701 Lyman Ave
MemphisTN38107
Cheap Homes for Rent in Downtown Memphis Neighborhood of Memphis, TN from $600 (9 Rentals)
Search the lowest-cost Homes available for rent right now in the Downtown Memphis area of Memphis.
651 Walnut St
MemphisTN38126
109 N Main St
MemphisTN38103
720 Litty Ct
MemphisTN38103
What Does “Rent Burdened” Mean? How Much Rent Is Too Much
Learn the official definition (spending 30% or more of your gross income on housing) and how to calculate your exact rent-to-income ratio. This guide offers expert tips on factoring in total housing costs (including utilities and fees) and budgeting accurately to avoid unnecessary financial strain.
703 N 3rd St
MemphisTN38107
679 Leath St
MemphisTN38107
852 Ioka Ave
MemphisTN38126
1319 Nicholas St
MemphisTN38107
Your Guide to Co-Signers: The Risks, Rewards, and Everything in Between
Thinking about getting a co-signer for your rental application? We break down what a co-signer is, the potential benefits, and the serious risks for both parties. Find out if it's the right choice for you.
578 McKinley St
MemphisTN38126
Showing Results 1-9, Page 1 of 1
Downtown Memphis, Memphis, TN Local Guide
How much does it cost to rent a home in Downtown Memphis?
| Bedroom | Average Rent | Cheapest Rent | Highest Rent |
|---|---|---|---|
| Downtown Memphis 2 Bedroom Homes for Rent | $1,766 | $625 | $2,995 |
| Downtown Memphis 3 Bedroom Homes for Rent | $2,014 | $1,050 | $2,850 |
| Downtown Memphis 4 Bedroom Homes for Rent | $2,021 | $1,095 | $3,495 |
Browse Homes for Rent in this Neighborhood
There are currently 9 rentals with your search options within a 1 mile radius of the Downtown Memphis Neighborhood of Memphis, TN.
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Downtown Memphis, Memphis, TN Local Guide
- Nearby Memphis neighborhoods
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Cheapest Available Downtown Memphis Apartments for Rent
The cheapest available apartment rental in the Downtown Memphis area of Memphis, TN is a 2 Beds unit found at Greenlaw Apartments priced from $750. 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 Listing | Model Name | Bed/Bath | Priced From |
|---|---|---|---|
| Greenlaw Apartments | 2 bedroom x 1 bath | 2BR,1BA | $750 |
| Owens Place Townhomes | 1 Bed Flat | 1BR,1BA | $760 |
| Uptown Square Apartments | Studio - Handicapped | Studio,1BA | $760 |
Best Value Apartments for Rent in Downtown Memphis, TN
As of April 12, 2026 the best value apartment in the Downtown Memphis area is the $1.07 price per square foot 505 S Main St Model at 505 S Main St, Unit 509 South Main #102 in the in the Downtown Memphis neighborhood starting from $1,750. 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 Listing | Model Name | Bed/Bath | Price Per Sq.Ft. |
|---|---|---|---|
| 505 S Main St, Unit 509 South Main #102 | 505 S Main St | 2BR,2BA | $1.07 |
| Lofts at Merchant Row | Floor Plan A | 1BR,1.5BA | $1.36 |
| Bickford Square Apartments | 2BR/2BA | 2BR,2BA | $0.84 |
| 628 Madison Ave | 2 bd / 2 ba | 2BR,2BA | $1.35 |
| Linden Yards Apartments | Two Bedroom | 2BR,1BA | $0.97 |
| The Washburn | WAS-A4 | 1BR,1BA | $1.22 |
| Uptown Flats | 1-B | 1BR,1BA | $1.26 |
| Owens Place Townhomes | 1 Bed Flat | 1BR,1BA | $1.10 |
| The Kendall | 2BR/1.0BA | 2BR,1BA | $1.22 |
| Greenlaw Apartments | 2 bedroom x 1 bath | 2BR,1BA | $1.15 |
10 Hidden Costs of Renting You Should Budget for Before Signing a Lease
Avoid financial stress when renting. Learn about the 10 most common hidden costs—from pet fees to utilities—you must budget for before you sign a lease.
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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!
Read ArticleDon'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.
Read ArticleThe Ultimate Long-Distance Moving Checklist: Tips from a Real Estate Pro
Moving is tough, especially long-distance. Learn how to minimize stress & expenses with proven strategies from a real estate pro, covering everything from logistics to finances.
Read ArticleCash or credit? Understanding the Importance of Credit Score in Real Estate and Renting
Discover how your credit score impacts your ability to lease or buy a home. Learn how credit scores are determined, how to check yours, and strategies to improve it for real estate success.
Read ArticleQuick 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 LifestyleDowntown Memphis, Memphis, TN
Ranked #17
Among cities in Tennessee for Apartment listings with Pet Friendly Amenities.
Pet Friendliness Lifestyle Score
4.0Pet Friendly
Frequently Asked Questions about Downtown Memphis
What type of rentals are currently available in Downtown Memphis?
There are currently 252 Apartments for Rent in Downtown Memphis, TN with pricing that ranges from $525 to $4,900. There are also 34 Single Family Homes for rent, Condos, and Townhome rentals currently available in Downtown Memphis ranging from $625 to $3,495.
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 $625 to $3,495 with an average monthly rent of $1,631.
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.
Articles, How-To's, and Tips
Affordable Memphis: The Best Lower Priced Neighborhoods with Character
Written by: Joshua Carlucci
I’m Josh, your ApartmentHomeLiving.com Local Expert for Memphis.
What Does “Rent Burdened” Mean? How Much Rent Is Too Much
Written by: Lauren Harrington
This article draws from first-hand renter experiences and recurring financial challenges reported after moving in.
Maximizing Your Refund: Essential Tax Tips for Renters
Written by: Christine Leonard, Esq.
Other than tax professionals, I can’t think of anyone who looks forward to tax season. For everybody else, April is a stressful month to collect information and meet deadlines.
18 Must-Ask Rental Tour Questions That Reveal the Truth about a Property
Written by: Lauren Harrington
Renting your next home can feel thrilling and overwhelming at the same time.