Cheap Apartments for Rent in the Forest Hill Neighborhood of Memphis, TN from $500 (21 Rentals)

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

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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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Roommate Matching: Finding the Right Fit and Avoiding Pitfalls

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Macon Manor North
1 to 2 Bedroom Apartments

Macon Manor North

4510 Macon RdMemphis, TN 38122
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4455 Macon Rd
1 to 2 Bedroom Apartments

4455 Macon Rd

4455 Macon RdMemphis, TN 38122
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Elite Living Residence
Studio Apartments

Elite Living Residence

5225 Summer AveMemphis, TN 38122
Corporate Housing
  • Utilities Included
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Covington Hills
1 to 3 Bedroom Apartments

Covington Hills

4800 Raleigh Lagrange RdMemphis, TN 38128
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Highland Chateau
1 to 3 Bedroom Apartments

Highland Chateau

5246 Raleigh Lagrange RdMemphis, TN 38134

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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Showing Results 1-21, Page 1 of 1

Forest Hill, Memphis, TN Local Guide

Cheapest Available Forest Hill Apartments for Rent

 

The cheapest available apartment rental in the Forest Hill area of Memphis, TN is a 2 Beds unit found at Oak Grove Flats priced from $667. The Summit Apartments has the second lowest priced unit, which is a 1 Bed apartment currently listed from $706. Here are the most affordable Forest Hill apartments for rent in Memphis, TN:

Apartment ListingModel NameBed/BathPriced From
Oak Grove Flats2BR2BR,1BA$667
The Summit ApartmentsAsh1BR,1BA$706
Summer Trace ApartmentsThe Bonelli2BR,1BA$730
Greenbrook at Shelby FarmsSycamore1BR,1BA$745
The Meridian Apartments1 Bed 1 Bath1BR,1BA$750

Best Value Apartments for Rent in Forest Hill, TN

As of December 13, 2025 the best value apartment in the Forest Hill area is the $0.78 price per square foot 3 Bed 2.5 Bath Model at Sunridge Townhomes in the in the Raleigh neighborhood starting from $1,395. The second greatest value Forest Hill apartment is the 3brTH 2.5ba Model at Village of Sycamore Ridge starting at $1,175 with a $0.73 price per square foot in the East Memphis neighborhood. Here is today’s list of the best values for Forest Hill apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Sunridge Townhomes3 Bed 2.5 Bath3BR,2.5BA$0.78
Village of Sycamore Ridge3brTH 2.5ba3BR,2.5BA$0.73
The Stella ApartmentsMagellan - 2 Bed, 2 Bath2BR,2BA$1.08
Oak Grove Flats3BR3BR,1.5BA$0.94
The SummereastB32BR,2BA$1.11
Macon Manor2 Bedroom 1 Bathroom2BR,1BA$1.15
The Meridian Apartments1 Bed 1 Bath1BR,1BA$0.94
Greenbrook at Shelby FarmsMagnolia1BR,1BA$1.04
Sycamore Lake1 Bed 1 Bath1BR,1BA$1.02
Covington Hills1 BR renovated1BR,1BA$1.14

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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Pet Friendly Lifestyle
Forest Hill, Memphis, TN

Ranked #42

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

Pet Friendliness Lifestyle Score

3.0
Pet Friendly

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Lifestyle Ratings

ApartmentHomeLiving.com compiles millions of data points to bring you comprehensive Lifestyle Ratings of neighborhoods, cities, and rental properties across Tennessee including Forest Hill, Memphis, and the greater Memphis area. LifeStyle Ratings are the best way to sort through finding a place to live - beyond price and floorplan. This takes in many factors including our Star Ratings to compare for the best proximity to parks and outdoor amenities, luxury amenities, pet-friendly features, multifamily communities for the kids, proximity to transit, and more. These search options are in the site filters at the top of this page.

Frequently Asked Questions about Cheap Forest Hill Apartments

How much is rent for a Cheap One Bedroom Forest Hill Apartment?

The lowest price for a Cheap One Bedroom Forest Hill Apartment is $706 at The Summit Apartments.

What is the lowest price for a Cheap Two Bedroom Forest Hill Apartment for rent?

Today's best deal for a Cheap Two Bedroom Apartment in Forest Hill is starting from $667 at Oak Grove Flats.

What is the most affordable Forest Hill Three Bedroom Apartment?

The best deal on a cheap Forest Hill Three Bedroom Apartment rental is at Oak Grove Flats and starts from $935.

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

decorative image for Affordable Memphis: The Best Lower Priced Neighborhoods with Character article

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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Renting with Roommates: Realistic Expectations for Shared Lease

Written by: Christine Leonard, Esq.

Given the high costs for housing, I have found that many people are looking for a roommate to share expenses. These arrangements can increase opportunities for more desirable and larger spaces.

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Apartment Common Area Rules: What Renters Need to Know

Written by: Christine Leonard, Esq.

Back in the day when I rented one of my first apartments, the property didn’t even have laundry in the building. Now, rental properties are often competing against each other to provide the best amenities.

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How to Negotiate Your Apartment Lease and Save Money

Written by: Christine Leonard, Esq.

Everything is a negotiation in real estate!