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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Riverset Apartments
Rent Specials
$1,146 - $2,796
Total Monthly Price

Total Monthly Price

Base Rent
$1,110 - $2,760
Required Monthly Fees
$36
Total Monthly Price
$1,146 - $2,796
1 to 2 Bedroom Apartments Available Now

Riverset Apartments

100 Riverset LnMemphis, TN 38103
Outdoors
  • Verified
  • Customer Reviewed
  • Utilities Included

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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699 N 5th St, Unit 2
$1,200
Total Monthly Price

Total Monthly Price

Base Rent
$1,200
Total Monthly Price
$1,200
1 Bedroom Apartment Available Now

699 N 5th St, Unit 2

699 N 5th StMemphis, TN 38107
  • Smoke Free

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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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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
  • Utilities Included
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Crescent Bluff
1 to 3 Bedroom Apartments

Crescent Bluff

25 E Virginia AveMemphis, TN 38106
  • Utilities Included
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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
  • Smoke Free
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Exchange Building
Studio to 2 Bedroom Apartments

Exchange Building

9 N 2nd StMemphis, TN 38103
Furnished
  • Utilities Included

Smart Renter's Guide: Calculating Affordable Rent & Housing Costs

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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 Studio unit found at Indigo Riverview priced from $736. Greenlaw Apartments has the second lowest priced unit, which is a 2 Beds apartment currently listed from $750. Here are the most affordable Downtown Memphis apartments for rent in Memphis, TN:

Apartment ListingModel NameBed/BathPriced From
Indigo RiverviewEmoryStudio,1BA$736
Greenlaw Apartments2 bedroom x 1 bath2BR,1BA$750
Printer's Alley LoftsPAL-A21BR,1BA$750
Uptown Square ApartmentsStudio - HandicappedStudio,1BA$760
Owens Place Townhomes1 Bed Flat1BR,1BA$760
Edison ParkOne Bedroom High-RiseStudio,1BA$765
Crescent Bluff11A501BR,1BA$784
The Kendall2BR/1.0BA2BR,1BA$815
Helix at the District - Utilities Included1 Bedroom 1 Bathroom1BR,1BA$860
Fielder SquareE2 StudioStudio,1BA$879

Best Value Apartments for Rent in Downtown Memphis, TN

As of March 09, 2026 the best value apartment in the Downtown Memphis area is the $1.24 price per square foot B4 (2x2 Harbor Town) Model at Island Park/Harbor Town Square in the in the Downtown Memphis neighborhood starting from $1,523. The second greatest value Downtown Memphis apartment is the 2BR/2BA Model at Bickford Square Apartments starting at $895 with a $0.84 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.
Island Park/Harbor Town SquareB4 (2x2 Harbor Town)2BR,2BA$1.24
Bickford Square Apartments2BR/2BA2BR,2BA$0.84
628 Madison Ave2 bd / 2 ba2BR,2BA$1.35
Linden Yards ApartmentsTwo Bedroom2BR,1BA$0.97
2nd Street Flats22A602BR,2BA$1.39
Crescent Bluff22A602BR,2BA$1.40
Owens Place Townhomes1 Bed Flat1BR,1BA$1.10
Forum Flats1-C Type B-60%1BR,1BA$1.41
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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Cash or credit? Understanding the Importance of Credit Score in Real Estate and Renting

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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
Downtown Memphis, Memphis, TN

Ranked #16

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

Pet Friendliness Lifestyle Score

4.0
Pet Friendly

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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 $879.

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

The cheapest apartment in Downtown Memphis is Printer's Alley Lofts which is listed at $750, while the average apartment in Downtown Memphis costs $2,427.

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 289 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 $554 which is $1,873 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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Maximizing Your Refund: Essential Tax Tips for Renters

Written by: Christine Leonard, Esq.

Other than tax professionals, I can’t think of anyone who looks forward to tax season. For everybody else, April is a stressful month to collect information and meet deadlines.

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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

Packing up everything you own to move is so stressful for many that ending your apartment lease can feel like a small or unimportant task. Ending your lease involves more than simply turning over your keys on the last day.