Cheap Homes for Rent in Peabody Neighborhood of Memphis, TN from $600 (63 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.

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.

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.

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
Kimbrough TowersA21BR,1BA$800

Best Value Apartments for Rent in Peabody, TN

As of May 28, 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
Georgian Woods2x12BR,1BA$1.08
1101 S Rembert St, Unit 11011101 S Rembert St1BR,1BA$0.83
Audubon DownsOne Bedroom1BR,1BA$1.01
Parkside Poplar Apartments1 Bedroom1BR,1BA$1.05

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Frequently Asked Questions about Peabody

What type of rentals are currently available in Peabody?

There are currently 651 Apartments for Rent in Peabody, TN with pricing that ranges from $695 to $16,310. There are also 179 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 $1,829.

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.

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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.