Cheap Homes for Rent in Memphis, TN from $500 (728 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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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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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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Memphis, TN Local Guide

Cheapest Neighborhoods for Apartments in Memphis, TN

Pricing Updated: 01/20/2026

Current apartment rentals in the Memphis, TN area range in price from $500 to $15,000 with an overall median price of $2,693. The three Memphis neighborhoods with the lowest median rent pricing are Belz Park at $500, McKeller at $850, and Georgian Woods at $750. 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$50037
McKeller$1,315$85028
Georgian Woods$1,350$75036
Walter Chandler$1,390$65055
Hollywood$1,395$59517
Parkway Village$1,395$80053
Westwood$1,435$65063
New Getwell$1,447$89514
Douglass$1,450$6508
Firestone Park$1,450$75027

Cheapest Available Memphis Apartments for Rent

 

The cheapest available apartment rental in Memphis, TN is a 1 Bed unit found at Redwood Estates Mobile Home Community in the Frayser neighborhood priced from $485. Longview Gardens in the South Memphis neighborhood has the second lowest priced unit, which is a 2 Beds apartment currently listed from $495. Here is today’s list of the most affordable Memphis apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Redwood Estates Mobile Home Community1 Bed, 1 bath1BR,1BA$485
Longview Gardens2 Bedroom2BR,1BA$495
El Dorado1 Bedroom1BR,1BA$550
165 N Merton1BR/1.0BA1BR,1BA$550
The Residences at LakeviewStudioStudio,1BA$581
Yugo Memphis Southern4 Bed, 4 Bath Classic4BR,4BA$599
Emerald Ridge-New1 bedroom 1 bathroom1BR,1BA$599
Longview Heights2 Bed / 1 Bath2BR,1BA$601
The Trails at Mt. Moriah1 bed 1 bath A1BR,1BA$617
High Point Apartments1 Bedroom 1 Bathroom1BR,1BA$618

Best Value Apartments for Rent in Memphis, TN

As of January 20, 2026 the best value apartment in the Memphis area is the $0.65 price per square foot 4 Bedroom Model at Barksdale Flats in the in the East Memphis neighborhood starting from $1,500. The second greatest value Memphis apartment is the Private Room Model at 1791 Whitman Rd starting at $800 with a $0.36 price per square foot in the South 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$0.65
1791 Whitman RdPrivate Room5BR,1BA$0.36
Student Lofts at BristerEntire home 4 Bedrooms 4 Baths1BR,1BA$0.38
Village of Sycamore Ridge3brTH 2.5ba3BR,2.5BA$0.73
Emerald Pointe-New3 bedroom 2.5 bathroom3BR,2.5BA$0.70
Lakes at Epping Way3 Bed / 2 Bath - Family Option3BR,2BA$0.70
FairwayTwo Bedroom Townhome w/Stairs2BR,1.5BA$0.60
Shadowbrook Townhomes2 Bedroom w/ Den2BR,1.5BA$0.69
Pinetree Place Apartments2 Bedroom Basic RemodelStudio ,1BA$0.74
Longview Gardens2 Bedroom2BR,1BA$0.63

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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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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Remember the 3 Rules of Real Estate:
Location, Location, Location!

Explore Memphis, TN Rentals by Map

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See the most popular apartments and homes in Memphis, TN

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Frequently Asked Questions about Memphis

What type of rentals are currently available in Memphis?

There are currently 1813 Apartments for Rent in Memphis, TN with pricing that ranges from $485 to $8,015. There are also 2199 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 $1,913.

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 $675 to $6,392, while Three Bedroom Homes, Condos, and Townhomes for rent range from $750 to $4,800. Four Bedroom Single-Family rentals are also available starting from $895 and Four Bedroom Apartments start at $599.

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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A Renters Guide for Tips on Writing Your Notice for Not Renewing Your Apartment

Written by: Bob Mallory

Packing up everything you own to move is so stressful for many that ending your apartment lease can feel like a small or unimportant task. Ending your lease involves more than simply turning over your keys on the last day.

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Renting with Roommates: Realistic Expectations for Shared Lease

Written by: Christine Leonard, Esq.

Given the high costs for housing, I have found that many people are looking for a roommate to share expenses. These arrangements can increase opportunities for more desirable and larger spaces.

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Apartment Common Area Rules: What Renters Need to Know

Written by: Christine Leonard, Esq.

Back in the day when I rented one of my first apartments, the property didn’t even have laundry in the building. Now, rental properties are often competing against each other to provide the best amenities.