Cheap Homes for Rent in Memphis, TN from $400 (759 Rentals)

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Search the lowest-cost Homes available for rent right now in Memphis.

Memphis, Tennessee: A Local Expert's Insider Guide to the Bluff City

Moving to the Bluff City? Get the insider’s guide on Memphis life, from specific neighborhood personalities and current average rent, to the best barbecue and live music spots.

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Rent According to Income: A Look at Income-Restricted Rentals

Find income-restricted rentals and housing subsidies. Explore government programs designed to help low-income families secure stable, affordable housing.

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property at 820 Maury St

$695

1 Bedroom Rentals

Available Now

820 Maury St

MemphisTN38107
property at 2876 Cela Rd

$695

1 Bedroom Rentals

Available Now

2876 Cela Rd

MemphisTN38128
property at 6103 Yorkhill Dr

$725 - $925

Total Monthly Price

Total Monthly Price

Base Rent
$725 - $925
Total Monthly Price
$725 - $925

1 Bedroom, 1 Bath Home for Rent

Available Now

6103 Yorkhill Dr

BartlettTN38135

The Local Memphis Expert's Guide to Renting Near the City's Top Employers

Memphis apartment guide from a local expert, breaking down neighborhoods, average rent, and ideal commute times near the 5 largest employers - FedEx, St. Jude, U of M, Methodist, and AutoZone.

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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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Renters Insurance 101: What It Is, What It Covers, and Why You Need It

From theft to fire to water damage, the unexpected can happen to any renter. Discover why renters insurance is one of the smartest and most affordable investments you can make as a tenant.

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Memphis, TN Local Guide

Cheapest Neighborhoods for Apartments in Memphis, TN

Pricing Updated: 07/31/2026

Current apartment rentals in the Memphis, TN area range in price from $495 to $6,250 with an overall median price of $3,020. The three Memphis neighborhoods with the lowest median rent pricing are Belz Park at $1,250, Dellwood at $1,295, and Douglass at $1,345. Here is today’s list of the top 10 neighborhoods with the lowest median pricing for Memphis Apartments for rent:

NeighborhoodMedian PriceMin PriceAvailable Units
Belz Park$1,250$67536
Dellwood$1,295$80022
Douglass$1,345$8955
Harbor Channel$1,350$75023
Hollywood$1,395$49514
Uptown Memphis$1,427$8004
Toni Pendleton$1,450$72515
Yale Yards$1,450$55020
New Chicago$1,475$75017
Cypress Creek$1,547$55081

Cheapest Available Memphis Apartments for Rent

 

The cheapest available apartment rental in Memphis, TN is a 1 Bed unit found at El Dorado in the East Memphis neighborhood priced from $547. 165 N Merton 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
El Dorado1 Bedroom1BR,1BA$547
165 N Merton1BR/1.0BA1BR,1BA$550
The Residences at LakeviewStudioStudio,1BA$581
Monarch on HighlandMHLA11BR,1BA$600
1111 N Parkway1 Beds, 1 Baths1BR,1BA$600
Longview Heights2 Bed / 1 Bath2BR,1BA$610
Mill Creek Apartments1 Bedroom / 1 Bathroom1BR,1BA$617
288 Leath St1 Beds, 1 Baths1BR,1BA$625
Pinebrook Pointe1 Bedroom 1 bathroom1BR,1BA$626
The Pulse ApartmentsStudio 1 BathroomStudio,1BA$634

Best Value Apartments for Rent in Memphis, TN

As of August 01, 2026 the best value apartment in the Memphis area is the $0.51 price per square foot 4 Beds, 2 Baths Model at 378 N Highland St in the in the East Memphis neighborhood starting from $1,550. The second greatest value Memphis apartment is the 4 Bed, 3 Bath Model at Sunridge Townhomes starting at $1,545 with a $0.74 price per square foot in the Raleigh 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.
378 N Highland St4 Beds, 2 Baths4BR,2BA$0.51
Sunridge Townhomes4 Bed, 3 Bath4BR,3BA$0.74
Student Lofts at BristerEntire home 4 Bedrooms 4 Baths(SHARED HOUSING1BR,1BA$0.38
Emerald Pointe3 bedroom 2.5 bathroom3BR,2.5BA$0.70
Shadowbrook Townhomes2 Bedroom w/ Den2BR,1.5BA$0.69
Stonewall Apartments2 Bed 1.5 Bath2BR,1.5BA$0.81
Barton Court Apartments2 Bed2BR,1BA$0.76
Summer Oaks Apartments4030 Summer2BR,1BA$0.81
1111 N Parkway1 Beds, 1 Baths1BR,1BA$0.75
Longview Heights2 Bed / 1 Bath2BR,1BA$0.77

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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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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Frequently Asked Questions about Memphis

What type of rentals are currently available in Memphis?

There are currently 1901 Apartments for Rent in Memphis, TN with pricing that ranges from $525 to $7,985. There are also 1926 Single Family Homes for rent, Condos, and Townhome rentals currently available in Memphis ranging from $495 to $6,250.

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 $495 to $6,250 with an average monthly rent of $1,642.

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 $550 to $4,137, while Three Bedroom Homes, Condos, and Townhomes for rent range from $725 to $3,900. Four Bedroom Single-Family rentals are also available starting from $895 and Four Bedroom Apartments start at $550.

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.

Helpful Local Expert Guides

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Memphis, Tennessee: A Local Expert's Insider Guide to the Bluff City

Written by: Joshua Carlucci

Hello from Memphis, Tennessee. I'm Josh, your ApartmentHomeLiving.com Local Expert for Memphis, and I spent years in this city eating, writing, cooking, studying, and getting to know it block by block.

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The Local Memphis Expert's Guide to Renting Near the Citys Top Employers

Written by: Joshua Carlucci

I'm Josh, your ApartmentHomeLiving.

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College Life in Memphis: Affordable Neighborhoods Where Students Really Live and Thrive

Written by: Joshua Carlucci

I’m Josh, your ApartmentHomeLiving.com Local Expert for Memphis.

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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.

Articles, How-To's, and Tips

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Rent According to Income: A Look at Income-Restricted Rentals

Written by: Robin Stewart

The idea of affordable housing can be subjective. Every individual is in a different place financially and vocationally. What one may easily afford could be a struggle for someone else.

decorative image for First Apartment Regrets: Real Renters Share What They'd Do Differently article

First Apartment Regrets: Real Renters Share What They'd Do Differently

Written by: Robin Stewart

Hindsight is 20/20. Live and Learn. With age comes wisdom. We’re familiar with all those expressions, and all of them apply to lessons first-time renters learn.

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Renters Insurance 101: What It Is, What It Covers, and Why You Need It

Written by: Robin Stewart

Insurance seems to be a part of life. In some states, having insurance is the law, as is the case for automobile insurance. Renters are no exception.

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Apartment Occupancy Rates: Renter Attraction vs Renter Retention

Written by: Robin Stewart

There’s a tenet in marketing about client or customer attraction and retention. Studies and data have consistently shown it costs less to keep a current customer than to attract a new one.