Cheap Homes for Rent in the Downtown Memphis Neighborhood of Memphis, TN from $800 (13 Rentals)

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

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

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property at 109 N Main St

$900 - $1,195

Studio To 1 Bedroom Rentals

Available Now

109 N Main St

MemphisTN38103
property at 731 Litty Ct

$1,295

Total Monthly Price

Total Monthly Price

Base Rent
$1,295
Total Monthly Price
$1,295

Studio, 1 Bath Condo for Rent

Available Now

731 Litty Ct, Unit 305

731 Litty Ct
MemphisTN38103
property at 413 S Main St

$1,395 - $1,490

1 Bedroom Rentals

Available Now

413 S Main St

MemphisTN38103

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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Showing Results 1-13, Page 1 of 1

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

Best Value Apartments for Rent in Downtown Memphis, TN

As of August 31, 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 B4 (2x2 Harbor Town) Model at Harbor Town Square starting at $1,562 with a $1.27 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
Harbor Town SquareB4 (2x2 Harbor Town)2BR,2BA$1.27
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
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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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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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

3.5
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 249 Apartments for Rent in Downtown Memphis, TN with pricing that ranges from $450 to $5,158. There are also 51 Single Family Homes for rent, Condos, and Townhome rentals currently available in Downtown Memphis ranging from $800 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 $800 to $4,000 with an average monthly rent of $2,211.

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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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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Articles, How-To's, and Tips

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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 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.

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