Cheap Homes for Rent in Memphis, TN from $500 (677 Rentals)

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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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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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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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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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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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Memphis, TN Local Guide

Cheapest Neighborhoods for Apartments in Memphis, TN

Pricing Updated: 12/05/2025

Current apartment rentals in the Memphis, TN area range in price from $485 to $10,321 with an overall median price of $3,279. The three Memphis neighborhoods with the lowest median rent pricing are Georgian Woods at $485, Frayser at $550, and Dellwood at $485. Here is today’s list of the top 10 neighborhoods with the lowest median pricing for Memphis Apartments for rent:

NeighborhoodMedian PriceMin PriceAvailable Units
Georgian Woods$900$48512
Frayser$937$55060
Dellwood$940$48511
Walter Chandler$967$7003
Westwood$967$7003
Douglass$990$550178
New Chicago$995$5508
Cherokee Park$1,030$7255
Mill Branch$1,153$62573
Yale Yards$1,169$59516

Cheapest Available Memphis Apartments for Rent

 

The cheapest available apartment rental in Memphis, TN is a 2 Beds unit found at Bridgeport Manor in the South Memphis neighborhood priced from $500. 4015 Summer Ave in the East Memphis neighborhood has the second lowest priced unit, which is a 1 Bed apartment currently listed from $550. Here is today’s list of the most affordable Memphis apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Bridgeport Manor2 Beds, 1 bath2BR,1BA$500
4015 Summer AveOne1BR,1BA$550
165 N Merton1BR/1.0BA1BR,1BA$550
Emberly ApartmentsEFFStudio,1BA$567
The Residences at LakeviewStudioStudio,1BA$581
Longview Gardens2 Bedroom2BR,1BA$595
Emerald Ridge-New1 bedroom 1 bathroom1BR,1BA$599
Yugo Memphis Southern4 Bed, 4 Bath Classic4BR,4BA$599
El Dorado1 Bedroom1BR,1BA$604
Springdale Creek Apartments1 Bedroom1BR,1BA$625

Best Value Apartments for Rent in Memphis, TN

As of December 05, 2025 the best value apartment in the Memphis area is the $0.65 price per square foot 4 Bedroom Model at Barksdale Flats in the in the East Memphis neighborhood starting from $1,500. The second greatest value Memphis apartment is the Private Room Model at 1791 Whitman Rd starting at $800 with a $0.36 price per square foot in the South Memphis neighborhood. Here is today’s list of the best values for Memphis apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Barksdale Flats4 Bedroom4BR,2BA$0.65
1791 Whitman RdPrivate Room5BR,1BA$0.36
Student Lofts at BristerEntire home 4 Bedrooms 4 Baths1BR,1BA$0.35
Village of Sycamore Ridge3brTH 2.5ba3BR,2.5BA$0.73
Emerald Square-New4 bedroom 2.5 bathroom4BR,2.5BA$0.75
Emerald Pointe-New3 bedroom 2.5 bathroom3BR,2.5BA$0.70
Lakes at Epping Way3 Bed / 2 Bath - Family Option3BR,2BA$0.70
Shadowbrook Townhomes2 Bedroom w/ Den2BR,1.5BA$0.65
Pinetree Place Apartments2 Bedroom Basic RemodelStudio ,1BA$0.74
Bridgeport Manor2 Beds, 1 bath2BR,1BA$0.67

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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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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Remember the 3 Rules of Real Estate:
Location, Location, Location!

Explore Memphis, TN Rentals by Map

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See the most popular apartments and homes in Memphis, TN

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Frequently Asked Questions about Memphis

What type of rentals are currently available in Memphis?

There are currently 1802 Apartments for Rent in Memphis, TN with pricing that ranges from $485 to $10,308. There are also 2218 Single Family Homes for rent, Condos, and Townhome rentals currently available in Memphis ranging from $500 to $15,000.

What is the current price range for Rental Homes in Memphis?

Today's rental pricing for Homes for Rent, Condos and Townhomes in Memphis ranges from $500 to $15,000 with an average monthly rent of $1,887.

How much are larger Three and Four Bedroom Rentals in Memphis?

For those who are looking for larger living arrangements, Three Bedroom Apartments in Memphis range from $675 to $5,241, while Three Bedroom Homes, Condos, and Townhomes for rent range from $750 to $3,500. Four Bedroom Single-Family rentals are also available starting from $895 and Four Bedroom Apartments start at $599.

Expert Rental Resources

Helpful Apartment Articles, How-To's and Tips

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.

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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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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!