Cheap Apartments for Rent in New Memphis, IL from $400 (47 Rentals)

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Search the lowest-cost Apartments available for rent right now in New 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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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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McKay Manor
1 to 3 Bedroom Apartments

McKay Manor

1 McKay Manor DrBreese, IL 62230

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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215 anderson lane A
1 to 2 Bedroom Apartments

215 anderson lane A

215-223 Anderson LnShiloh, IL 62221
  • Utilities Included
property at 106 Lee Dr

$1,025

2 Bedroom Rentals

Available Now

106 Lee Dr

O'FallonIL62269

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 1-47, Page 1 of 1

New Memphis, IL Local Guide

Cheapest Available New Memphis Apartments for Rent and Nearby

 

The cheapest available apartment rental in New Memphis, IL is a 2 Beds unit found at Cedars of Lebanon Apartments in the Metro East neighborhood priced from $200. McKay Manor has the second lowest priced unit, which is a 1 Bed apartment currently listed from $475. Here is today’s list of the most affordable New Memphis apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Cedars of Lebanon ApartmentsTwo Bedroom2BR,1BA$200
McKay Manor1 Bdrm1BR,1BA$475
Flax Meadow TownhomesTwo Bed2BR,1BA$715
Lakewood Estates1 Bedroom1BR,1BA$750
Bouse Apartment Homes1 Bedroom 1 Bath1BR,1BA$845
722 Abend St1 Bed, 1 bath1BR,1BA$895
500 E A St1 Bed, 1 bath1BR,1BA$950
Linwood ApartmentsTwo Bed One Bath2BR,1BA$1,000
Meadows at Shadow Ridge1.1- 612 sq ft1BR,1BA$1,025
Shadow Ridge Apartments1 Bed- 750 sq ft1BR,1BA$1,050

Best Value Apartments for Rent in New Memphis, IL and Nearby

As of June 11, 2026 the best value apartment in the New Memphis area is the $1.15 price per square foot Park Entrance B1 Model at Storyboard on Park Entrance in the in the OFallon neighborhood starting from $1,379. The second greatest value New Memphis apartment is the 3 Bd Townhouse w/ Garage Model at BSB Apartments starting at $1,150 with a $1.04 price per square foot in the Metro East neighborhood. Here is today’s list of the best values for New Memphis apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Storyboard on Park EntrancePark Entrance B12BR,2BA$1.15
BSB Apartments3 Bd Townhouse w/ Garage3BR,2BA$1.04
Linwood ApartmentsTwo Bed One Bath2BR,1BA$0.91
Reside Here Apartments & Rentals2BR/1.5BA2BR,1.5BA$1.09
1118 E 3rd St2 Beds, 1 bath2BR,1BA$1.18
1400 Sangamon Dr2 Beds, 2 baths2BR,2BA$1.15
Flax Meadow TownhomesTwo Bed2BR,1.5BA$0.81
Lakewood Estates1 Bedroom1BR,1BA$0.94
McKay Manor1 Bdrm1BR,1BA$0.64
Cedars of Lebanon ApartmentsStudioStudio ,1BA$0.44

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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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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Remember the 3 Rules of Real Estate:
Location, Location, Location!

Explore New Memphis, IL Rentals by Map

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Frequently Asked Questions about Cheap New Memphis Apartments

How much is rent for a Cheap One Bedroom New Memphis Apartment?

The lowest price for a Cheap One Bedroom New Memphis Apartment is $200 at Cedars of Lebanon Apartments.

What is the lowest price for a Cheap Two Bedroom New Memphis Apartment for rent?

Today's best deal for a Cheap Two Bedroom Apartment in New Memphis is starting from $200 at Cedars of Lebanon Apartments.

What is the most affordable New Memphis Three Bedroom Apartment?

The best deal on a cheap New Memphis Three Bedroom Apartment rental is at Flax Meadow Townhomes and starts from $883.

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 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.