Cheap Apartments for Rent in Memphis, IN from $400 (12 Rentals)

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Search the lowest-cost Apartments available for rent right now in Memphis.

Louisville's Best Affordable Neighborhoods

Learn about Louisville with original content written by our Louisville, KY Local Expert, Mike Heuer

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Arbor Place Apartments
1 to 2 Bedroom Apartments

Arbor Place Apartments

200 Arbor PlNew Albany, IN 47150
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Memphis, IN Local Guide

Cheapest Available Memphis Apartments for Rent and Nearby

 

The cheapest available apartment rental in Memphis, IN is a 1 Bed unit found at Yellowwood Terrace Affordable Senior Housing in the Southern Indiana neighborhood priced from $200. Courtyard Apartments in the Downtown New Albany neighborhood has the second lowest priced unit, which is a 2 Beds apartment currently listed from $804. Here is today’s list of the most affordable Memphis apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Yellowwood Terrace Affordable Senior HousingStandard1BR,1BA$200
Courtyard Apartments2.1A2BR,1BA$804
Willow RunOne Bed One Bath1BR,1BA$859
Meadows at Green Tree2 Bedroom/1.5 Bath2BR,1BA$915
Stonebridge ApartmentsSecond Floor 1Bed/1Bath1BR,1BA$995

Best Value Apartments for Rent in Memphis, IN and Nearby

As of March 26, 2025 the best value apartment in the Memphis area is the $0.89 price per square foot Koehler Springs II Model at Koehler Springs in the in the Southern Indiana neighborhood starting from $1,200. The second greatest value Memphis apartment is the WITH Storage Model at Williams Crossing Townhomes starting at $1,400 with a $1.04 price per square foot in the Southern Indiana neighborhood. Here is today’s list of the best values for Memphis apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Koehler SpringsKoehler Springs II3BR,2.5BA$0.89
Williams Crossing TownhomesWITH Storage3BR,2.5BA$1.04
Parkside Trace Apartments2 BEDROOM 2 BATHROOM2BR,2BA$1.05
Adelyn on Grant LinePremium2BR,2BA$1.16
Lakeview Apartments2 BEDROOM 2 BATHROOM B2BR,2BA$1.12
Carrington Place Apartments2 BEDROOM 1 BATHROOM2BR,1BA$1.10
Holmans Crossing Apartments2Bedroom/2Bathroom 986 sqft (1st or 2nd floor)2BR,2BA$1.11
Klerner Lane ApartmentsTwo Bed 9702BR,2BA$1.13
Renaissance Park ApartmentsNew Construction Two Bedroom Two Bathroom2BR,2BA$1.18
Yellowwood Terrace Affordable Senior HousingStandard1BR,1BA$0.34

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Getting Around Memphis, IN

Walk Score®

10 / 100

Car-Dependent

Almost all errands require a car

Bike Score®

24 / 100

Somewhat Bikeable

Minimal bike infrastructure

What Are Walk Score®, Transit Score®, and Bike Score® Ratings?

  • Walk Score® measures the walkability of any address.
  • Transit Score® measures access to public transit.
  • Bike Score® measures the bikeability of any address.

Frequently Asked Questions about Cheap Memphis Apartments

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

The lowest price for a Cheap One Bedroom Memphis Apartment is $200 at Yellowwood Terrace Affordable Senior Housing.

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

Today's best deal for a Cheap Two Bedroom Apartment in Memphis is starting from $804 at Courtyard Apartments.

What is the most affordable Memphis Three Bedroom Apartment?

The best deal on a cheap Memphis Three Bedroom Apartment rental is at Koehler Springs and starts from $1,200.

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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