Cheap Apartments for Rent in the Midtown Neighborhood of Memphis, TN from $500 (66 Rentals)

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Search the lowest-cost Apartments available for rent right now in the Midtown area of Memphis.

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230 Cochran St
2 Bedroom Apartments

230 Cochran St

230 Cochran StMemphis, TN 38105
  • Utilities Included
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Peach Apartments
1 Bedroom Apartments

Peach Apartments

1330 Peach AveMemphis, TN 38104
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35 N Idlewild St
Studio to 2 Bedroom Apartments

35 N Idlewild St

35 N Idlewild StMemphis, TN 38104
Corporate Housing
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Idlewild Terrace
1 Bedroom Apartments

Idlewild Terrace

32 Idlewild StMemphis, TN 38104
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144 N. Belvedere
2 Bedroom Apartments

144 N. Belvedere

144 N Belvedere BlvdMemphis, TN 38104

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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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Midtown, Memphis, TN Local Guide

Cheapest Available Midtown Apartments for Rent

 

The cheapest available apartment rental in the Midtown area of Memphis, TN is a Studio unit found at The Pulse Apartments priced from $634. Village Square has the second lowest priced unit, which is a 1 Bed apartment currently listed from $715. Here are the most affordable Midtown apartments for rent in Memphis, TN:

Apartment ListingModel NameBed/BathPriced From
The Pulse ApartmentsStudio 1 BathroomStudio,1BA$634
Village Square2038 #31BR,1BA$715
31 S McLean BlvdStudioStudio,1BA$725
144 N. Belvedere2 BR, 1 BA2BR,1BA$750
Azur Tower1 Bedroom 1 Bathroom1BR,1BA$785
Cherokee ArmsStandard StudioStudio,1BA$789
Parkside Poplar Apartments1 Bedroom1BR,1BA$795
Courtyard @ 1460 Monroe1 Bedroom, 1 Bathroom1BR,1BA$799
The Drew1 Bedroom 1 Bathroom1BR,1BA$800

Best Value Apartments for Rent in Midtown, TN

As of January 21, 2026 the best value apartment in the Midtown 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 Midtown apartment is the 2 Bed 1.5 Bath Model at Stonewall Apartments starting at $895 with a $0.81 price per square foot in the Midtown Memphis neighborhood. Here is today’s list of the best values for Midtown apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Barksdale Flats4 Bedroom4BR,2BA$0.65
Stonewall Apartments2 Bed 1.5 Bath2BR,1.5BA$0.81
Urban Peddler2BR 1BA2BR,1BA$1.02
The Broadmoor Apartments2BR/1.0BA2BR,1BA$1.05
The MidtownerMidTowner2BR,1BA$1.05
Overton Place2 Bedroom Gardens I2BR,1BA$0.92
Parkside Poplar Apartments1 Bedroom1BR,1BA$0.98
Courtyard @ 1460 Monroe1 Bedroom, 1 Bathroom1BR,1BA$1.04
Monroe Flats1 Bedroom, 1 Bathroom1BR,1BA$1.04
144 N. Belvedere2 BR, 1 BA2BR,1BA$1.00

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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Lifestyle Ratings

ApartmentHomeLiving.com compares millions of points of data to bring you our detailed rental search system called 'Lifestyle ratings', composed of rentals in areas across the United States and customized analysis for Central Memphis. Lifestyle Ratings show you the best fit for your needs and interests. This takes in many factors including rankings of the best places for easy access to the parks, luxury amenities, kid and pet-friendly communities, availability of transit options, and other valuable search options. Find Lifestyle Search in the filter options (above). Happy Searching!

Frequently Asked Questions about Cheap Midtown Apartments

What is a cheap apartment in Midtown?

A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in Midtown is under $800.

What is the price of a cheap apartment in Midtown?

The cheapest apartment in Midtown is Village Square which is listed at $715, while the average apartment in Midtown costs $2,856.

What types of apartments are the cheapest in Midtown?

Student, low-income, and by-the-bed apartments are typically the cheapest rentals in most cities, though they require qualifying criteria to rent. There are 62 regular apartments in Midtown that we think qualify as ‘cheap apartments’ that do not have special requirements to apply to rent.

How do the prices of cheap apartments compare to the average apartment in Midtown?

Cheap apartments in Midtown have an average cost of $367 which is $2,489 cheaper than the average rent for all rentals in Midtown.

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.