Cheap Homes for Rent in Memphis, TN from $500 (383 Rentals)

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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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Smart Renter's Guide: Calculating Affordable Rent & Housing Costs

Wondering how to determine your rental budget? This comprehensive guide covers everything from the 30% rule to hidden fees and effective budgeting strategies.

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Navigating the Rental Market: Tips for First-Time Renters

Entering the rental market? Learn these simple tips and strategies to avoid common pitfalls and make confident choices. Rent with peace of mind.

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Memphis, TN Local Guide

Cheapest Neighborhoods for Apartments in Memphis, TN

Pricing Updated: 06/03/2025

Current apartment rentals in the Memphis, TN area range in price from $525 to $16,620 with an overall median price of $4,230. The three Memphis neighborhoods with the lowest median rent pricing are New Getwell at $599, Hollywood at $890, and Gardenview Park at $577. Here is today’s list of the top 10 neighborhoods with the lowest median pricing for Memphis Apartments for rent:

NeighborhoodMedian PriceMin PriceAvailable Units
New Getwell$899$59973
Hollywood$945$8902
Gardenview Park$950$57798
Georgian Woods$975$66033
Walter Chandler$1,022$7007
Mill Branch$1,025$57759
Westwood$1,075$7008
McKeller$1,090$1,0603
Whitehaven$1,100$577129
Douglass$1,150$68044

Cheapest Available Memphis Apartments for Rent

 

The cheapest available apartment rental in Memphis, TN is a 1 Bed unit found at 4015 Summer Ave in the East Memphis neighborhood priced from $550. El Dorado in the East Memphis neighborhood has the second lowest priced unit, which is a 1 Bed apartment currently listed from $564. Here is today’s list of the most affordable Memphis apartments for rent:

Apartment ListingModel NameBed/BathPriced From
4015 Summer AveOne1BR,1BA$550
El Dorado1 Bedroom1BR,1BA$564
New Horizon - KingsgateEffStudio,1BA$577
The Residences at LakeviewStudioStudio,1BA$581
Shady Oaks2 Beds, 1 bath2BR,1BA$595
Emerald Ridge1 bedroom 1 bathroom1BR,1BA$599
Longview Heights2 Bed / 1 Bath2BR,1BA$614
Longview Gardens2 Bedroom2BR,1BA$630
Elite Living ResidenceStudioStudio,1BA$650

Best Value Apartments for Rent in Memphis, TN

As of June 03, 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 4 Bedroom 4 Bath Model at Student Lofts at Brister starting at $800 with a $0.43 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 Brister4 Bedroom 4 Bath1BR,1BA$0.43
Cane Creek Apartments4 BED TOWNHOME4BR,2BA$0.70
Emerald Square4 bedroom 2.5 bathroom4BR,2.5BA$0.75
Emerald Pointe3 bedroom 2.5 bathroom3BR,2.5BA$0.70
Shadowbrook Townhomes2 Bedroom w/ Den2BR,1.5BA$0.69
Faronia Square2 bdr 1.5 ba Plan IV2BR,1.5BA$0.75
Flairwood Apartments2 Beds, 1 bath2BR,1BA$0.79
Shady Oaks2 Beds, 1 bath2BR,1BA$0.66
Longview Heights2 Bed / 1 Bath2BR,1BA$0.78

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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Frequently Asked Questions about Memphis

What type of rentals are currently available in Memphis?

There are currently 1781 Apartments for Rent in Memphis, TN with pricing that ranges from $525 to $16,850. There are also 1677 Single Family Homes for rent, Condos, and Townhome rentals currently available in Memphis ranging from $550 to $6,000.

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 $550 to $6,000 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 $699 to $7,639, while Three Bedroom Homes, Condos, and Townhomes for rent range from $650 to $3,500. Four Bedroom Single-Family rentals are also available starting from $1,000 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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The Art of the Rental Viewing: What to look for during a property tour

Written by: Marie Brown

You’ve scrolled through countless listings, walked through a blur of rentals, and finally found what feels like the one. The pictures? Fantastic. The neighborhood seems just right.

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Know Your Budget: Calculating What You Can Realistically Afford When Renting

Written by: Lauren Harrington

Renting an apartment or house isn’t just about looking through online ads, choosing a few apartments or homes you want to tour, filling out an application, and putting down a deposit. Those things are all necessary and important.

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The Freedom of Short-Term Leases: Exploring the Advantages for Renters

Written by: Bobbi Jackson

If you’re looking to relocate right now, a popular solution that may best fit your current rental needs is a short-term lease.

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Navigating the Rental Market: Tips for First-Time Renters

Written by: Sandy Baker

Making the decision to rent is exciting and terrifying at the same time. For many people, there are a lot of unknowns.