Cheap Apartments for Rent in Memphis, TN from $300 (594 Rentals)

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1253 Cannon St
$200Studio, 1 Bath RentalsAvailable Now

1253 Cannon St

Memphis, TN 38106
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4015 Summer Ave
from $5501 Bedroom Apartments Contact Us For Availability

4015 Summer Ave

4015 Summer AveMemphis, TN 38122
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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: 02/24/2025

Current apartment rentals in the Memphis, TN area range in price from $200 to $8,410 with an overall median price of $3,628. The three Memphis neighborhoods with the lowest median rent pricing are Hollywood at $600, Cherokee Park at $695, and Gardenview Park at $450. Here is today’s list of the top 10 neighborhoods with the lowest median pricing for Memphis Apartments for rent:

NeighborhoodMedian PriceMin PriceAvailable Units
Hollywood$600$6007
Cherokee Park$895$695113
Gardenview Park$897$450765
Dellwood$940$450301
Walter Chandler$950$700588
Whitehaven$950$4501798
New Getwell$995$599363
Orange Mound$1,000$1,00013
Westwood$1,031$700633
Mill Branch$1,100$690745

Cheapest Available Memphis Apartments for Rent

 

The cheapest available apartment rental in Memphis, TN is a 1 Bed unit found at Sonesta Simply Suites Memphis - Extended Stay in the Oakhaven neighborhood priced from $430. Grainge Hill Apartments in the East Memphis neighborhood has the second lowest priced unit, which is a 2 Beds apartment currently listed from $450. Here is today’s list of the most affordable Memphis apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Sonesta Simply Suites Memphis - Extended StayPer Week1BR,1BA$430
Grainge Hill Apartments2 Bed / 1.5 Bath2BR,1BA$450
Timber Pines Apartments1 Bed, 1 bath1BR,1BA$450
Camelot Manor1 Bed, 1 bath1BR,1BA$450
Bridgeport Manor2 Beds, 1 bath2BR,1BA$450
Longview Gardens2 Bedroom2BR,1BA$545
4015 Summer AveOne1BR,1BA$550
165 N Merton1BR/1.0BA1BR,1BA$550
Scenic Hills Apartments1 Bedroom1BR,1BA$550
New Horizon - KingsgateEffStudio,1BA$577

Best Value Apartments for Rent in Memphis, TN

As of February 25, 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 2006 Felix Ave Model at 2006 Felix Ave, Unit 1 starting at $700 with a $0.40 price per square foot in the East 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
2006 Felix Ave, Unit 12006 Felix Ave1BR,1BA$0.40
Raleigh Court Townhomes3 bedroom 1 1/2 bath3BR,1.5BA$0.67
2315 Longstreet Dr, Unit 2315 Longstreet dr2315 Longstreet Dr2BR,1BA$0.74
Shadowbrook Townhomes2 Bedroom w/ Den2BR,1.5BA$0.69
Longview Gardens2 Bedroom2BR,1BA$0.69
Grainge Hill Apartments2 Bed / 1.5 Bath2BR,1.5BA$0.57
Scenic Hills Apartments1 Bedroom1BR,1BA$0.71
Bridgeport Manor2 Beds, 1 bath2BR,1BA$0.60
Timber Pines Apartments1 Bed, 1 bath1BR,1BA$0.64

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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 the Cheapest Studio apartment in Memphis?

Currently the most affordable Cheap Studio Apartment in Memphis is at New Horizon - Kingsgate listed at $577.

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

The lowest price for a Cheap One Bedroom Memphis Apartment is $430 at Sonesta Simply Suites Memphis - Extended Stay.

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 $450 at Bridgeport Manor.

What is the most affordable Memphis Three Bedroom Apartment?

The best deal on a cheap Memphis Three Bedroom Apartment rental is at Valley Forge and starts from $750.

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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What to Know About Fees and Fines When Renting

Written by: Trey Huguley

When it comes to renting a new apartment or home there can be a number of fees that you will want to keep in mind going into the process.

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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.

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Signing Your Apartment Lease: The Basics

Written by: Trey Huguley

When you're about to sign a lease for the first time, it can feel a bit overwhelming. You don’t want to miss any important details hidden in the fine print.