Cheap Apartments for Rent in the Downtown Memphis Neighborhood of Memphis, TN from $500 (86 Rentals)

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

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

Total Monthly Price

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

The Chisca

272 S Main StMemphis, TN 38103
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Court Square Apartments
Rent Specials
$1,000 - $2,276
Total Monthly Price

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
Corporate Housing
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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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Riverset Apartments
Rent Specials
$1,111 - $2,456
Total Monthly Price

Total Monthly Price

Base Rent
$1,111 - $2,456
Total Monthly Price
Varies
1 to 2 Bedroom Apartments Available Now

Riverset Apartments

100 Riverset LnMemphis, TN 38103
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  • Utilities Included
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The Rise Apartments
$1,286 - $5,871
Total Monthly Price

Total Monthly Price

Base Rent
$1,286 - $5,871
Total Monthly Price
$1,286 - $5,871
Studio to 2 Bedroom Apartments Available Now

The Rise Apartments

420 Monroe AveMemphis, TN 38103
Family Friendly
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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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The Landing Residences
$1,323 - $6,467
Total Monthly Price

Total Monthly Price

Base Rent
$1,323 - $6,467
Total Monthly Price
$1,323 - $6,467
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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Orleans Station
Rent Specials
$1,403 - $2,028
Total Monthly Price

Total Monthly Price

Base Rent
$1,403 - $2,028
Total Monthly Price
$1,403 - $2,028
1 to 2 Bedroom Apartments Available Now

Orleans Station

694 Madison AveMemphis, TN 38103
Student Housing
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  • 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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Metro67
Rent Specials
$1,531 - $3,560
Total Monthly Price

Total Monthly Price

Base Rent
$1,531 - $3,560
Total Monthly Price
$1,531 - $3,560
Studio to 3 Bedroom Apartments Available Now

Metro67

67 Madison 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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The Kendall
2 Bedroom Apartments

The Kendall

1018 N 7th StMemphis, TN 38107
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Crescent Bluff
1 to 3 Bedroom Apartments

Crescent Bluff

25 E Virginia AveMemphis, TN 38106
  • Utilities Included

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. Helix at the District - Utilities Included has the second lowest priced unit, which is a 1 Bed apartment currently listed from $744. 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
Helix at the District - Utilities Included1 Bedroom 1 Bathroom1BR,1BA$744
Greenlaw Apartments2 bedroom x 1 bath2BR,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$799
Claridge House Condominiums0 Beds, 1 BathsStudio,1BA$845
Linden Yards ApartmentsTwo Bedroom2BR,1BA$880

Best Value Apartments for Rent in Downtown Memphis, TN

As of July 24, 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 Floor Plan A Model at Lofts at Merchant Row starting at $1,695 with a $1.36 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
Lofts at Merchant RowFloor Plan A1BR,1.5BA$1.36
Downtown YMCA Lofts1 Beds, 1 Baths1BR,1BA$1.09
Bickford Square Apartments2BR/2BA2BR,2BA$0.84
628 Madison Ave2 bd / 2 ba2BR,2BA$1.35
South Main Artspace Lofts1 Bedroom1BR,1BA$1.02
Linden Yards ApartmentsTwo Bedroom2BR,1BA$0.97
Forum Flats1 A Type B PBV1BR,1BA$1.37
Owens Place Townhomes1 Bed Flat1BR,1BA$1.10
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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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 $880.

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 $2,297.

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 157 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 $705 which is $1,592 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

Written by: Joshua Carlucci

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

Written by: Joshua Carlucci

I'm Josh, your ApartmentHomeLiving.

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

Written by: Joshua Carlucci

I’m Josh, your ApartmentHomeLiving.com Local Expert for Memphis.

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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.

Articles, How-To's, and Tips

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

Written by: Robin Stewart

The idea of affordable housing can be subjective. Every individual is in a different place financially and vocationally. What one may easily afford could be a struggle for someone else.

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

Written by: Robin Stewart

Insurance seems to be a part of life. In some states, having insurance is the law, as is the case for automobile insurance. Renters are no exception.

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Apartment Occupancy Rates: Renter Attraction vs Renter Retention

Written by: Robin Stewart

There’s a tenet in marketing about client or customer attraction and retention. Studies and data have consistently shown it costs less to keep a current customer than to attract a new one.

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How I Find the Perfect Rental for My Clients: A Real Estate Pro's Guide

Written by: Robin Stewart

Evaluating rental properties for clients draws many parallels to house-hunting. Whether an apartment, loft, townhouse, or other rental, finding the right place means finding “home” for your client.