Cheap Homes for Rent in Peabody Neighborhood of Memphis, TN from $600 (60 Rentals)

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

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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property at 2766 Union Ave

2766 Union Ave

MemphisTN38111

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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property at 180 Clark Pl

180 Clark Pl

MemphisTN38104

Navigating the Rental Market: Tips for First-Time Renters

Entering the rental market? Learn these simple tips and strategies to avoid common pitfalls and make confident choices. Rent with peace of mind.

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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 $695. Manor Park Apartments has the second lowest priced unit, which is a 1 Bed apartment currently listed from $700. Here are the most affordable Peabody apartments for rent in Memphis, TN:

Apartment ListingModel NameBed/BathPriced From
Village Square2054 #21BR,1BA$695
Manor Park Apartments1 Bed / 1 Bath1BR,1BA$700
Overton PlaceStudioStudio,1BA$725
The Gilmore ApartmentsStudio-AvailableStudio,1BA$765
Midtown PlaceTuscany 1B1B1BR,1BA$771
Central GardensStudio One Bath1BR,1BA$775
Belvedere Gardens Condominiums1x1 Bath1BR,1BA$775
Idlewild Terrace1BR/1.0BA1BR,1BA$795
Azur Tower1 Bedroom 1 Bathroom1BR,1BA$800
Park TerraceStudioStudio,1BA$850

Best Value Apartments for Rent in Peabody, TN

As of May 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 4 BED TOWNHOME Model at Cane Creek Apartments starting at $1,150 with a $0.70 price per square foot in the South 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
Cane Creek Apartments4 BED TOWNHOME4BR,2BA$0.70
994 Philadelphia St, Unit 994994 Philadelphia St1BR,1BA$0.77
Stonewall Apartments2 Bed 1.5 Bath2BR,1.5BA$0.81
Hollywood Square2BD/1BA Downstairs2BR,1BA$1.00
2291 Monroe Ave, Unit 2291 Monroe Ave.2291 Monroe Ave1BR,1BA$0.89
696 N Hollywood St, Unit 1696 N Hollywood St2BR,1BA$1.10
Georgian Woods2x12BR,1BA$1.08
Audubon DownsOne Bedroom1BR,1BA$1.01
Parkside Poplar Apartments1 Bedroom1BR,1BA$1.05

Quick Rent Budget Calculator

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Frequently Asked Questions about Peabody

What type of rentals are currently available in Peabody?

There are currently 652 Apartments for Rent in Peabody, TN with pricing that ranges from $695 to $16,260. There are also 178 Single Family Homes for rent, Condos, and Townhome rentals currently available in Peabody ranging from $650 to $3,995.

What is the current price range for Rental Homes in Peabody?

Today's rental pricing for Homes for Rent, Condos and Townhomes in Peabody ranges from $650 to $3,995 with an average monthly rent of $1,815.

How much are larger Three and Four Bedroom Rentals in Peabody?

For those who are looking for larger living arrangements, Three Bedroom Apartments in Peabody range from $1,000 to $4,500, while Three Bedroom Homes, Condos, and Townhomes for rent range from $795 to $3,170. Four Bedroom Single-Family rentals are also available starting from $995 and Four Bedroom Apartments start at $2,100.

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 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.

decorative image for The Freedom of Short-Term Leases: Exploring the Advantages for Renters article

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.

decorative image for Navigating the Rental Market: Tips for First-Time Renters article

Navigating the Rental Market: Tips for First-Time Renters

Written by: Sandy Baker

Making the decision to rent is exciting and terrifying at the same time. For many people, there are a lot of unknowns.