Cheap Homes for Rent in Memphis, TN from $500 (553 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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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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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: 09/05/2025

Current apartment rentals in the Memphis, TN area range in price from $200 to $12,794 with an overall median price of $3,623. The three Memphis neighborhoods with the lowest median rent pricing are Georgian Woods at $598, Frayser at $660, and Dellwood at $649. 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$840$59826
Frayser$937$66015
Dellwood$940$64916
Walter Chandler$967$7003
Westwood$967$7003
New Chicago$995$7958
Raleigh$995$59847
Gardenview Park$1,014$598103
New Getwell$1,014$598175
Depot$1,025$20026

Cheapest Available Memphis Apartments for Rent

 

The cheapest available apartment rental in Memphis, TN is a 1 Bed unit found at Villages at Harrison Creek in the East Memphis neighborhood priced from $399. El Dorado in the East Memphis neighborhood has the second lowest priced unit, which is a 1 Bed apartment currently listed from $545. Here is today’s list of the most affordable Memphis apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Villages at Harrison CreekThe Willows1BR,1BA$399
El Dorado1 Bedroom1BR,1BA$545
Yugo Memphis Southern4 Bed, 4 Bath Classic4BR,4BA$549
4015 Summer AveOne1BR,1BA$550
165 N Merton1BR/1.0BA1BR,1BA$550
Edison ParkOne Bedroom 240sqftStudio,1BA$560
Longview Gardens2 Bedroom2BR,1BA$574
The Residences at LakeviewStudioStudio,1BA$581
Shady Oaks1 Bed, 1 bath1BR,1BA$595
Emberly Apartments1 Bedroom, 1 Bathroom1BR,1BA$598

Best Value Apartments for Rent in Memphis, TN

As of September 06, 2025 the best value apartment in the Memphis area is the $0.38 price per square foot Student Housing Per Person Model at 3570 Spottswood Ave in the in the East Memphis neighborhood starting from $750. The second greatest value Memphis apartment is the Entire home 4 Bedrooms 4 Baths Model at Student Lofts at Brister starting at $775 with a $0.42 price per square foot in the East 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.
3570 Spottswood AveStudent Housing Per Person5BR,5BA$0.38
Student Lofts at BristerEntire home 4 Bedrooms 4 Baths1BR,1BA$0.42
Emerald Square4 bedroom 2.5 bathroom4BR,2.5BA$0.75
Emerald Pointe3 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$0.69
Grahamwood Place Apartments1 bedroom 1 bathroom1BR,1BA$0.74
Shady Oaks1 Bed, 1 bath1BR,1BA$0.66
Cromwell Park Apartments2BR/1.5BA2BR,1.5BA$0.71
Longview Gardens2 Bedroom2BR,1BA$0.73

Quick Rent Budget Calculator

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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 1792 Apartments for Rent in Memphis, TN with pricing that ranges from $200 to $12,794. There are also 2185 Single Family Homes for rent, Condos, and Townhome rentals currently available in Memphis ranging from $500 to $6,540.

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 $6,540 with an average monthly rent of $1,731.

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 $698 to $4,050, while Three Bedroom Homes, Condos, and Townhomes for rent range from $675 to $4,000. Four Bedroom Single-Family rentals are also available starting from $895 and Four Bedroom Apartments start at $549.

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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Your Guide to Co-Signers: The Risks, Rewards, and Everything in Between

Written by: Christine Leonard, Esq.

For many people, obstacles can arise during the rental application process for a variety of issues.

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The Ultimate Long-Distance Moving Checklist: Tips from a Real Estate Pro

Written by: Christine Leonard, Esq.

Hard truth. Moving is never easy. I’ve done it all – from local moves to cross-country relocations From packing to unpacking the last box, I have found moving to be an exhausting, expensive and stressful experience every time.

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Cash or credit? Understanding the Importance of Credit Score in Real Estate and Renting

Written by: Christine Leonard, Esq.

Throughout the day, think about all the times that you have to pay for something. So many of us reach automatically for a credit card or even our phone for a quick payment.

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Roommate Matching: Finding the Right Fit and Avoiding Pitfalls

Written by: Cheryl Bowman

A fantastic way to save money and enjoy a built-in community is to share an apartment. However, a bad roommate situation can turn your dream rental into a nightmare.