Cheap Homes for Rent in Walnut Grove Neighborhood of Memphis, TN from $500 (49 Rentals)

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Search the lowest-cost Homes available for rent right now in the Walnut Grove 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 964 Elizabeth Ln

$1,200

Total Monthly Price

Total Monthly Price

Base Rent
$1,200
Total Monthly Price
$1,200

3 Bedroom, 1 Bath Home for Rent

Available Now

964 Elizabeth Ln

MemphisTN38122

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 4167 Cochese Rd

$1,275

Total Monthly Price

Total Monthly Price

Base Rent
$1,275
Total Monthly Price
$1,275

3 Bedroom, 1 Bath Home for Rent

Available Now

4167 Cochese Rd

MemphisTN38118

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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Showing Results 1-49, Page 1 of 1

Walnut Grove, Memphis, TN Local Guide

Cheapest Available Walnut Grove Apartments for Rent

 

The cheapest available apartment rental in the Walnut Grove area of Memphis, TN is a Studio unit found at The Residences at Lakeview priced from $581. Oak Grove Flats has the second lowest priced unit, which is a 2 Beds apartment currently listed from $667. Here are the most affordable Walnut Grove apartments for rent in Memphis, TN:

Apartment ListingModel NameBed/BathPriced From
The Residences at LakeviewStudioStudio,1BA$581
Oak Grove Flats2BR2BR,1BA$667
Grahamwood Place1 bedroom 1 bathroom1BR,1BA$699
The Trails at Mt. Moriah1 bed 1 bath F1BR,1BA$725
Summer Oaks Apartments4030 Summer2BR,1BA$750
Cherry Creek Apartments1 Bedroom, 1 Bath1BR,1BA$750
Hickory Grove1 Bedroom, 1 Bathroom1BR,1BA$795
The Brooklyn Memphis1 Bed 1 Bath Classic1BR,1BA$800
Macon Manor1 Bedroom 1 Bathroom1BR,1BA$825
Hickory PointeOne Bedroom1BR,1BA$850

Best Value Apartments for Rent in Walnut Grove, TN

As of April 21, 2026 the best value apartment in the Walnut Grove area is the $1.09 price per square foot 2 Bedroom-2.5 Bath Model at Fairfax Manor Townhomes in the in the Germantown neighborhood starting from $1,465. The second greatest value Walnut Grove apartment is the Lennox Model at Poplar Place Townhomes starting at $1,299 with a $1.01 price per square foot in the Germantown neighborhood. Here is today’s list of the best values for Walnut Grove apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Fairfax Manor Townhomes2 Bedroom-2.5 Bath2BR,2.5BA$1.09
Poplar Place TownhomesLennox2BR,1.5BA$1.01
Cordova CreekB32BR,1.5BA$1.13
Farmington GatesDorsay - 2x22BR,2BA$1.18
Oak Grove Flats3BR3BR,1.5BA$0.94
Summer Oaks Apartments4030 Summer2BR,1BA$0.81
Courtyard @ Waring Park2 Bedroom, 1 Bathroom2BR,1BA$0.99
Crossings at Fox Meadows1 Bedroom, 1 Bathroom1BR,1BA$1.07
Mendenhall Gardens1A1BR,1BA$1.12
Grahamwood Place1 bedroom 1 bathroom1BR,1BA$0.93

10 Hidden Costs of Renting You Should Budget for Before Signing a Lease

Avoid financial stress when renting. Learn about the 10 most common hidden costs—from pet fees to utilities—you must budget for before you sign a lease.

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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
Walnut Grove, Memphis, TN

Ranked #29

Among cities in Tennessee for Apartment listings with Pet Friendly Amenities.

Pet Friendliness Lifestyle Score

3.5
Pet Friendly

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Frequently Asked Questions about Walnut Grove

What type of rentals are currently available in Walnut Grove?

There are currently 98 Apartments for Rent in Walnut Grove, TN with pricing that ranges from $581 to $3,745. There are also 214 Single Family Homes for rent, Condos, and Townhome rentals currently available in Walnut Grove ranging from $550 to $6,000.

What is the current price range for Rental Homes in Walnut Grove?

Today's rental pricing for Homes for Rent, Condos and Townhomes in Walnut Grove ranges from $550 to $6,000 with an average monthly rent of $2,228.

How much are larger Three and Four Bedroom Rentals in Walnut Grove?

For those who are looking for larger living arrangements, Three Bedroom Apartments in Walnut Grove range from $875 to $2,711, while Three Bedroom Homes, Condos, and Townhomes for rent range from $849 to $3,200. Four Bedroom Single-Family rentals are also available starting from $1,195 and Four Bedroom Apartments start at $1,440.

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

Written by: Lauren Harrington

This article draws from first-hand renter experiences and recurring financial challenges reported after moving in.

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Maximizing Your Refund: Essential Tax Tips for Renters

Written by: Christine Leonard, Esq.

Other than tax professionals, I can’t think of anyone who looks forward to tax season. For everybody else, April is a stressful month to collect information and meet deadlines.

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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.