Cheap Apartments for Rent in the Downtown Memphis Neighborhood of Memphis, TN from $450 (88 Rentals)

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

property at 574 N 4th St
$799 - $899
1 Bedroom Rentals
Available Now

574 N 4th St

MemphisTN38105

Memphis, Tennessee: A Local Expert's Insider Guide to the Bluff City

Moving to the Bluff City? Get the insider’s guide on Memphis life, from specific neighborhood personalities and current average rent, to the best barbecue and live music spots.

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The Chisca
Rent Specials
$947 - $2,913

Total Monthly Price

Base Rent$947 - $2,913
Total Monthly PriceVaries
Studio to 3 Bedroom Apartments Available Now

The Chisca

272 S Main StMemphis, TN 38103
Corporate Housing
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  • Customer Reviewed
  • 3D Tour

Rent According to Income: A Look at Income-Restricted Rentals

Find income-restricted rentals and housing subsidies. Explore government programs designed to help low-income families secure stable, affordable housing.

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Lofts at Union Alley
$976 - $2,185

Total Monthly Price

Base Rent$976 - $2,185
Total Monthly Price$976 - $2,185
Studio to 1 Bedroom Apartments Available Now

Lofts at Union Alley

110 Barboro AlyMemphis, TN 38103
Corporate Housing
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  • Utilities Included
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Court Square Apartments
Rent Specials
$1,000 - $2,276

Total Monthly Price

Base Rent$1,000 - $2,276
Total Monthly Price$1,000 - $2,276
1 to 3 Bedroom Apartments Available Now

Court Square Apartments

62 N Main StMemphis, TN 38103
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Riverset Apartments
Rent Specials
$1,111 - $2,351

Total Monthly Price

Base Rent$1,111 - $2,351
Total Monthly PriceVaries
1 to 2 Bedroom Apartments Available Now

Riverset Apartments

100 Riverset LnMemphis, TN 38103
Corporate Housing
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  • Utilities Included

The Local Memphis Expert's Guide to Renting Near the City's Top Employers

Memphis apartment guide from a local expert, breaking down neighborhoods, average rent, and ideal commute times near the 5 largest employers - FedEx, St. Jude, U of M, Methodist, and AutoZone.

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property at 731 Litty Ct
$1,295

Total Monthly Price

Base Rent$1,295
Total Monthly Price$1,295
Studio, 1 Bath Condo for Rent
Available Now
Furnished

731 Litty Ct, Unit 305

731 Litty Ct
MemphisTN38103
  • Smoke Free
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The Rise Apartments
$1,365 - $5,790

Total Monthly Price

Base Rent$1,365 - $5,790
Total Monthly Price$1,365 - $5,790
Studio to 2 Bedroom Apartments Available Sep 10

The Rise Apartments

420 Monroe AveMemphis, TN 38103
Family Friendly
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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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The Landing Residences
$1,379 - $7,512

Total Monthly Price

Base Rent$1,379 - $7,512
Total Monthly Price$1,379 - $7,512
Studio to 2 Bedroom Apartments Available Now

The Landing Residences

1 Dr Martin Luther King Jr AveMemphis, TN 38103
Student Housing
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288 Leath St
1 Bedroom Apartments

288 Leath St

288 Leath StMemphis, TN 38105
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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

Renters Insurance 101: What It Is, What It Covers, and Why You Need It

From theft to fire to water damage, the unexpected can happen to any renter. Discover why renters insurance is one of the smartest and most affordable investments you can make as a tenant.

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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 1 Bed unit found at 288 Leath St priced from $625. Greenlaw Apartments has the second lowest priced unit, which is a 2 Beds apartment currently listed from $725. Here are the most affordable Downtown Memphis apartments for rent in Memphis, TN:

Apartment ListingModel NameBed/BathPriced From
288 Leath St1 Beds, 1 Baths1BR,1BA$625
Greenlaw Apartments2 bedroom x 1 bath2BR,1BA$725
Helix at the District - Utilities Included1 Bedroom 1 Bathroom1BR,1BA$744
Hawthorne on Adams ApartmentsHawthorne1BR,1BA$750
Uptown Square ApartmentsStudio - HandicappedStudio,1BA$760
Owens Place Townhomes1 Bed Flat1BR,1BA$760
Indigo RiverviewPowellStudio,1BA$765
Crescent Bluff11A501BR,1BA$799
Claridge House Condominiums0 Beds, 1 BathsStudio,1BA$845
Fielder SquareE1 StudioStudio,1BA$858

Best Value Apartments for Rent in Downtown Memphis, TN

As of September 07, 2026 the best value apartment in the Downtown Memphis area is the $1.22 price per square foot 2 BR Model at Court Square Apartments in the in the Downtown Memphis neighborhood starting from $1,776. The second greatest value Downtown Memphis apartment is the 1 Beds, 1 Baths Model at Downtown YMCA Lofts starting at $1,250 with a $1.09 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.
Court Square Apartments2 BR2BR,2BA$1.22
Downtown YMCA Lofts1 Beds, 1 Baths1BR,1BA$1.09
Printer's Alley LoftsPAL-A91BR,1BA$1.02
Bickford Square Apartments2BR/2BA2BR,2BA$0.84
South Main Artspace Lofts1 Bedroom1BR,1BA$1.02
The WashburnWAS-A51BR,1BA$1.09
Linden Yards ApartmentsTwo Bedroom2BR,1BA$0.97
Greenlaw Apartments2 bedroom x 1 bath2BR,1BA$0.85
Edison ParkTwo Bedroom High-RiseStudio ,1BA$1.20
Owens Place Townhomes1 Bed Flat1BR,1BA$1.10

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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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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Real Estate and Rental Term Glossary | ApartmentHomeLiving.com Renter University

From the letter A all the way to the letter Z, the Real Estate and Rental Term Glossary from the content team at ApartmentHomeLiving.com provides our visitors and shoppers with a little clarity and helpful guidance in navigating the real estate world through definitions and explainers for the top subjects and terms that someone may come across during the leasing, buying, or selling process.

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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 #17

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

Pet Friendliness Lifestyle Score

3.5
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 $858.

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

The cheapest apartment in Downtown Memphis is 288 Leath St which is listed at $625, while the average apartment in Downtown Memphis costs $1,350.

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 159 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 $656 which is $694 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.

Helpful Local Expert Guides

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Memphis, Tennessee: A Local Expert's Insider Guide to the Bluff City

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Hello from Memphis, Tennessee. I'm Josh, your ApartmentHomeLiving.com Local Expert for Memphis, and I spent years in this city eating, writing, cooking, studying, and getting to know it block by block.

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The Local Memphis Expert's Guide to Renting Near the Citys Top Employers

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College Life in Memphis: Affordable Neighborhoods Where Students Really Live and Thrive

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Affordable Memphis: The Best Lower Priced Neighborhoods with Character

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Rent According to Income: A Look at Income-Restricted Rentals

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Practical Tips for Renters: How to Identify a Great Rental and Avoid Red Flags

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Renters want to find a great apartment, the right place for them, one that checks all the boxes of location, rental cost, amenities, safety, and more.

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Hindsight is 20/20. Live and Learn. With age comes wisdom. We’re familiar with all those expressions, and all of them apply to lessons first-time renters learn.