Cheap Homes for Rent in Downtown Memphis Neighborhood of Memphis, TN from $700 (8 Rentals)

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

Roommate Matching: Finding the Right Fit and Avoiding Pitfalls

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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 Edison Park priced from $560. 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
Edison ParkOne Bedroom 240sqftStudio,1BA$560
Owens Place Townhomes1 Bed Flat1BR,1BA$760
Crescent Bluff11A501BR,1BA$784

Best Value Apartments for Rent in Downtown Memphis, TN

As of August 28, 2025 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
The WashburnA51BR,1BA$1.28
Linden Yards ApartmentsTwo Bedroom2BR,1BA$0.97
Uptown Flats1-A1BR,1BA$1.27
The Metropolitan and Greenlaw Place ApartmentsGreenlaw 1 Bedroom Flat1BR,1BA$1.16
Owens Place Townhomes1 Bed Flat1BR,1BA$1.10
The Kendall2BR/1.0BA2BR,1BA$1.20
Greenlaw Apartments2 bedroom x 1 bath2BR,1BA$1.22
Crescent Bluff11A501BR,1BA$1.37

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Pet Friendly Lifestyle
Downtown Memphis, Memphis, TN

Ranked #12

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

Pet Friendliness Lifestyle Score

4.0
Pet Friendly

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Frequently Asked Questions about Downtown Memphis

What type of rentals are currently available in Downtown Memphis?

There are currently 243 Apartments for Rent in Downtown Memphis, TN with pricing that ranges from $525 to $6,670. There are also 55 Single Family Homes for rent, Condos, and Townhome rentals currently available in Downtown Memphis ranging from $795 to $4,000.

What is the current price range for Rental Homes in Downtown Memphis?

Today's rental pricing for Homes for Rent, Condos and Townhomes in Downtown Memphis ranges from $795 to $4,000 with an average monthly rent of $1,795.

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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The Ultimate Long-Distance Moving Checklist: Tips from a Real Estate Pro

Written by: Christine Leonard, Esq.

Hard truth. Moving is never easy. I’ve done it all – from local moves to cross-country relocations From packing to unpacking the last box, I have found moving to be an exhausting, expensive and stressful experience every time.

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Cash or credit? Understanding the Importance of Credit Score in Real Estate and Renting

Written by: Christine Leonard, Esq.

Throughout the day, think about all the times that you have to pay for something. So many of us reach automatically for a credit card or even our phone for a quick payment.

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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.