Cheap Apartments for Rent in the Forest Hill Neighborhood of Memphis, TN from $500 (45 Rentals)

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Search the lowest-cost Apartments available for rent right now in the Forest Hill 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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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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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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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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Gramercy Park
1 to 2 Bedroom Apartments

Gramercy Park

2163 Nathaniel Cir WMemphis, TN 38134
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Bartlett Crossing
1 to 2 Bedroom Apartments

Bartlett Crossing

5760 S Silvercreek DrMemphis, TN 38134

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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Shelby Grove
2 Bedroom Apartments

Shelby Grove

6357 Shelby Briar DrMemphis, TN 38134
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Cedar Ridge
2 Bedroom Apartments

Cedar Ridge

6977 Amberly Village DrCordova, TN 38018

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 1-45, 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. Summer Trace Apartments has the second lowest priced unit, which is a 1 Bed apartment currently listed from $690. Here are the most affordable Forest Hill apartments for rent in Memphis, TN:

Apartment ListingModel NameBed/BathPriced From
Oak Grove Flats2BR2BR,1BA$667
Summer Trace ApartmentsThe Ayers1BR,1BA$690
Edgewater Apartments1BR/1BA1BR,1BA$705
Covington HillsCVHA1r1BR,1BA$799
Sycamore Lake1 Bed 1 Bath1BR,1BA$804
The Summit ApartmentsBirch1BR,1BA$804
The Canopy 2200One Bedroom One Bathroom Large1BR,1BA$829
AbingtonTown Home2BR,1BA$835
Greenbrook at Shelby FarmsSycamore1BR,1BA$839
The Stella ApartmentsColumbus - 1 Bed, 1 Bath1BR,1BA$846

Best Value Apartments for Rent in Forest Hill, TN

As of May 19, 2026 the best value apartment in the Forest Hill area is the $0.81 price per square foot 2 Bed 2 Bath Model at Sunridge Townhomes in the in the Raleigh neighborhood starting from $1,295. The second greatest value Forest Hill apartment is the 3 Bed 2 Bath Model at The Meridian Apartments starting at $1,100 with a $0.92 price per square foot in the Raleigh 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 Townhomes2 Bed 2 Bath2BR,2BA$0.81
The Meridian Apartments3 Bed 2 Bath3BR,2BA$0.92
The Stella ApartmentsMagellan - 2 Bed, 2 Bath2BR,2BA$1.08
The Glen Townhomes2 BD2BR,1.5BA$1.02
Village of Sycamore Ridge2br 1.5ba2BR,1.5BA$0.99
Oak Grove Flats3BR3BR,1.5BA$0.94
AbingtonTown Home2BR,1.5BA$0.93
Avery Park Apartments2X1.52BR,1.5BA$1.08
Edgewater Apartments1BR/1BA1BR,1BA$0.94
Sycamore Lake1 Bed 1 Bath1BR,1BA$1.07

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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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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Pet Friendly Lifestyle
Forest Hill, Memphis, TN

Ranked #40

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

What is the price of a cheap apartment in Forest Hill?

The cheapest apartment in Forest Hill is Summer Trace Apartments which is listed at $690, while the average apartment in Forest Hill costs $1,733.

What types of apartments are the cheapest in Forest Hill?

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 12 regular apartments in Forest Hill 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 Forest Hill?

Cheap apartments in Forest Hill have an average cost of $127 which is $1,606 cheaper than the average rent for all rentals in Forest Hill.

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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A Seasoned Property Manager's Step-by-Step Guide to Getting Your Deposit Back

Written by: Lauren Harrington

I’m going to talk with you as a seasoned property manager and friend. So, let’s start with your security deposit. I want you to think about this guide as insider information. You deserve your deposit back.

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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.

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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.