Cheap Apartments for Rent in the Depot Neighborhood of Memphis, TN from $500 (44 Rentals)

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

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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Edgewood Townhomes
2 Bedroom Apartments

Edgewood Townhomes

1903 S Parkway EMemphis, TN 38114
  • Utilities Included
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Lapaloma Apartments
1 to 2 Bedroom Apartments

Lapaloma Apartments

1393 Lapaloma CirMemphis, TN 38114
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Bantam Apartments
Studio to 2 Bedroom Apartments

Bantam Apartments

2949 Airways BlvdMemphis, TN 38131
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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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Lamar Crossing
1 to 4 Bedroom Apartments

Lamar Crossing

2881 Lamar AveMemphis, TN 38114
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Barron Court
2 Bedroom Apartments

Barron Court

3015 Barron AveMemphis, TN 38114

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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Airways
2 Bedroom Apartments

Airways

2227 Airways BlvdMemphis, TN 38114

The Art of the Rental Viewing: What to look for during a property tour

Touring a rental? This guide helps you know exactly what to look for, from safety features to hidden flaws, so you can confidently sign your lease or keep searching.

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Showing Results 1-44, Page 1 of 1

Depot, Memphis, TN Local Guide

Cheapest Available Depot Apartments for Rent

 

The cheapest available apartment rental in the Depot area of Memphis, TN is a 1 Bed unit found at El Dorado priced from $576. Coronado Manor has the second lowest priced unit, which is a 1 Bed apartment currently listed from $679. Here are the most affordable Depot apartments for rent in Memphis, TN:

Apartment ListingModel NameBed/BathPriced From
El Dorado1 Bedroom1BR,1BA$576
Coronado Manor1 bedroom1BR,1BA$679
1154 Wilson St1 Bed, 1 bath1BR,1BA$699
Manor Park Apartments1 Bed / 1 Bath1BR,1BA$700
Grainge Hill Apartments2 Bed / 1.5 Bath2BR,1BA$799
Barron CourtBarron Court 2 Bedroom 1 Bath2BR,1BA$799
Airways2 Bedroom, 1 Bathroom2BR,1BA$800
Ruby Oaks Apartments2 Beds, 1 bath2BR,1BA$865
The Flats @ Cooper YoungStudioStudio,1BA$925

Best Value Apartments for Rent in Depot, TN

As of November 28, 2025 the best value apartment in the Depot area is the $0.95 price per square foot 2 Beds, 2 baths Model at Ruby Oaks Apartments in the in the South Memphis neighborhood starting from $895. The second greatest value Depot apartment is the 1 Bed, 1 bath Model at 1154 Wilson St starting at $699 with a $0.87 price per square foot in the South Memphis neighborhood. Here is today’s list of the best values for Depot apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Ruby Oaks Apartments2 Beds, 2 baths2BR,2BA$0.95
1154 Wilson St1 Bed, 1 bath1BR,1BA$0.87
Grainge Hill Apartments2 Bed / 1.5 Bath2BR,1.5BA$1.02
Barron CourtBarron Court 2 Bedroom 1 Bath2BR,1BA$1.02
Airways2 Bedroom, 1 Bathroom2BR,1BA$1.28
Manor Park Apartments1 Bed / 1 Bath1BR,1BA$1.12
El Dorado1 Bedroom1BR,1BA$1.01
Coronado Manor1 bedroom1BR,1BA$1.21
The Flats @ Cooper YoungStudioStudio ,1BA$1.73

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

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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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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Pet Friendly Lifestyle
Depot, Memphis, TN

Ranked #71

Among cities in Tennessee for Apartment listings with Pet Friendly Amenities.

Pet Friendliness Lifestyle Score

2.5
Pet Friendly

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Frequently Asked Questions about Cheap Depot Apartments

What is a cheap apartment in Depot?

A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in Depot is under $925.

What is the price of a cheap apartment in Depot?

The cheapest apartment in Depot is El Dorado which is listed at $576, while the average apartment in Depot costs $1,000.

What types of apartments are the cheapest in Depot?

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 8 regular apartments in Depot that we think qualify as ‘cheap apartments’ that do not have special requirements to apply to rent.

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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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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Apartment Common Area Rules: What Renters Need to Know

Written by: Christine Leonard, Esq.

Back in the day when I rented one of my first apartments, the property didn’t even have laundry in the building. Now, rental properties are often competing against each other to provide the best amenities.

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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.