Cheap Apartments for Rent in the Downtown Memphis Neighborhood of Memphis, TN from $500 (68 Rentals)

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

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April Woods
2 to 3 Bedroom Apartments

April Woods

262 Chelsea AveMemphis, TN 38107
  • Utilities Included
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Crescent Bluff II
1 to 2 Bedroom Apartments

Crescent Bluff II

10 E Virginia AveMemphis, TN 38106
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Crescent Bluff
1 to 3 Bedroom Apartments

Crescent Bluff

25 E Virginia AveMemphis, TN 38106
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The Kendall
2 Bedroom Apartments

The Kendall

1018 N 7th StMemphis, TN 38107
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Pontotoc Gardens
3 Bedroom Apartments

Pontotoc Gardens

537-539 Pontotoc AveMemphis, TN 38126
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Looney Apartments
2 Bedroom Apartments

Looney Apartments

693 Looney AveMemphis, TN 38107
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Smart Renter's Guide: Calculating Affordable Rent & Housing Costs

Wondering how to determine your rental budget? This comprehensive guide covers everything from the 30% rule to hidden fees and effective budgeting strategies.

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Downtown Memphis, Memphis, TN Local Guide

Cheapest Available Downtown Memphis Apartments for Rent

 

The cheapest available apartment rental in the Downtown Memphis area of Memphis, TN is a 2 Beds unit found at Greenlaw Apartments priced from $750. Owens Place Townhomes has the second lowest priced unit, which is a 1 Bed apartment currently listed from $760. Here are the most affordable Downtown Memphis apartments for rent in Memphis, TN:

Apartment ListingModel NameBed/BathPriced From
Greenlaw Apartments2 bedroom x 1 bath2BR,1BA$750
Owens Place Townhomes1 Bed Flat1BR,1BA$760
Uptown Square ApartmentsStudio - HandicappedStudio,1BA$760
Crescent Bluff11A501BR,1BA$784
The Kendall2BR/1.0BA2BR,1BA$815
Helix at the District - Utilities Included1 Bedroom 1 Bathroom1BR,1BA$860
Linden Yards ApartmentsTwo Bedroom2BR,1BA$880
Indigo RiverviewPowellStudio,1BA$886
Edison ParkTwo Bedroom TownhomeStudio,1BA$895
Bickford Square Apartments2BR/2BA2BR,2BA$895

Best Value Apartments for Rent in Downtown Memphis, TN

As of January 22, 2026 the best value apartment in the Downtown Memphis area is the $0.84 price per square foot 2BR/2BA Model at Bickford Square Apartments in the in the Downtown Memphis neighborhood starting from $895. The second greatest value Downtown Memphis apartment is the 2 bd / 2 ba Model at 628 Madison Ave starting at $1,350 with a $1.35 price per square foot in the Downtown Memphis neighborhood. Here is today’s list of the best values for Downtown Memphis apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Bickford Square Apartments2BR/2BA2BR,2BA$0.84
628 Madison Ave2 bd / 2 ba2BR,2BA$1.35
Lofts at Merchant RowFloor Plan D1BR,1BA$1.26
Linden Yards ApartmentsTwo Bedroom2BR,1BA$0.97
Edison ParkTwo Bedroom TownhomeStudio ,1BA$0.99
Crescent Bluff22A602BR,2BA$1.39
Uptown Flats1-A Type B1BR,1BA$1.27
Owens Place Townhomes1 Bed Flat1BR,1BA$1.10
The Kendall2BR/1.0BA2BR,1BA$1.22
Greenlaw Apartments2 bedroom x 1 bath2BR,1BA$1.15

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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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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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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Lifestyle Ratings

ApartmentHomeLiving brings you our detailed rental analysis called 'Lifestyle Ratings' - a comparison of rentals in areas across the United States including Downtown Memphis, Memphis, and the greater Memphis area. Lifestyle Ratings show you the best fit for your needs and interests. This takes in many factors including searching for the best amenities, and easy access to the parks, transit availability, pet-friendly communities, family-friendliness, and other valuable search options. These search options are in the site filters at the top of this page.

Frequently Asked Questions about Cheap Downtown Memphis Apartments

What is a cheap apartment in Downtown Memphis?

A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in Downtown Memphis is under $895.

What is the price of a cheap apartment in Downtown Memphis?

The cheapest apartment in Downtown Memphis is Owens Place Townhomes which is listed at $760, while the average apartment in Downtown Memphis costs $2,392.

What types of apartments are the cheapest in Downtown 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 242 regular apartments in Downtown 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 Downtown Memphis?

Cheap apartments in Downtown Memphis have an average cost of $592 which is $1,800 cheaper than the average rent for all rentals in Downtown 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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18 Must-Ask Rental Tour Questions That Reveal the Truth about a Property

Written by: Lauren Harrington

Renting your next home can feel thrilling and overwhelming at the same time.

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A Renters Guide for Tips on Writing Your Notice for Not Renewing Your Apartment

Written by: Bob Mallory

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Renting with Roommates: Realistic Expectations for Shared Lease

Written by: Christine Leonard, Esq.

Given the high costs for housing, I have found that many people are looking for a roommate to share expenses. These arrangements can increase opportunities for more desirable and larger spaces.