomplished on foot

Bike Score®

50 / 100

Bikeable

Some bike infrastructure

Transit Score®

29 / 100

Some Transit

A few nearby public transportation options

What Are Walk Score®, Transit Score®, and Bike Score® Ratings?

  • Walk Score® measures the walkability of any address.
  • Transit Score® measures access to public transit.
  • Bike Score® measures the bikeability of any address.

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 $600.

What is the price of a cheap apartment in Memphis?

The cheapest apartment in Memphis is 4015 Summer Ave which is listed at $550, while the average apartment in Memphis costs $3,589.

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 2,168 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 $501 which is $3,088 cheaper than the average rent for all rentals in Memphis.

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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How to Negotiate Your Apartment Lease and Save Money

Written by: Christine Leonard, Esq.

Everything is a negotiation in real estate! 

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The Rental Move-In Inspection Checklist: A Guide for Renters

Written by: Trey Huguley

The move-in inspection checklist is a crucial tool for both tenants and landlords. This checklist, provided by the team at ApartmentHomeLiving.com, helps document the condition of an apartment at the time of move-in.

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Your Guide to Co-Signers: The Risks, Rewards, and Everything in Between

Written by: Christine Leonard, Esq.

For many people, obstacles can arise during the rental application process for a variety of issues.

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

Written by: Christine Leonard, Esq.

Hard truth. Moving is never easy. I’ve done it all – from local moves to cross-country relocations From packing to unpacking the last box, I have found moving to be an exhausting, expensive and stressful experience every time.