Cheap Apartments for Rent in the Peabody Neighborhood of Memphis, TN from $300 (97 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

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property at 180 Clark Pl

180 Clark Pl

MemphisTN38104

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

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Smart Renter's Guide: Calculating Affordable Rent & Housing Costs

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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
Central GardensStudio One Bath1BR,1BA$775
Azur Tower1 Bedroom 1 Bathroom1BR,1BA$775
144 N. Belvedere2 BR, 1 BA2BR,1BA$775
Belvedere Gardens Condominiums1x1 Bath1BR,1BA$775
PulseA11BR,1BA$779
The Courtyard at Monroe1 Bed 1 Bath1BR,1BA$799

Best Value Apartments for Rent in Peabody, TN

As of July 11, 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 151 N Evergreen St Model at 151 N Evergreen St, Unit 151 N Evergreen starting at $1,600 with a $0.97 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.
1468 Snowden AveSpacious2BR,1.5BA$0.89
151 N Evergreen St, Unit 151 N Evergreen151 N Evergreen St3BR,1BA$0.97
Stonewall Apartments2 Bed 1.5 Bath2BR,1.5BA$0.81
Idlewild Terrace2BR/1.0BA2BR,1BA$0.89
1920 Lamar Ave, Unit APT 31920 Lamar Ave2BR,1BA$1.00
Audubon DownsTwo Bedroom2BR,1BA$0.93
1058 Peabody Ave1058 Peabody Ave - 121BR,1BA$1.04
Parkside Poplar Apartments1 Bedroom1BR,1BA$1.05
Barron CourtBarron Court 2 Bedroom 1 Bath2BR,1BA$1.03
144 N. Belvedere2 BR, 1 BA2BR,1BA$1.03

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Pet Friendly Lifestyle
Peabody, Memphis, TN

Ranked #7

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 the Cheapest Studio apartment in Peabody?

Currently the most affordable Cheap Studio Apartment in Peabody is at Overton Place listed at $725.

How much is rent for a Cheap One Bedroom Peabody Apartment?

The lowest price for a Cheap One Bedroom Peabody Apartment is $550 at 165 N Merton.

What is the lowest price for a Cheap Two Bedroom Peabody Apartment for rent?

Today's best deal for a Cheap Two Bedroom Apartment in Peabody is starting from $775 at 144 N. Belvedere.

What is the most affordable Peabody Three Bedroom Apartment?

The best deal on a cheap Peabody Three Bedroom Apartment rental is at Manor Park Apartments and starts from $1,000.

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.