Cheap Apartments for Rent in the Peabody Neighborhood of Memphis, TN from $300 (91 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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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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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. 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
165 N Merton1BR/1.0BA1BR,1BA$550
PulseS1Studio,1BA$634
Melrose Court Apartments1 Bed, 1 bath1BR,1BA$695
Manor Park Apartments1 Bed / 1 Bath1BR,1BA$700
Overton PlaceStudioStudio,1BA$725
Village Square2054 #31BR,1BA$725
144 N. Belvedere2 BR, 1 BA2BR,1BA$750
Belvedere Gardens Condominiums1x1 Bath1BR,1BA$775
Vinton Avenue Apartments2BR/1.0BA2BR,1BA$775
Midtown PlaceSt Regis Efficiency1BR,1BA$793

Best Value Apartments for Rent in Peabody, TN

As of August 29, 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
Park Terrace2 x 12BR,1BA$1.03
Hollywood Square2BD/1BA Downstairs2BR,1BA$1.00
Audubon DownsTwo Bedroom2BR,1BA$0.93
Vinton Avenue Apartments2BR/1.0BA2BR,1BA$0.94
Peabody Village2 Beds, 1 Baths2BR,1BA$1.08
Parkside Poplar Apartments1 Bedroom1BR,1BA$1.05
Barron CourtBarron Court 2 Bedroom 1 Bath2BR,1BA$1.11
144 N. Belvedere2 BR, 1 BA2BR,1BA$1.00

Quick Rent Budget Calculator

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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 $793.

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 $12,950.

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 83 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 $244 which is $12,706 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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The Ultimate Long-Distance Moving Checklist: Tips from a Real Estate Pro

Written by: Christine Leonard, Esq.

Hard truth. Moving is never easy. I’ve done it all – from local moves to cross-country relocations From packing to unpacking the last box, I have found moving to be an exhausting, expensive and stressful experience every time.

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Cash or credit? Understanding the Importance of Credit Score in Real Estate and Renting

Written by: Christine Leonard, Esq.

Throughout the day, think about all the times that you have to pay for something. So many of us reach automatically for a credit card or even our phone for a quick payment.

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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.