Cheap Apartments for Rent in the Downtown Riverside Neighborhood of Memphis, TN from $700 (57 Rentals)

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

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.

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The Marine Residence
Rent Specials
$1,230 - $2,830
Total Monthly Price

Total Monthly Price

Base Rent
$1,230 - $2,830
Total Monthly Price
$1,230 - $2,830
1 to 2 Bedroom Apartments Available Now

The Marine Residence

360 Metal Museum DrMemphis, TN 38106
Furnished
  • Verified
  • Customer Reviewed
  • Utilities Included

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.

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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

Roommate Matching: Finding the Right Fit and Avoiding Pitfalls

When searching for a roommate, follow this list of essential steps and set clear expectations to create a solid foundation for a harmonious living situation.

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Pontotoc Gardens
3 Bedroom Apartments

Pontotoc Gardens

537-539 Pontotoc AveMemphis, TN 38126
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Exchange Building
Studio to 2 Bedroom Apartments

Exchange Building

9 N 2nd StMemphis, TN 38103
Furnished
  • Utilities Included
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W.L.
Studio to 2 Bedroom Apartments

W.L.

267 S Main StMemphis, TN 38103
  • Utilities Included
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Forum Flats
1 to 3 Bedroom Apartments

Forum Flats

441 E Pontotoc AveMemphis, TN 38126
  • Utilities Included
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Patterson Flats
1 to 3 Bedroom Apartments

Patterson Flats

259 E Butler AveMemphis, TN 38126
  • Utilities Included
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Jefferson Place
1 to 2 Bedroom Apartments

Jefferson Place

560 S Jefferson PlMemphis, TN 38105
  • Utilities Included
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Hope Heights Tower
Studio to 2 Bedroom Apartments

Hope Heights Tower

383 Madison AveMemphis, TN 38103
Senior Living
  • 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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The Washburn
1 to 2 Bedroom Apartments

The Washburn

60 S Main StMemphis, TN 38103
Corporate Housing
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Annex Lofts
1 to 2 Bedroom Apartments

Annex Lofts

345 S Front StMemphis, TN 38103
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Main Street Flats
Studio to 2 Bedroom Apartments

Main Street Flats

101 S Main StMemphis, TN 38103
  • Utilities Included
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Cornerstone Flats
1 to 2 Bedroom Apartments

Cornerstone Flats

113 S Main StMemphis, TN 38103
  • Utilities Included
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Van Vleet Flats
1 to 2 Bedroom Apartments

Van Vleet Flats

122 Gayoso AveMemphis, TN 38103
  • Utilities Included

The Art of the Rental Viewing: What to look for during a property tour

Touring a rental? This guide helps you know exactly what to look for, from safety features to hidden flaws, so you can confidently sign your lease or keep searching.

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Showing Results 1-50, Page 1 of 2

Downtown Riverside, Memphis, TN Local Guide

Cheapest Available Downtown Riverside Apartments for Rent

 

The cheapest available apartment rental in the Downtown Riverside area of Memphis, TN is a 1 Bed unit found at Owens Place Townhomes priced from $760. Crescent Bluff has the second lowest priced unit, which is a 1 Bed apartment currently listed from $784. Here are the most affordable Downtown Riverside apartments for rent in Memphis, TN:

Apartment ListingModel NameBed/BathPriced From
Owens Place Townhomes1 Bed Flat1BR,1BA$760
Crescent Bluff11A501BR,1BA$784
Indigo RiverviewPowellStudio,1BA$819
The ChiscaA1r1BR,1BA$927
Lofts at Union AlleyE2Studio,1BA$946
280 Vance Flats1 Bedroom 1 Bath Unit 1A (ADA)1BR,1BA$950
Forum Flats1-C Type B-60%1BR,1BA$955
South Junction ApartmentsThe EdgeStudio,1BA$999
South Line at Central StationstudioStudio,1BA$999
266 LoftsA1 Phase II1BR,1BA$1,000

Best Value Apartments for Rent in Downtown Riverside, TN

As of April 27, 2026 the best value apartment in the Downtown Riverside area is the $1.12 price per square foot 2 Bedroom Model at The Marine Residence in the in the South Memphis neighborhood starting from $1,705. The second greatest value Downtown Riverside 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 Riverside apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
The Marine Residence2 Bedroom2BR,2BA$1.12
Lofts at Merchant RowFloor Plan A1BR,1.5BA$1.36
2nd Street Flats32A603BR,2BA$1.24
266 LoftsB1 Phase II2BR,2BA$1.46
Museum LoftsThe Delta1BR,1BA$1.51
Crescent Bluff22A602BR,2BA$1.40
Downtown Memphis FlatsBarboro 1 Bedroom1BR,1BA$1.43
Owens Place Townhomes1 Bed Flat1BR,1BA$1.10
Forum Flats1-C Type B-60%1BR,1BA$1.41
280 Vance Flats1 Bedroom 1 Bath Unit 1A (ADA)1BR,1BA$1.44

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!

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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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The 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.

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Cash 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.

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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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Lifestyle Ratings

ApartmentHomeLiving brings you comprehensive Lifestyle Ratings of neighborhoods, cities, and rental properties across Tennessee, including Memphis. Our Lifestyle Ratings help you zero-in on the perfect place to call home. This takes in many factors including searching for the best amenities, and proximity to parks, transit availability, pet-friendly communities, family-friendly amenities, and how walkable or bikeable each community and area is. Find Lifestyle Search in the filter options (above). Happy Searching!

Frequently Asked Questions about Cheap Downtown Riverside Apartments

What is a cheap apartment in Downtown Riverside?

A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in Downtown Riverside is under $1,000.

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

The cheapest apartment in Downtown Riverside is Owens Place Townhomes which is listed at $760, while the average apartment in Downtown Riverside costs $2,771.

What types of apartments are the cheapest in Downtown Riverside?

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 44 regular apartments in Downtown Riverside 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 Riverside?

Cheap apartments in Downtown Riverside have an average cost of $539 which is $2,232 cheaper than the average rent for all rentals in Downtown Riverside.

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

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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.

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Expert Solutions for Creating the Perfect Work-From-Home Apartment Layouts

Written by: Lauren Harrington

This article is based on first-hand experience managing apartment communities and helping renters adapt to their spaces after moving in.

decorative image for What Does “Rent Burdened” Mean? How Much Rent Is Too Much article

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.

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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.