Cheap Homes for Rent in Peabody Neighborhood of Memphis, TN from $500 (76 Rentals)

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

What Does “Rent Burdened” Mean? How Much Rent Is Too Much

Learn the official definition (spending 30% or more of your gross income on housing) and how to calculate your exact rent-to-income ratio. This guide offers expert tips on factoring in total housing costs (including utilities and fees) and budgeting accurately to avoid unnecessary financial strain.

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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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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

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 793 Inez St

$995

2 Bedroom Rentals

Available Now

793 Inez St

MemphisTN38111

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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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

How I Find the Perfect Rental for My Clients: A Real Estate Pro's Guide

Finding the right apartment starts with three things: location, cost, and amenities. Get the insider perspective from a real estate professional on how to nail all three.

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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. 1277 Airways Blvd has the second lowest priced unit, which is a 2 Beds 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
1277 Airways Blvd2 Beds, 1 Baths2BR,1BA$650
1111 N Parkway1 Beds, 1 Baths1BR,1BA$675
Barron CourtBarron Court 2 Bedroom 1 Bath2BR,1BA$676
Melrose Court Apartments1 Bed, 1 bath1BR,1BA$695
Overton PlaceStudioStudio,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 June 15, 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 2 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 Blvd2 Bed 2 Bath2BR,2BA$1.00
641 S Rembert St, Unit 641641 S Rembert St2BR,2BA$0.91
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
Hollywood Square2BD/1BA Downstairs2BR,1BA$1.00
1111 N Parkway1 Beds, 1 Baths1BR,1BA$0.84
1011 S Willett St1011 S Willett St1BR,1BA$0.88
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 #4

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 666 Apartments for Rent in Peabody, TN with pricing that ranges from $495 to $3,400. There are also 175 Single Family Homes for rent, Condos, and Townhome rentals currently available in Peabody ranging from $550 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 $550 to $4,900 with an average monthly rent of $1,821.

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 $825 to $3,400, while Three Bedroom Homes, Condos, and Townhomes for rent range from $750 to $2,950. Four Bedroom Single-Family rentals are also available starting from $1,050 and Four Bedroom Apartments start at $1,800.

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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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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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.

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The Local Memphis Experts Guide to Renting Near the Citys Top Employers

Written by: Joshua Carlucci

I'm Josh, your ApartmentHomeLiving.

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Memphis, Tennessee: A Local Experts 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.

Articles, How-To's, and Tips

decorative image for How I Find the Perfect Rental for My Clients: A Real Estate Pro's Guide article

How I Find the Perfect Rental for My Clients: A Real Estate Pro's Guide

Written by: Robin Stewart

Evaluating rental properties for clients draws many parallels to house-hunting. Whether an apartment, loft, townhouse, or other rental, finding the right place means finding “home” for your client.

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Pet-Friendly Renting: Everything You Need to Know Before You Move

Written by: Christine Leonard, Esq.

For so many of us, pets are the best companions and a big part of our lives. For this reason, a pet-friendly house or apartment is often a very important - and nonnegotiable - part of a move.

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Creative Ways Developers Reimagine Retail Spaces as Residential Units

Written by: Robin Stewart

Adaptive reuse is when a commercial property is converted and repurposed. The real estate industry has embraced a growing number of these projects.

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Neighborhood and Market Insights: How to Choose the Right Area to Rent

Written by: Robin Stewart

Apartment-hunting can be a gargantuan task. Renters have a wish list of items—some luxuries, some necessities—but finding what you seek in the right place is perhaps the most important part of the journey.