Cheap Apartments for Rent in the Peabody Neighborhood of Memphis, TN from $300 (76 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

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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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
  • Utilities Included

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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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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165 N Merton
1 Bedroom Apartments

165 N Merton

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

Edgewood Townhomes

1903 S Parkway EMemphis, TN 38114
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Pulse
Studio to 2 Bedroom Apartments

Pulse

57 N Somerville StMemphis, TN 38104
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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

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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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 Village Square priced from $625. Pulse has the second lowest priced unit, which is a Studio apartment currently listed from $634. Here are the most affordable Peabody apartments for rent in Memphis, TN:

Apartment ListingModel NameBed/BathPriced From
Village Square2068 #31BR,1BA$625
PulseS1Studio,1BA$634
Melrose Court Apartments1 Bed, 1 bath1BR,1BA$695
1154 Wilson St1 Bed, 1 bath1BR,1BA$699
Manor Park Apartments1 Bed / 1 Bath1BR,1BA$700
Overton PlaceStudioStudio,1BA$725
Kings Reserve MemphisPeabodyStudio,1BA$725
Barron CourtBarron Court 2 Bedroom 1 Bath2BR,1BA$742
144 N. Belvedere2 BR, 1 BA2BR,1BA$750
Midtown PlaceSt Regis Efficiency1BR,1BA$755

Best Value Apartments for Rent in Peabody, TN

As of October 31, 2025 the best value apartment in the Peabody area is the $0.69 price per square foot 4 Bedroom Model at Barksdale Flats in the in the East Memphis neighborhood starting from $1,595. The second greatest value Peabody apartment is the 41 S McLean Blvd Model at 41 S McLean Blvd, Unit #3 upstairs starting at $1,200 with a $0.92 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$0.69
41 S McLean Blvd, Unit #3 upstairs41 S McLean Blvd2BR,2BA$0.92
Stonewall Apartments2 Bed 1.5 Bath2BR,1.5BA$0.81
Park Terrace2 x 12BR,1BA$1.03
Hollywood Square2BD/1BA Upstairs2BR,1BA$1.00
Audubon DownsTwo Bedroom2BR,1BA$0.93
Parkside Poplar Apartments1 Bedroom1BR,1BA$1.05
1154 Wilson St1 Bed, 1 bath1BR,1BA$0.87
Barron CourtBarron Court 2 Bedroom 1 Bath2BR,1BA$0.97
144 N. Belvedere2 BR, 1 BA2BR,1BA$1.00

Apartment Common Area Rules: What Renters Need to Know

From the lounge to the laundry room, understand your rights and responsibilities in shared apartment spaces. Get tips on pet rules, noise, and security.

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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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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 $755.

What is the price of a cheap apartment in Peabody?

The cheapest apartment in Peabody is Village Square which is listed at $625, while the average apartment in Peabody costs $12,564.

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 67 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 $226 which is $12,338 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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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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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.

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How to Negotiate Your Apartment Lease and Save Money

Written by: Christine Leonard, Esq.

Everything is a negotiation in real estate! 

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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.