Cheap Homes for Rent in Peabody Neighborhood of Memphis, TN from $500 (60 Rentals)

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

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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. SoMa 23 has the second lowest priced unit, which is a Studio apartment currently listed from $650. Here are the most affordable Peabody apartments for rent in Memphis, TN:

Apartment ListingModel NameBed/BathPriced From
165 N Merton1BR/1.0BA1BR,1BA$550
SoMa 23Studio SmallStudio,1BA$650
Melrose Court Apartments1 Bed, 1 bath1BR,1BA$695
Manor Park Apartments1 Bed / 1 Bath1BR,1BA$700
Overton PlaceStudioStudio,1BA$725
Village Square2054 #31BR,1BA$725
144 N. Belvedere2 BR, 1 BA2BR,1BA$750
Central GardensStudio One Bath1BR,1BA$775
Belvedere Gardens Condominiums1x1 Bath1BR,1BA$775
Vinton Avenue Apartments2BR/1.0BA2BR,1BA$775

Best Value Apartments for Rent in Peabody, TN

As of September 09, 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 41 S McLean Blvd Model at 41 S McLean Blvd, Unit #3 upstairs starting at $1,300 with a $1.00 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.
1468 Snowden AveSpacious2BR,1.5BA$0.89
41 S McLean Blvd, Unit #3 upstairs41 S McLean Blvd2BR,2BA$1.00
Stonewall Apartments2 Bed 1.5 Bath2BR,1.5BA$0.81
Park Terrace2 x 12BR,1BA$1.03
Hollywood Square2BD/1BA Downstairs2BR,1BA$1.00
1855 Poplar Ave, Unit 41855 Poplar Ave2BR,2BA$1.00
Audubon DownsTwo Bedroom2BR,1BA$0.93
Vinton Avenue Apartments2BR/1.0BA2BR,1BA$0.94
Barron CourtBarron Court 2 Bedroom 1 Bath2BR,1BA$1.04
144 N. Belvedere2 BR, 1 BA2BR,1BA$1.00

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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 647 Apartments for Rent in Peabody, TN with pricing that ranges from $200 to $12,766. There are also 201 Single Family Homes for rent, Condos, and Townhome rentals currently available in Peabody ranging from $500 to $5,000.

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 $5,000 with an average monthly rent of $2,001.

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 $2,419, while Three Bedroom Homes, Condos, and Townhomes for rent range from $700 to $3,000. Four Bedroom Single-Family rentals are also available starting from $984 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 Rental Move-In Inspection Checklist: A Guide for Renters

Written by: Trey Huguley

The move-in inspection checklist is a crucial tool for both tenants and landlords. This checklist, provided by the team at ApartmentHomeLiving.com, helps document the condition of an apartment at the time of move-in.

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

Written by: Christine Leonard, Esq.

For many people, obstacles can arise during the rental application process for a variety of issues.

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

Written by: Christine Leonard, Esq.

Hard truth. Moving is never easy. I’ve done it all – from local moves to cross-country relocations From packing to unpacking the last box, I have found moving to be an exhausting, expensive and stressful experience every time.

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

Written by: Christine Leonard, Esq.

Throughout the day, think about all the times that you have to pay for something. So many of us reach automatically for a credit card or even our phone for a quick payment.