Cheap Apartments for Rent in Memphis, TN from $300 (646 Rentals)

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

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Memphis, TN Local Guide

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Written By:
Justin Habersaat
Editing Staff

Cheapest Neighborhoods for Apartments in Memphis, TN

Pricing Updated: 04/12/2025

Current apartment rentals in the Memphis, TN area range in price from $200 to $12,770 with an overall median price of $4,575. The three Memphis neighborhoods with the lowest median rent pricing are Gardenview Park at $577, Mill Branch at $577, and Whitehaven at $499. Here is today’s list of the top 10 neighborhoods with the lowest median pricing for Memphis Apartments for rent:

NeighborhoodMedian PriceMin PriceAvailable Units
Gardenview Park$897$577159
Mill Branch$897$577133
Whitehaven$950$499174
Douglass$985$55040
Walter Chandler$985$7003
Dellwood$1,000$55015
Westwood$1,031$7005
New Getwell$1,095$59957
Yale Yards$1,260$499179
Parkway Village$1,440$581450

Cheapest Available Memphis Apartments for Rent

 

The cheapest available apartment rental in Memphis, TN is a 2 Beds unit found at Grainge Hill Apartments in the East Memphis neighborhood priced from $499. 165 N Merton in the East Memphis neighborhood has the second lowest priced unit, which is a 1 Bed apartment currently listed from $550. Here is today’s list of the most affordable Memphis apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Grainge Hill Apartments2 Bed / 1.5 Bath2BR,1BA$499
165 N Merton1BR/1.0BA1BR,1BA$550
Scenic Hills Apartments1 Bedroom1BR,1BA$550
New Horizon - KingsgateEffStudio,1BA$577
El Dorado1 Bedroom1BR,1BA$579
The Residences at LakeviewStudioStudio,1BA$581
Longview Heights2 Bed / 1 Bath2BR,1BA$596
WoodlakeEfficiencyStudio,1BA$599
Longview Gardens2 Bedroom2BR,1BA$602
SoMa 23Studio SmallStudio,1BA$650

Best Value Apartments for Rent in Memphis, TN

As of April 13, 2025 the best value apartment in the Memphis area is the $0.43 price per square foot 4 Bedroom 4 Bath Model at Student Lofts at Brister in the in the East Memphis neighborhood starting from $800. The second greatest value Memphis apartment is the 4 BED TOWNHOME Model at Cane Creek Apartments starting at $1,067 with a $0.65 price per square foot in the South Memphis 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.
Student Lofts at Brister4 Bedroom 4 Bath1BR,1BA$0.43
Cane Creek Apartments4 BED TOWNHOME4BR,2BA$0.65
FairwayTwo Bedroom Townhome w/Stairs2BR,1.5BA$0.60
Shadowbrook Townhomes2 Bedroom w/ Den2BR,1.5BA$0.69
Faronia Square2 bdr 1.5 ba Plan IV2BR,1.5BA$0.75
Flairwood Apartments2 Beds, 1 bath2BR,1BA$0.79
Longview Heights2 Bed / 1 Bath2BR,1BA$0.76
Longview Gardens2 Bedroom2BR,1BA$0.76
Grainge Hill Apartments2 Bed / 1.5 Bath2BR,1.5BA$0.64
Scenic Hills Apartments1 Bedroom1BR,1BA$0.71

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Memphis Overview

Memphis, Tennessee is a place where you can feel lost in time, surrounded by rich history and the roots of some of today’s most popular music. Southern hospitality and tradition combine with modern comfort and a sense of belonging in Tennessee’s largest city, which still manages to retain the quiet charms of simple living. From the vibrant neighborhoods of Downtown Memphis to the majestic Mississippi River, there is no shortage of variety to be found by people staying in apartments in Memphis. Also, you can’t visit this sunny getaway without trying some legendary Memphis barbecue.

Why live in Memphis, TN?

The endless possibilities in Memphis make it a city that is difficult to define. There are museums and historical sites that will satisfy anyone seeking to learn about the rich history of the south and the civil rights movement. The plentiful parks and trails can keep active nature lovers happy, and there’s no shortage of sights for music aficionados interested in the origins of the classics. Between the countless animals at the Memphis Zoo, the mouthwatering soul food and barbecue that’s always in easy reach, and the minor league stadium where you can watch the Memphis Redbirds in action, Memphis is a city that comes equipped with everything you might want to experience. No matter who you find your apartment in Memphis, you're bound for adventure.

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

Explore Memphis, TN Rentals by Map

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See the most popular apartments and homes in Memphis, TN

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Getting Around Memphis, TN

Walk Score®

50 / 100

Somewhat Walkable

Some errands can be accomplished on foot

Bike Score®

50 / 100

Bikeable

Some bike infrastructure

Transit Score®

29 / 100

Some Transit

A few nearby public transportation options

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

What is a cheap apartment in Memphis?

A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in Memphis is under $650.

What is the price of a cheap apartment in Memphis?

The cheapest apartment in Memphis is Scenic Hills Apartments which is listed at $550, while the average apartment in Memphis costs $4,575.

What types of apartments are the cheapest in Memphis?

Student, low-income, and by-the-bed apartments are typically the cheapest rentals in most cities, though they require qualifying criteria to rent. There are 5,471 regular apartments in Memphis that we think qualify as ‘cheap apartments’ that do not have special requirements to apply to rent.

How do the prices of cheap apartments compare to the average apartment in Memphis?

Cheap apartments in Memphis have an average cost of $601 which is $3,974 cheaper than the average rent for all rentals in Memphis.

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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Understanding Amenity Fees: Know Where You Might Be Able to Save Money

Written by: Amber Kanuckel

With the rising costs of housing, a lot of renters are asking this question: Is it possible to opt out of various amenities that your rental property offers so that you can avoid paying the fees.

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Renting Smart: Lease Basics Every Renter Needs

Written by: Christine Leonard, Esq.

Often, in the excitement of finding a new place to live, there’s a rush to make it happen, and - too often - a new tenant signs a lease without reading it carefully.

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Battling the Butts: Your Guide to the Reality of Smoke-Free Renting

Written by: Andrea Lee Negroni, JD

While many apartment buildings are “no smoking” properties, it’s hard to know exactly how many. In 2017, the National Apartment Association reported more than half of rental properties had smoke free policies.

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How Your Move-In Inspection Can Protect Your Security Deposit

Written by: Christine Leonard, Esq.

If you’re anything like most people, housing costs represent a huge chunk of your monthly budget. On top of that, moving can be both a stressful and expensive affair.