Cheap Apartments for Rent in the Peabody Neighborhood of Memphis, TN from $300 (72 Rentals)

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

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Roommate Matching: Finding the Right Fit and Avoiding Pitfalls

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Cherokee Arms
$890 - $900
Total Monthly Price

Total Monthly Price

Base Rent
$830 - $840
Required Monthly Fees
$60
Total Monthly Price
$890 - $900
Studio Apartments Available Now

Cherokee Arms

1508 Madison AveMemphis, TN 38104
Pet Friendly
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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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Peach Apartments
1 Bedroom Apartments

Peach Apartments

1330 Peach AveMemphis, TN 38104

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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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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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Idlewild Terrace
1 Bedroom Apartments

Idlewild Terrace

32 Idlewild StMemphis, TN 38104
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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
Village Square2054 #11BR,1BA$715
Barron CourtBarron Court 2 Bedroom 1 Bath2BR,1BA$719
31 S McLean BlvdStudioStudio,1BA$725
The Pulse Apartments1 Bedroom 1 Bathroom1BR,1BA$779
Midtown PlaceSt Regis - 1B1B1BR,1BA$788
Parkside Poplar Apartments1 Bedroom1BR,1BA$795
Azur Tower1 Bedroom 1 Bathroom1BR,1BA$798

Best Value Apartments for Rent in Peabody, TN

As of February 21, 2026 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 37 S McLean Blvd Model at 37 S McLean Blvd, Unit 3 starting at $1,500 with a $0.88 price per square foot in the East 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
37 S McLean Blvd, Unit 337 S McLean Blvd3BR,1.5BA$0.88
Parkway Arms Apartments2 Bed 2 Bath2BR,2BA$0.93
Hollywood Square3BD/1BA Downstairs3BR,1BA$1.02
Stonewall Apartments2 Bed 1.5 Bath2BR,1.5BA$0.81
Overton Garden Apartments2150 Washington #41BR,1BA$0.92
Audubon DownsTwo Bedroom2BR,1BA$0.88
Parkside Poplar Apartments1 Bedroom1BR,1BA$0.98
1154 Wilson St1 Bed, 1 bath1BR,1BA$0.87
Barron CourtBarron Court 2 Bedroom 1 Bath2BR,1BA$0.93

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

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Pet Friendly Lifestyle
Peabody, Memphis, TN

Ranked #5

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!

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

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I’m Josh, your ApartmentHomeLiving.com Local Expert for Memphis.

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Maximizing Your Refund: Essential Tax Tips for Renters

Written by: Christine Leonard, Esq.

Other than tax professionals, I can’t think of anyone who looks forward to tax season. For everybody else, April is a stressful month to collect information and meet deadlines.

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18 Must-Ask Rental Tour Questions That Reveal the Truth about a Property

Written by: Lauren Harrington

Renting your next home can feel thrilling and overwhelming at the same time.

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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.