Cheap Homes for Rent in the Peabody Neighborhood of Memphis, TN from $600 (69 Rentals)

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

Memphis, Tennessee: A Local Expert's Insider Guide to the Bluff City

Moving to the Bluff City? Get the insider’s guide on Memphis life, from specific neighborhood personalities and current average rent, to the best barbecue and live music spots.

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Rent According to Income: A Look at Income-Restricted Rentals

Find income-restricted rentals and housing subsidies. Explore government programs designed to help low-income families secure stable, affordable housing.

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property at 793 Inez St

$895

2 Bedroom Rentals

Available Now

793 Inez St

MemphisTN38111
property at 528 E Pkwy N

$900

Total Monthly Price

Total Monthly Price

Base Rent
$900
Total Monthly Price
$900

2 Bedroom, 2 Bath Home for Rent

Available Now

528 E Pkwy N, Unit 9

528 E Pkwy N
MemphisTN38112

The Local Memphis Expert's Guide to Renting Near the City's Top Employers

Memphis apartment guide from a local expert, breaking down neighborhoods, average rent, and ideal commute times near the 5 largest employers - FedEx, St. Jude, U of M, Methodist, and AutoZone.

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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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property at 1261 Central Ave

$975

Total Monthly Price

Total Monthly Price

Base Rent
$975
Total Monthly Price
$975

1 Bedroom, 1 Bath Home for Rent

Available Now

1261 Central Ave, Unit 4

1261 Central Ave
MemphisTN38104
property at 24 N Cooper St

$1,050

Total Monthly Price

Total Monthly Price

Base Rent
$1,050
Total Monthly Price
$1,050

Studio, 1 Bath Townhome for Rent

Available Now

24 N Cooper St, Unit 1

24 N Cooper St
MemphisTN38104

Renters Insurance 101: What It Is, What It Covers, and Why You Need It

From theft to fire to water damage, the unexpected can happen to any renter. Discover why renters insurance is one of the smartest and most affordable investments you can make as a tenant.

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Showing Results 1-50, Page 1 of 2

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. 1111 N Parkway has the second lowest priced unit, which is a 1 Bed apartment currently listed from $600. Here are the most affordable Peabody apartments for rent in Memphis, TN:

Apartment ListingModel NameBed/BathPriced From
165 N Merton1BR/1.0BA1BR,1BA$550
1111 N Parkway1 Beds, 1 Baths1BR,1BA$600
The Pulse ApartmentsStudio 1 BathroomStudio,1BA$634
1277 Airways Blvd2 Beds, 1 Baths2BR,1BA$650
Barron CourtBarron Court 2 Bedroom 1 Bath2BR,1BA$672
Melrose Court Apartments1 Bed, 1 bath1BR,1BA$695
Overton Place1 Bedroom Victorian1BR,1BA$725
31 S McLean BlvdStudioStudio,1BA$725
Kimbrough Tower ApartmentsStudio 1 BathroomStudio,1BA$750
Merriwether1 Bedroom, 1 Bathroom1BR,1BA$750

Best Value Apartments for Rent in Peabody, TN

As of August 05, 2026 the best value apartment in the Peabody area is the $0.84 price per square foot 3 Beds, 2 Baths Model at 2191 Washington Ave in the in the East Memphis neighborhood starting from $1,600. The second greatest value Peabody apartment is the 3 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.
2191 Washington Ave3 Beds, 2 Baths3BR,2BA$0.84
65 N Belvedere Blvd3 Bed 2 Bath3BR,2BA$1.00
Stonewall Apartments2 Bed 1.5 Bath2BR,1.5BA$0.81
Brentwood Parc2 Bed/ 2 Bath Towhnome2BR,2BA$0.83
34 N Idlewild St2BR/1.0BA2BR,1BA$0.89
2187 Court2 Beds, 1 Baths2BR,1BA$0.94
1101 S Rembert St, Unit 11011101 S Rembert St1BR,1BA$0.83
Audubon DownsOne Bedroom1BR,1BA$1.01
1111 N Parkway1 Beds, 1 Baths1BR,1BA$0.75
Barron CourtBarron Court 2 Bedroom 1 Bath2BR,1BA$0.87

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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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 #8

Among cities in Tennessee for Apartment listings with Pet Friendly Amenities.

Pet Friendliness Lifestyle Score

4.0
Pet Friendly

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Frequently Asked Questions about Peabody

What type of rentals are currently available in Peabody?

There are currently 665 Apartments for Rent in Peabody, TN with pricing that ranges from $634 to $3,400. There are also 187 Single Family Homes for rent, Condos, and Townhome rentals currently available in Peabody ranging from $600 to $4,900.

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 $600 to $4,900 with an average monthly rent of $1,548.

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 $850 to $3,400, while Three Bedroom Homes, Condos, and Townhomes for rent range from $895 to $2,595. Four Bedroom Single-Family rentals are also available starting from $1,050 and Four Bedroom Apartments start at $1,850.

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.

Helpful Local Expert Guides

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Memphis, Tennessee: A Local Expert's Insider Guide to the Bluff City

Written by: Joshua Carlucci

Hello from Memphis, Tennessee. I'm Josh, your ApartmentHomeLiving.com Local Expert for Memphis, and I spent years in this city eating, writing, cooking, studying, and getting to know it block by block.

decorative image for The Local Memphis Expert's Guide to Renting Near the Citys Top Employers article

The Local Memphis Expert's Guide to Renting Near the Citys Top Employers

Written by: Joshua Carlucci

I'm Josh, your ApartmentHomeLiving.

decorative image for College Life in Memphis: Affordable Neighborhoods Where Students Really Live and Thrive article

College Life in Memphis: Affordable Neighborhoods Where Students Really Live and Thrive

Written by: Joshua Carlucci

I’m Josh, your ApartmentHomeLiving.com Local Expert for Memphis.

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

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Articles, How-To's, and Tips

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Rent According to Income: A Look at Income-Restricted Rentals

Written by: Robin Stewart

The idea of affordable housing can be subjective. Every individual is in a different place financially and vocationally. What one may easily afford could be a struggle for someone else.

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First Apartment Regrets: Real Renters Share What They'd Do Differently

Written by: Robin Stewart

Hindsight is 20/20. Live and Learn. With age comes wisdom. We’re familiar with all those expressions, and all of them apply to lessons first-time renters learn.

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Renters Insurance 101: What It Is, What It Covers, and Why You Need It

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Insurance seems to be a part of life. In some states, having insurance is the law, as is the case for automobile insurance. Renters are no exception.

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Apartment Occupancy Rates: Renter Attraction vs Renter Retention

Written by: Robin Stewart

There’s a tenet in marketing about client or customer attraction and retention. Studies and data have consistently shown it costs less to keep a current customer than to attract a new one.