Cheap Apartments for Rent in the Peabody Neighborhood of Memphis, TN from $300 (84 Rentals)

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

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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property at 180 Clark Pl

180 Clark Pl

MemphisTN38104

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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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Lapaloma Apartments
1 to 2 Bedroom Apartments

Lapaloma Apartments

1393 Lapaloma CirMemphis, TN 38114
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230 Cochran St
2 Bedroom Apartments

230 Cochran St

230 Cochran StMemphis, TN 38105
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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. Village Square 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
Village Square2054 #3 (Coming Soon)1BR,1BA$695
Manor Park Apartments1 Bed / 1 Bath1BR,1BA$700
Overton PlaceStudioStudio,1BA$725
Idlewild Terrace1BR/1.0BA1BR,1BA$750
Belvedere Gardens Condominiums1x1 Bath1BR,1BA$775
Central GardensStudio One Bath1BR,1BA$775
The Courtyard at Monroe1 Bed 1 Bath1BR,1BA$799
The Courtyard @ Monroe Flats1 Bed 1 Bath1BR,1BA$799
The Drew1 Bedroom 1 Bathroom1BR,1BA$800

Best Value Apartments for Rent in Peabody, TN

As of June 19, 2025 the best value apartment in the Peabody area is the $0.89 price per square foot Spacious Model at 1468 Snowden Ave in the in the Midtown 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.
1468 Snowden AveSpacious2BR,1.5BA$0.89
Stonewall Apartments2 Bed 1.5 Bath2BR,1.5BA$0.81
1920 Lamar Ave, Unit APT 31920 Lamar Ave2BR,1BA$1.00
Urban Peddler2BR 1BA2BR,1BA$1.13
Audubon DownsTwo Bedroom2BR,1BA$0.93
Peabody Village2 Beds, 1 Baths2BR,1BA$1.08
Parkside Poplar Apartments1 Bedroom1BR,1BA$1.05
Peabody PlaceOne Bedroom1BR,1BA$1.12
Idlewild Terrace1BR/1.0BA1BR,1BA$1.11
Manor Park Apartments1 Bed / 1 Bath1BR,1BA$1.12

Quick Rent Budget Calculator

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Pet Friendly Lifestyle
Peabody, Memphis, TN

Ranked #13

Among neighborhoods in Memphis, TN 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 $800.

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 $16,560.

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 58 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 $300 which is $16,260 cheaper than the average rent for all rentals in Peabody.

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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Roommate Matching: Finding the Right Fit and Avoiding Pitfalls

Written by: Cheryl Bowman

A fantastic way to save money and enjoy a built-in community is to share an apartment. However, a bad roommate situation can turn your dream rental into a nightmare.

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The Art of the Rental Viewing: What to look for during a property tour

Written by: Marie Brown

You’ve scrolled through countless listings, walked through a blur of rentals, and finally found what feels like the one. The pictures? Fantastic. The neighborhood seems just right.

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Know Your Budget: Calculating What You Can Realistically Afford When Renting

Written by: Lauren Harrington

Renting an apartment or house isn’t just about looking through online ads, choosing a few apartments or homes you want to tour, filling out an application, and putting down a deposit. Those things are all necessary and important.

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The Freedom of Short-Term Leases: Exploring the Advantages for Renters

Written by: Bobbi Jackson

If you’re looking to relocate right now, a popular solution that may best fit your current rental needs is a short-term lease.