Cheap Apartments for Rent in the Downtown Memphis Neighborhood of Memphis, TN from $500 (58 Rentals)

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

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 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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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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April Woods
2 to 3 Bedroom Apartments

April Woods

262 Chelsea AveMemphis, TN 38107
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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 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

Navigating the Rental Market: Tips for First-Time Renters

Entering the rental market? Learn these simple tips and strategies to avoid common pitfalls and make confident choices. Rent with peace of mind.

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Looney Apartments
2 Bedroom Apartments

Looney Apartments

693 Looney AveMemphis, TN 38107
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2nd Street Flats
1 to 3 Bedroom Apartments

2nd Street Flats

362 S 2nd StMemphis, TN 38103
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Forum Flats
1 to 3 Bedroom Apartments

Forum Flats

441 E Pontotoc AveMemphis, TN 38126
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Patterson Flats
1 to 3 Bedroom Apartments

Patterson Flats

259 E Butler AveMemphis, TN 38126
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Uptown Flats
1 to 3 Bedroom Apartments

Uptown Flats

627 N Main StMemphis, TN 38107
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Jefferson Place
1 to 2 Bedroom Apartments

Jefferson Place

560 S Jefferson PlMemphis, TN 38105
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Hope Heights Tower
Studio Apartments

Hope Heights Tower

383 Madison AveMemphis, TN 38103
Senior Living
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W.L.
Studio Apartments

W.L.

267 S Main StMemphis, TN 38103
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Showing Results 1-50, Page 1 of 2

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 1 Bed unit found at Owens Place Townhomes priced from $760. Crescent Bluff has the second lowest priced unit, which is a 1 Bed apartment currently listed from $784. Here are the most affordable Downtown Memphis apartments for rent in Memphis, TN:

Apartment ListingModel NameBed/BathPriced From
Owens Place Townhomes1 Bed Flat1BR,1BA$760
Crescent Bluff1 Bedroom 1 Bath 50%1BR,1BA$784
Greenlaw Apartments2 bedroom x 1 bath2BR,1BA$795
The Kendall2BR/1.0BA2BR,1BA$813
Helix at the District1S1BR,1BA$860
Linden Yards ApartmentsTwo Bedroom2BR,1BA$880
Indigo RiverviewPowellStudio,1BA$892
Bickford Square Apartments2BR/2BA2BR,2BA$895
Exchange Building1 Bedroom Small1BR,1BA$925
The ChiscaA1r1BR,1BA$927

Best Value Apartments for Rent in Downtown Memphis, TN

As of July 25, 2025 the best value apartment in the Downtown Memphis area is the $1.41 price per square foot RiverLoft 2BR Model at RiverLofts @ 460 Tennessee in the in the Downtown Memphis neighborhood starting from $2,600. 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.
RiverLofts @ 460 TennesseeRiverLoft 2BR2BR,2BA$1.41
Bickford Square Apartments2BR/2BA2BR,2BA$0.84
628 Madison Ave2 bd / 2 ba2BR,2BA$1.35
The WashburnA51BR,1BA$1.28
Linden Yards ApartmentsTwo Bedroom2BR,1BA$0.97
Owens Place Townhomes1 Bed Flat1BR,1BA$1.10
Forum Flats1 Bedroom 1 Bathroom 1-A Type B-60%1BR,1BA$1.40
The Kendall2BR/1.0BA2BR,1BA$1.22
Greenlaw Apartments2 bedroom x 1 bath2BR,1BA$1.22
Crescent Bluff1 Bedroom 1 Bath 50%1BR,1BA$1.37

Quick Rent Budget Calculator

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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 #10

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 $927.

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 $2,264.

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 27 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 $145 which is $2,119 cheaper than the average rent for all rentals in Downtown 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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Roommate Matching: Finding the Right Fit and Avoiding Pitfalls

Written by: Cheryl Bowman

A fantastic way to save money and enjoy a built-in community is to share an apartment. However, a bad roommate situation can turn your dream rental into a nightmare.

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

Written by: Marie Brown

You’ve scrolled through countless listings, walked through a blur of rentals, and finally found what feels like the one. The pictures? Fantastic. The neighborhood seems just right.

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Know Your Budget: Calculating What You Can Realistically Afford When Renting

Written by: Lauren Harrington

Renting an apartment or house isn’t just about looking through online ads, choosing a few apartments or homes you want to tour, filling out an application, and putting down a deposit. Those things are all necessary and important.

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The Freedom of Short-Term Leases: Exploring the Advantages for Renters

Written by: Bobbi Jackson

If you’re looking to relocate right now, a popular solution that may best fit your current rental needs is a short-term lease.