Cheap Homes for Rent in Memphis, TN from $400 (635 Rentals)

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Search the lowest-cost Homes available for rent right now in 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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property at 6103 Yorkhill Dr

$700 - $900

Total Monthly Price

Total Monthly Price

Base Rent
$700 - $900
Total Monthly Price
$700 - $900

1 Bedroom, 1 Bath Home for Rent

Available May 20

6103 Yorkhill Dr

BartlettTN38135

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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property at 2367 Hunter Ave

$750

Total Monthly Price

Total Monthly Price

Base Rent
$750
Total Monthly Price
$750

3 Bedroom, 1 Bath Home for Rent

Available May 1

2367 Hunter Ave

MemphisTN38108

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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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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Showing Results 1-50, Page 1 of 13

Memphis, TN Local Guide

Cheapest Neighborhoods for Apartments in Memphis, TN

Pricing Updated: 04/27/2026

Current apartment rentals in the Memphis, TN area range in price from $525 to $7,985 with an overall median price of $1,731. The three Memphis neighborhoods with the lowest median rent pricing are Georgian Woods at $660, Cherokee Park at $750, and Depot at $637. 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$940$66013
Cherokee Park$950$7506
Depot$950$63736
Orange Mound$950$7506
Walter Chandler$967$7004
Westwood$967$7004
Frayser$995$65989
Yale Yards$995$60914
Hyde Park$1,095$65959
South Rhodes$1,100$64053

Cheapest Available Memphis Apartments for Rent

 

The cheapest available apartment rental in Memphis, TN is a Studio unit found at Emberly (NEW) in the South 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
Emberly (NEW)EffStudio,1BA$547
165 N Merton1BR/1.0BA1BR,1BA$550
Longview Gardens2 Bedroom2BR,1BA$559
The Residences at LakeviewStudioStudio,1BA$581
Creekside Meadows1 Bedroom 1 Bathroom1BR,1BA$584
El Dorado1 Bedroom1BR,1BA$590
Emerald Ridge1 bedroom 1 bathroom1BR,1BA$599
Yugo Memphis Southern4 Bed, 4 Bath Classic4BR,4BA$599
Monarch on HighlandMHLA11BR,1BA$600
Longview Heights2 Bed / 1 Bath2BR,1BA$616

Best Value Apartments for Rent in Memphis, TN

As of April 27, 2026 the best value apartment in the Memphis area is the $0.36 price per square foot Private Room Model at 1791 Whitman Rd in the in the South Memphis neighborhood starting from $800. The second greatest value Memphis apartment is the Entire home 4 Bedrooms 4 Baths Model at Student Lofts at Brister starting at $695 with a $0.38 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.
1791 Whitman RdPrivate Room5BR,1BA$0.36
Student Lofts at BristerEntire home 4 Bedrooms 4 Baths1BR,1BA$0.38
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
Barton Court Apartments2 Bed2BR,1BA$0.76
3808 Tutwiler Ave, Unit Farmhouse apartment3808 Tutwiler Ave2BR,1BA$0.80
Valley ForgeTwo Bedroom2BR,1BA$0.80
Longview Heights2 Bed / 1 Bath2BR,1BA$0.78
Longview Gardens2 Bedroom2BR,1BA$0.71

10 Hidden Costs of Renting You Should Budget for Before Signing a Lease

Avoid financial stress when renting. Learn about the 10 most common hidden costs—from pet fees to utilities—you must budget for before you sign a lease.

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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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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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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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Frequently Asked Questions about Memphis

What type of rentals are currently available in Memphis?

There are currently 1840 Apartments for Rent in Memphis, TN with pricing that ranges from $525 to $7,985. There are also 1713 Single Family Homes for rent, Condos, and Townhome rentals currently available in Memphis ranging from $495 to $7,500.

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 $7,500 with an average monthly rent of $2,053.

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 $715 to $6,998, while Three Bedroom Homes, Condos, and Townhomes for rent range from $750 to $3,000. Four Bedroom Single-Family rentals are also available starting from $875 and Four Bedroom Apartments start at $640.

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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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.

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Maximizing Your Refund: Essential Tax Tips for Renters

Written by: Christine Leonard, Esq.

Other than tax professionals, I can’t think of anyone who looks forward to tax season. For everybody else, April is a stressful month to collect information and meet deadlines.