Cheap Homes for Rent in Memphis, TN from $500 (803 Rentals)

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Memphis, TN Local Guide

Cheapest Neighborhoods for Apartments in Memphis, TN

Pricing Updated: 10/21/2025

Current apartment rentals in the Memphis, TN area range in price from $500 to $15,000 with an overall median price of $2,608. The three Memphis neighborhoods with the lowest median rent pricing are Firestone Park at $800, Walter Chandler at $795, and Belz Park at $575. Here is today’s list of the top 10 neighborhoods with the lowest median pricing for Memphis Apartments for rent:

NeighborhoodMedian PriceMin PriceAvailable Units
Firestone Park$1,190$80012
Walter Chandler$1,190$79538
Belz Park$1,267$57539
Douglass$1,272$6509
Westwood$1,295$79542
Toni Pendleton$1,372$56514
Georgian Woods$1,395$87531
Dellwood$1,397$85024
Hollywood$1,447$60016
Yale Yards$1,447$56533

Cheapest Available Memphis Apartments for Rent

 

The cheapest available apartment rental in Memphis, TN is a 4 Beds unit found at Yugo Memphis Southern in the East Memphis neighborhood priced from $549. 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
Yugo Memphis Southern4 Bed, 4 Bath Classic4BR,4BA$549
4015 Summer AveOne1BR,1BA$550
The Trails at Mt. Moriah1 bed 1 bath1BR,1BA$560
Edison ParkOne Bedroom 240sqftStudio,1BA$560
The Residences at LakeviewStudioStudio,1BA$581
Longview Gardens2 Bedroom2BR,1BA$595
Emberly Apartments1 Bedroom, 1 Bathroom1BR,1BA$598
Emerald Ridge-New1 bedroom 1 bathroom1BR,1BA$599
Creekside Meadows1 Bedroom 1 Bathroom1BR,1BA$602
Village Square2068 #31BR,1BA$625

Best Value Apartments for Rent in Memphis, TN

As of October 21, 2025 the best value apartment in the Memphis area is the $0.69 price per square foot 4 Bedroom Model at Barksdale Flats in the in the East Memphis neighborhood starting from $1,595. The second greatest value Memphis apartment is the Student Housing Per Person Model at 3570 Spottswood Ave starting at $750 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.
Barksdale Flats4 Bedroom4BR,2BA$0.69
3570 Spottswood AveStudent Housing Per Person5BR,5BA$0.38
Student Lofts at BristerEntire home 4 Bedrooms 4 Baths1BR,1BA$0.38
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$0.69
Faronia Square2 bdr 1.5 ba Plan IV2BR,1.5BA$0.75
Barton Court Apartments2 Bed2BR,1BA$0.76
Longview Gardens2 Bedroom2BR,1BA$0.76

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Frequently Asked Questions about Memphis

What type of rentals are currently available in Memphis?

There are currently 1797 Apartments for Rent in Memphis, TN with pricing that ranges from $525 to $12,937. There are also 2241 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 $2,755.

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 $759 to $4,130, while Three Bedroom Homes, Condos, and Townhomes for rent range from $599 to $4,000. Four Bedroom Single-Family rentals are also available starting from $850 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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How to Negotiate Your Apartment Lease and Save Money

Written by: Christine Leonard, Esq.

Everything is a negotiation in real estate! 

decorative image for The Rental Move-In Inspection Checklist: A Guide for Renters article

The Rental Move-In Inspection Checklist: A Guide for Renters

Written by: Trey Huguley

The move-in inspection checklist is a crucial tool for both tenants and landlords. This checklist, provided by the team at ApartmentHomeLiving.com, helps document the condition of an apartment at the time of move-in.

decorative image for Your Guide to Co-Signers: The Risks, Rewards, and Everything in Between article

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.