Cheap Apartments for Rent in the Peabody Neighborhood of Memphis, TN from $300 (74 Rentals)

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

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Roommate Matching: Finding the Right Fit and Avoiding Pitfalls

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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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411 Tillman St
2 Bedroom Apartments

411 Tillman St

411 Tillman StMemphis, TN 38112
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321 Pauline St
1 to 2 Bedroom Apartments

321 Pauline St

321 Pauline StMemphis, TN 38104
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230 Cochran St
2 Bedroom Apartments

230 Cochran St

230 Cochran StMemphis, TN 38105
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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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Peach Apartments
1 Bedroom Apartments

Peach Apartments

1330 Peach AveMemphis, TN 38104
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165 N Merton
1 Bedroom Apartments

165 N Merton

165 N Merton StMemphis, TN 38112
Student Housing
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Edgewood Townhomes
2 Bedroom Apartments

Edgewood Townhomes

1903 S Parkway EMemphis, TN 38114
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Brentwood Parc
2 Bedroom Apartments

Brentwood Parc

2853 Waverly AveMemphis, TN 38111
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SoMa 23
Studio to 2 Bedroom Apartments

SoMa 23

23 S Pauline StMemphis, 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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Lapaloma Apartments
1 to 2 Bedroom Apartments

Lapaloma Apartments

1393 Lapaloma CirMemphis, TN 38114
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Manor Park Apartments
1 to 3 Bedroom Apartments

Manor Park Apartments

1500 Parkway View CirMemphis, TN 38106
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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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Peabody, Memphis, TN Local Guide

Cheapest Available Peabody Apartments for Rent

 

The cheapest available apartment rental in the Peabody area of Memphis, TN is a 1 Bed unit found at 165 N Merton priced from $550. Melrose Court Apartments has the second lowest priced unit, which is a 1 Bed apartment currently listed from $695. Here are the most affordable Peabody apartments for rent in Memphis, TN:

Apartment ListingModel NameBed/BathPriced From
165 N Merton1BR/1.0BA1BR,1BA$550
Melrose Court Apartments1 Bed, 1 bath1BR,1BA$695
1154 Wilson St1 Bed, 1 bath1BR,1BA$699
31 S McLean BlvdStudioStudio,1BA$725
144 N. Belvedere2 BR, 1 BA2BR,1BA$750
Barron CourtBarron Court 2 Bedroom 1 Bath2BR,1BA$772
The Pulse Apartments1 Bedroom 1 Bathroom1BR,1BA$779
Cherokee ArmsStandard StudioStudio,1BA$789
Parkside Poplar Apartments1 Bedroom1BR,1BA$795
Midtown PlaceSt Regis - 1B1B1BR,1BA$798

Best Value Apartments for Rent in Peabody, TN

As of December 30, 2025 the best value apartment in the Peabody 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 Peabody 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 Peabody 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
1861 Poplar Ave, Unit 51861 Poplar Ave2BR,1BA$0.98
Hollywood Square2BD/1BA Upstairs2BR,1BA$1.00
Urban Peddler2BR 1BA2BR,1BA$1.03
Audubon DownsTwo Bedroom2BR,1BA$0.93
Parkside Poplar Apartments1 Bedroom1BR,1BA$0.98
1154 Wilson St1 Bed, 1 bath1BR,1BA$0.87
Barron CourtBarron Court 2 Bedroom 1 Bath2BR,1BA$1.00
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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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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Pet Friendly Lifestyle
Peabody, Memphis, TN

Ranked #7

Among cities in Tennessee for Apartment listings with Pet Friendly Amenities.

Pet Friendliness Lifestyle Score

4.0
Pet Friendly

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Lifestyle Ratings

ApartmentHomeLiving brings you Lifestyle Ratings of rentals and neighborhoods across the USA, including 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 the best proximity to parks and outdoor amenities, luxury amenities, transit availability, pet-friendly communities, multifamily communities for the kids, and other valuable search options. Use Lifestyle Search in the site filter options on this page - and find your Perfect place!

Frequently Asked Questions about Cheap Peabody Apartments

What is a cheap apartment in Peabody?

A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in Peabody is under $798.

What is the price of a cheap apartment in Peabody?

The cheapest apartment in Peabody is 165 N Merton which is listed at $550, while the average apartment in Peabody costs $3,091.

What types of apartments are the cheapest in Peabody?

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 97 regular apartments in Peabody 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 Peabody?

Cheap apartments in Peabody have an average cost of $465 which is $2,626 cheaper than the average rent for all rentals in Peabody.

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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How to Make Your Apartment Holiday-Ready: Renter-Friendly Tips

Written by: Justin Habersaat

Getting your apartment ready for the holidays can be exciting but sometimes challenging in a smaller space. Here are some modern tips to keep things festive, safe, and inviting this season.

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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.