Cheap Homes for Rent in Peabody Neighborhood of Memphis, TN from $500 (66 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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property at 1954 Manila Ave

1954 Manila Ave

MemphisTN38114

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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property at 2691 Milton Ave

2691 Milton Ave

MemphisTN38111

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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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. Pulse 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
PulseStudio 1 BathroomStudio,1BA$634
Melrose Court Apartments1 Bed, 1 bath1BR,1BA$695
1154 Wilson St1 Bed, 1 bath1BR,1BA$699
31 S McLean BlvdStudioStudio,1BA$725
Village Square2066 #41BR,1BA$725
Overton PlaceStudioStudio,1BA$725
Kings Reserve MemphisPeabodyStudio,1BA$725
Barron CourtBarron Court 2 Bedroom 1 Bath2BR,1BA$765
Cherokee ArmsStandard StudioStudio,1BA$789

Best Value Apartments for Rent in Peabody, TN

As of December 11, 2025 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 1.5 Bath Model at Stonewall Apartments starting at $895 with a $0.81 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.
Barksdale Flats4 Bedroom4BR,2BA$0.65
Stonewall Apartments2 Bed 1.5 Bath2BR,1.5BA$0.81
1861 Poplar Ave, Unit 51861 Poplar Ave2BR,1BA$0.98
Hollywood Square2BD/1BA Upstairs2BR,1BA$1.00
Audubon DownsTwo Bedroom2BR,1BA$0.93
The Broadmoor Apartments2BR/1.0BA2BR,1BA$1.05
Parkside Poplar Apartments1 Bedroom1BR,1BA$1.05
1154 Wilson St1 Bed, 1 bath1BR,1BA$0.87
Barron CourtBarron Court 2 Bedroom 1 Bath2BR,1BA$0.99
Courtyard @ 1460 Monroe1 Bedroom, 1 Bathroom1BR,1BA$1.04

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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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 #7

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 640 Apartments for Rent in Peabody, TN with pricing that ranges from $200 to $10,290. There are also 222 Single Family Homes for rent, Condos, and Townhome rentals currently available in Peabody ranging from $500 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 $500 to $4,900 with an average monthly rent of $1,837.

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 $1,375 to $5,413, while Three Bedroom Homes, Condos, and Townhomes for rent range from $750 to $2,700. Four Bedroom Single-Family rentals are also available starting from $950 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

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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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.

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Apartment Common Area Rules: What Renters Need to Know

Written by: Christine Leonard, Esq.

Back in the day when I rented one of my first apartments, the property didn’t even have laundry in the building. Now, rental properties are often competing against each other to provide the best amenities.

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How to Negotiate Your Apartment Lease and Save Money

Written by: Christine Leonard, Esq.

Everything is a negotiation in real estate!