Cheap Apartments for Rent in the Downtown Memphis Neighborhood of Memphis, TN from $500 (60 Rentals)

How Many Bedrooms?Done
Select your price rangeDone
Lifestyle Matching SearchDone
Learn more about Lifestyle Search
By AmenitiesDone
By Community TypeDone
Features and AvailabilityDone
Done

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

Know Your Rights - How Discrimination Laws Impact Landlords and Tenants

Read our practical guide to landlord and tenant rights. Understand protected classes, reasonable accommodations, and legal exceptions to prevent housing discrimination.

Read Article
property at 109 N Main St

109 N Main St

MemphisTN38103
close
View Me
April Woods
2 to 3 Bedroom Apartments

April Woods

262 Chelsea AveMemphis, TN 38107
  • Utilities Included
close
View Me
Crescent Bluff II
1 to 2 Bedroom Apartments

Crescent Bluff II

10 E Virginia AveMemphis, TN 38106
  • Utilities Included
close
View Me
Pontotoc Gardens
3 Bedroom Apartments

Pontotoc Gardens

537-539 Pontotoc AveMemphis, TN 38126
close
View Me
Patterson Flats
1 to 3 Bedroom Apartments

Patterson Flats

259 E Butler AveMemphis, TN 38126
  • Utilities Included
close
View Me
Forum Flats
1 to 3 Bedroom Apartments

Forum Flats

441 E Pontotoc AveMemphis, TN 38126
  • Utilities Included
close
View Me
Looney Apartments
2 Bedroom Apartments

Looney Apartments

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

2nd Street Flats

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

Jefferson Place

560 S Jefferson PlMemphis, TN 38105
  • Utilities Included
close
View Me
Hope Heights Tower
Studio Apartments

Hope Heights Tower

383 Madison AveMemphis, TN 38103
Senior Living
  • Utilities Included
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
Greenlaw Apartments2 bedroom x 1 bath2BR,1BA$795
Edison ParkOne Bedroom Garden SouthStudio,1BA$825
The Metropolitan and Greenlaw Place ApartmentsGreenlaw 1 Bedroom Townhouse1BR,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
Exchange Building1 Bedroom Small1BR,1BA$925
Uptown Square Apartments1 Bedroom - Urban1BR,1BA$930

Best Value Apartments for Rent in Downtown Memphis, TN

As of April 26, 2025 the best value apartment in the Downtown Memphis area is the $1.40 price per square foot B1 (2x2 Island Park) Model at Island Park/Harbor Town Square in the in the Downtown Memphis neighborhood starting from $1,554. The second greatest value Downtown Memphis apartment is the 2BR/2BA Model at Bickford Square Apartments starting at $895 with a $0.84 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.
Island Park/Harbor Town SquareB1 (2x2 Island Park)2BR,2BA$1.40
Bickford Square Apartments2BR/2BA2BR,2BA$0.84
Linden Yards ApartmentsTwo Bedroom2BR,1BA$0.97
The WashburnA41BR,1BA$1.24
The Metropolitan and Greenlaw Place ApartmentsGreenlaw 1 Bedroom Flat1BR,1BA$1.16
Edison ParkTwo Bedroom High-RiseStudio ,1BA$1.20
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

How much rent can you afford?

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.

decorative image of people with a giant lease agreement

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

decorative image of woman handing cat to small boy

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 $930.

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 $2,216.

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 117 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 $521 which is $1,695 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.

decorative image for Understanding Amenity Fees: Know Where You Might Be Able to Save Money article

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.

decorative image for Rise of Digital Nomads: Remote Work Tips for Apartment Renters article

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.

decorative image for Know Your Rights - How Discrimination Laws Impact Landlords and Tenants article

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.

decorative image for Renting Smart: Lease Basics Every Renter Needs article

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.