Cheap Apartments for Rent in the Peabody Neighborhood of Memphis, TN from $300 (200 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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Learn the official definition (spending 30% or more of your gross income on housing) and how to calculate your exact rent-to-income ratio. This guide offers expert tips on factoring in total housing costs (including utilities and fees) and budgeting accurately to avoid unnecessary financial strain.

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Your Guide to Co-Signers: The Risks, Rewards, and Everything in Between

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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. The Pulse Apartments 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
The Pulse ApartmentsStudio 1 BathroomStudio,1BA$634
Barron CourtBarron Court 2 Bedroom 1 Bath2BR,1BA$670
Melrose Court Apartments1 Bed, 1 bath1BR,1BA$695
Overton PlaceStudioStudio,1BA$725
31 S McLean BlvdStudioStudio,1BA$725
Kimbrough Tower ApartmentsStudio 1 BathroomStudio,1BA$750
Brentwood Parc2 Bed/ 2 Bath2BR,1BA$750
Merriwether1 Bedroom, 1 Bathroom1BR,1BA$750
Central GardensStudio One Bath1BR,1BA$775

Best Value Apartments for Rent in Peabody, TN

As of May 23, 2026 the best value apartment in the Peabody area is the $0.60 price per square foot 9 S Tucker St Model at 9 S Tucker St, Unit 9 S Tucker in the in the East Memphis neighborhood starting from $900. The second greatest value Peabody apartment is the 2 Bed 2 Bath Model at 65 N Belvedere Blvd starting at $1,350 with a $1.00 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.
9 S Tucker St, Unit 9 S Tucker9 S Tucker St2BR,1BA$0.60
65 N Belvedere Blvd2 Bed 2 Bath2BR,2BA$1.00
The Broadmoor Apartments2BR/1.0BA2BR,1BA$0.90
Stonewall Apartments2 Bed 1.5 Bath2BR,1.5BA$0.81
Brentwood Parc2 Bed/ 2 Bath Towhnome2BR,2BA$0.83
Hollywood Square2BD/1BA Downstairs2BR,1BA$1.00
2289 Monroe Ave, Unit 22892289 Monroe Ave1BR,1BA$0.91
Audubon DownsOne Bedroom1BR,1BA$1.01
Parkside Poplar Apartments1 Bedroom1BR,1BA$1.02
Barron CourtBarron Court 2 Bedroom 1 Bath2BR,1BA$0.86

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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Real Estate and Rental Term Glossary | ApartmentHomeLiving.com Renter University

From the letter A all the way to the letter Z, the Real Estate and Rental Term Glossary from the content team at ApartmentHomeLiving.com provides our visitors and shoppers with a little clarity and helpful guidance in navigating the real estate world through definitions and explainers for the top subjects and terms that someone may come across during the leasing, buying, or selling process.

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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 #6

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 $775.

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 $1,950.

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 233 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 $588 which is $1,362 cheaper than the average rent for all rentals in Peabody.

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

decorative image for Affordable Memphis: The Best Lower Priced Neighborhoods with Character article

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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A Seasoned Property Manager's Step-by-Step Guide to Getting Your Deposit Back

Written by: Lauren Harrington

I’m going to talk with you as a seasoned property manager and friend. So, let’s start with your security deposit. I want you to think about this guide as insider information. You deserve your deposit back.

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Expert Solutions for Creating the Perfect Work-From-Home Apartment Layouts

Written by: Lauren Harrington

This article is based on first-hand experience managing apartment communities and helping renters adapt to their spaces after moving in.

decorative image for What Does “Rent Burdened” Mean? How Much Rent Is Too Much article

What Does “Rent Burdened” Mean? How Much Rent Is Too Much

Written by: Lauren Harrington

This article draws from first-hand renter experiences and recurring financial challenges reported after moving in.