Cheap Homes for Rent in Peabody Neighborhood of Memphis, TN from $700 (98 Rentals)

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

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

Thinking about getting a co-signer for your rental application? We break down what a co-signer is, the potential benefits, and the serious risks for both parties. Find out if it's the right choice for you.

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Roommate Matching: Finding the Right Fit and Avoiding Pitfalls

When searching for a roommate, follow this list of essential steps and set clear expectations to create a solid foundation for a harmonious living situation.

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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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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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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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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
Melrose Court Apartments1 Bed, 1 bath1BR,1BA$695
1154 Wilson St1 Bed, 1 bath1BR,1BA$699
Village Square2038 #31BR,1BA$715
31 S McLean BlvdStudioStudio,1BA$725
144 N. Belvedere2 BR, 1 BA2BR,1BA$750
Barron CourtBarron Court 2 Bedroom 1 Bath2BR,1BA$750
Cherokee ArmsStandard StudioStudio,1BA$789

Best Value Apartments for Rent in Peabody, TN

As of January 25, 2026 the best value apartment in the Peabody area is the $0.65 price per square foot 4 Bedroom Model at Barksdale Flats in the in the East Memphis neighborhood starting from $1,500. The second greatest value Peabody apartment is the 2 Bed 2 Bath Model at Parkway Arms Apartments starting at $1,300 with a $0.93 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.
Barksdale Flats4 Bedroom4BR,2BA$0.65
Parkway Arms Apartments2 Bed 2 Bath2BR,2BA$0.93
Stonewall Apartments2 Bed 1.5 Bath2BR,1.5BA$0.81
Hollywood Square2BD/1BA Upstairs2BR,1BA$1.00
Urban Peddler2BR 1BA2BR,1BA$1.02
Audubon DownsOne Bedroom1BR,1BA$0.98
Parkside Poplar Apartments1 Bedroom1BR,1BA$0.98
1154 Wilson St1 Bed, 1 bath1BR,1BA$0.87
Barron CourtBarron Court 2 Bedroom 1 Bath2BR,1BA$0.97
144 N. Belvedere2 BR, 1 BA2BR,1BA$1.00

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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The Ultimate Long-Distance Moving Checklist: Tips from a Real Estate Pro

Moving is tough, especially long-distance. Learn how to minimize stress & expenses with proven strategies from a real estate pro, covering everything from logistics to finances.

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

Discover how your credit score impacts your ability to lease or buy a home. Learn how credit scores are determined, how to check yours, and strategies to improve it for real estate success.

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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 #6

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 647 Apartments for Rent in Peabody, TN with pricing that ranges from $625 to $6,398. There are also 234 Single Family Homes for rent, Condos, and Townhome rentals currently available in Peabody ranging from $720 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 $720 to $4,900 with an average monthly rent of $1,820.

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 $1,325 to $6,398, while Three Bedroom Homes, Condos, and Townhomes for rent range from $795 to $2,740. Four Bedroom Single-Family rentals are also available starting from $1,195 and Four Bedroom Apartments start at $1,500.

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

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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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18 Must-Ask Rental Tour Questions That Reveal the Truth about a Property

Written by: Lauren Harrington

Renting your next home can feel thrilling and overwhelming at the same time.

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A Renters Guide for Tips on Writing Your Notice for Not Renewing Your Apartment

Written by: Bob Mallory

Packing up everything you own to move is so stressful for many that ending your apartment lease can feel like a small or unimportant task. Ending your lease involves more than simply turning over your keys on the last day.

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Renting with Roommates: Realistic Expectations for Shared Lease

Written by: Christine Leonard, Esq.

Given the high costs for housing, I have found that many people are looking for a roommate to share expenses. These arrangements can increase opportunities for more desirable and larger spaces.