Cheap Homes for Rent in Memphis, TN from $400 (387 Rentals)

How Many Bedrooms?Done
Select your price rangeDone
By AmenitiesDone
By Community TypeDone
Features and AvailabilityDone
Done

Search the lowest-cost Homes available for rent right now in Memphis.

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.

Read Article

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.

Read Article

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.

Read Article

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.

Read Article

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.

Read Article
Showing Results 1-50, Page 1 of 8

Memphis, TN Local Guide

Cheapest Neighborhoods for Apartments in Memphis, TN

Pricing Updated: 09/10/2025

Current apartment rentals in the Memphis, TN area range in price from $450 to $6,540 with an overall median price of $2,620. The three Memphis neighborhoods with the lowest median rent pricing are Douglass at $595, Belz Park at $545, and Harbor Channel at $640. Here is today’s list of the top 10 neighborhoods with the lowest median pricing for Memphis Apartments for rent:

NeighborhoodMedian PriceMin PriceAvailable Units
Douglass$1,195$59514
Belz Park$1,250$54532
Harbor Channel$1,263$64027
Firestone Park$1,270$85012
Yale Yards$1,350$69530
Georgian Woods$1,375$79524
Walter Chandler$1,395$83429
Hollywood$1,447$59516
Dellwood$1,480$85018
Gardenview Park$1,490$1,0506

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. Yugo Memphis Southern in the East Memphis neighborhood has the second lowest priced unit, which is a 4 Beds apartment currently listed from $549. 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
Yugo Memphis Southern4 Bed, 4 Bath Classic4BR,4BA$549
El Dorado1 Bedroom1BR,1BA$550
4015 Summer AveOne1BR,1BA$550
165 N Merton1BR/1.0BA1BR,1BA$550
The Residences at LakeviewStudioStudio,1BA$581
Shady Oaks1 Bed, 1 bath1BR,1BA$595
Emberly Apartments1 Bedroom, 1 Bathroom1BR,1BA$598
Emerald Ridge1 bedroom 1 bathroom1BR,1BA$599
Hilldale Apartments1x11BR,1BA$600

Best Value Apartments for Rent in Memphis, TN

As of September 10, 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 $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.
3570 Spottswood AveStudent Housing Per Person5BR,5BA$0.38
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
Lakes at Epping Way3 Bed / 2 Bath - Family Option3BR,2BA$0.70
Shadowbrook Townhomes2 Bedroom w/ Den2BR,1.5BA$0.69
Flairwood Apartments2 Beds, 1 bath2BR,1BA$0.79
Shady Oaks1 Bed, 1 bath1BR,1BA$0.66
Cromwell Park Apartments2BR/1.5BA2BR,1.5BA$0.71
Longview Heights2 Bed / 1 Bath2BR,1BA$0.76

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.

decorative image of people with a giant lease agreement

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

Explore Memphis, TN Rentals by Map

Decorative image of map

See the most popular apartments and homes in Memphis, TN

View Map
Memphis, TN Apartments Map
View Map
Memphis, TN Rental Homes Map

Frequently Asked Questions about Memphis

What type of rentals are currently available in Memphis?

There are currently 1782 Apartments for Rent in Memphis, TN with pricing that ranges from $200 to $12,673. There are also 1829 Single Family Homes for rent, Condos, and Townhome rentals currently available in Memphis ranging from $450 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 $450 to $6,540 with an average monthly rent of $1,783.

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 $7,458, while Three Bedroom Homes, Condos, and Townhomes for rent range from $675 to $3,650. 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.

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.

decorative image for The Ultimate Long-Distance Moving Checklist: Tips from a Real Estate Pro article

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.

decorative image for Cash or credit? Understanding the Importance of Credit Score in Real Estate and Renting article

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.