Cheap Apartments for Rent in the Downtown Memphis Neighborhood of Memphis, TN from $500 (59 Rentals)

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Cheap Apartments in the Downtown Memphis area of Memphis.

Navigating the Rental Market: Tips for First-Time Renters

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property at 109 N Main St

109 N Main St

MemphisTN38103
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April Woods
2 to 3 Bedroom Apartments

April Woods

262 Chelsea AveMemphis, TN 38107
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Crescent Bluff II
1 to 2 Bedroom Apartments

Crescent Bluff II

10 E Virginia AveMemphis, TN 38106
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Crescent Bluff
1 to 3 Bedroom Apartments

Crescent Bluff

25 E Virginia AveMemphis, TN 38106
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The Kendall
2 Bedroom Apartments

The Kendall

1018 N 7th StMemphis, TN 38107
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Pontotoc Gardens
3 Bedroom Apartments

Pontotoc Gardens

537-539 Pontotoc AveMemphis, TN 38126
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Uptown Flats
1 to 3 Bedroom Apartments

Uptown Flats

627 N Main StMemphis, TN 38107
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Patterson Flats
1 Bedroom Apartments

Patterson Flats

259 E Butler AveMemphis, TN 38126
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Forum Flats
1 to 3 Bedroom Apartments

Forum Flats

441 E Pontotoc AveMemphis, TN 38126
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Looney Apartments
2 Bedroom Apartments

Looney Apartments

693 Looney AveMemphis, TN 38107
  • Smoke Free
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2nd Street Flats
1 to 3 Bedroom Apartments

2nd Street Flats

362 S 2nd StMemphis, TN 38103
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Jefferson Place
1 to 2 Bedroom Apartments

Jefferson Place

560 S Jefferson PlMemphis, TN 38105
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Hope Heights Tower
Studio Apartments

Hope Heights Tower

383 Madison AveMemphis, TN 38103
Senior Living
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Showing Results 1-50, Page 1 of 2

Downtown Memphis, Memphis, TN Local Guide

Cheapest Available Downtown Memphis Apartments for Rent

 

The cheapest available apartment rental in the Downtown Memphis area of Memphis, TN is a 1 Bed unit found at Helix at the District priced from $750. Owens Place Townhomes has the second lowest priced unit, which is a 1 Bed apartment currently listed from $760. Here are the most affordable Downtown Memphis apartments for rent in Memphis, TN:

Apartment ListingModel NameBed/BathPriced From
Helix at the District1S1BR,1BA$750
Owens Place Townhomes1 Bed Flat1BR,1BA$760
Edison ParkOne Bedroom High-RiseStudio,1BA$765
Greenlaw Apartments2 bedroom x 1 bath2BR,1BA$795
Indigo RiverviewEmoryStudio,1BA$831
628 Madison AveSmall StudioStudio,1BA$850
The Metropolitan and Greenlaw Place ApartmentsGreenlaw 1 Bedroom Flat1BR,1BA$850
Linden Yards ApartmentsTwo Bedroom2BR,1BA$880
Forum Flats1 Bedroom One Bathroom 1-A Type B-60%1BR,1BA$889
Bickford Square Apartments2BR/2BA2BR,2BA$895

Best Value Apartments for Rent in Downtown Memphis, TN

As of May 08, 2025 the best value apartment in the Downtown Memphis area is the $0.84 price per square foot 2BR/2BA Model at Bickford Square Apartments in the in the Downtown Memphis neighborhood starting from $895. The second greatest value Downtown Memphis apartment is the Three Bedroom Two Bath 60% Model at Crescent Bluff starting at $1,312 with a $1.24 price per square foot in the Downtown Memphis neighborhood. Here is today’s list of the best values for Downtown Memphis apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Bickford Square Apartments2BR/2BA2BR,2BA$0.84
Crescent BluffThree Bedroom Two Bath 60%3BR,2BA$1.24
628 Madison Ave2 bd / 2 ba2BR,2BA$1.35
The WashburnA51BR,1BA$1.28
Linden Yards ApartmentsTwo Bedroom2BR,1BA$0.97
The Metropolitan and Greenlaw Place ApartmentsGreenlaw 1 Bedroom Flat1BR,1BA$1.16
Owens Place Townhomes1 Bed Flat1BR,1BA$1.10
Forum Flats1 Bedroom One Bathroom 1-A Type B-60%1BR,1BA$1.31
Greenlaw Apartments2 bedroom x 1 bath2BR,1BA$1.22
Helix at the District1S1BR,1BA$1.36

Quick Rent Budget Calculator

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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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Pet Friendly Lifestyle
Downtown Memphis, Memphis, TN

Ranked #9

Among neighborhoods in Memphis, TN for Apartment listings with Pet Friendly Amenities

Pet Friendliness Lifestyle Score

4.0
Pet Friendly

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Lifestyle Ratings

ApartmentHomeLiving brings you our detailed rental analysis called 'Lifestyle Ratings' - a comparison of rentals in areas across the United States including Downtown Memphis, Memphis, and the greater Memphis area. Lifestyle Ratings show you the best fit for your needs and interests. This takes in many factors including searching for the best amenities, and easy access to the parks, transit availability, pet-friendly communities, family-friendliness, and other valuable search options. These search options are in the site filters at the top of this page.

Frequently Asked Questions about Cheap Downtown Memphis Apartments

What is a cheap apartment in Downtown Memphis?

A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in Downtown Memphis is under $895.

What is the price of a cheap apartment in Downtown Memphis?

The cheapest apartment in Downtown Memphis is Helix at the District which is listed at $750, while the average apartment in Downtown Memphis costs $2,372.

What types of apartments are the cheapest in Downtown 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 40 regular apartments in Downtown 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 Downtown Memphis?

Cheap apartments in Downtown Memphis have an average cost of $226 which is $2,146 cheaper than the average rent for all rentals in Downtown 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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The Freedom of Short-Term Leases: Exploring the Advantages for Renters

Written by: Bobbi Jackson

If you’re looking to relocate right now, a popular solution that may best fit your current rental needs is a short-term lease.

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Navigating the Rental Market: Tips for First-Time Renters

Written by: Sandy Baker

Making the decision to rent is exciting and terrifying at the same time. For many people, there are a lot of unknowns.

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Rise of Digital Nomads: Remote Work Tips for Apartment Renters

Written by: Brandie Parton

As a digital nomad, you no longer call a set address or office building your home for eight hours of the day or more.

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Know Your Rights - How Discrimination Laws Impact Landlords and Tenants

Written by: Christine Leonard, Esq.

Everyone needs a place to live and to call home. For decades, the federal government has established protections to ensure that individuals and families can find housing free from discriminatory barriers.