Cheap Homes for Rent in Memphis, TN from $400 (456 Rentals)

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Cheap Homes in Memphis.

Navigating the Rental Market: Tips for First-Time Renters

Entering the rental market? Learn these simple tips and strategies to avoid common pitfalls and make confident choices. Rent with peace of mind.

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property at 4455 Macon Rd

4455 Macon Rd

MemphisTN38122

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.

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Memphis, TN Local Guide

Cheapest Neighborhoods for Apartments in Memphis, TN

Pricing Updated: 05/04/2025

Current apartment rentals in the Memphis, TN area range in price from $499 to $13,410 with an overall median price of $3,956. The three Memphis neighborhoods with the lowest median rent pricing are Hollywood at $890, Gardenview Park at $577, and Mill Branch at $577. 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$890$8901
Gardenview Park$897$577134
Mill Branch$897$57798
Douglass$975$59939
Georgian Woods$987$66031
Dellwood$995$66018
New Getwell$1,037$59945
Westwood$1,065$7008
Walter Chandler$1,075$7007
McKeller$1,097$1,0602

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. New Horizon - Kingsgate in the South Memphis neighborhood has the second lowest priced unit, which is a Studio apartment currently listed from $577. 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
New Horizon - KingsgateEffStudio,1BA$577
The Residences at LakeviewStudioStudio,1BA$581
El Dorado1 Bedroom1BR,1BA$582
WoodlakeEfficiencyStudio,1BA$599
Emerald Ridge1 bedroom 1 bathroom1BR,1BA$599
Longview Heights2 Bed / 1 Bath2BR,1BA$609
Longview Gardens2 Bedroom2BR,1BA$627
Coronado Manor1 bedroom1BR,1BA$649
Grahamwood Place1 bedroom 1 bathroom1BR,1BA$649

Best Value Apartments for Rent in Memphis, TN

As of May 04, 2025 the best value apartment in the Memphis area is the $0.38 price per square foot Student Housing Per Person Model at 3570 Spottswood Ave in the in the East Memphis neighborhood starting from $750. The second greatest value Memphis apartment is the 4 Bedroom 4 Bath Model at Student Lofts at Brister starting at $800 with a $0.43 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.
3570 Spottswood AveStudent Housing Per Person5BR,5BA$0.38
Student Lofts at Brister4 Bedroom 4 Bath1BR,1BA$0.43
Emerald Pointe3 bedroom 2.5 bathroom3BR,2.5BA$0.70
FairwayTwo Bedroom Townhome w/Stairs2BR,1.5BA$0.60
994 Philadelphia St, Unit 994994 Philadelphia St1BR,1BA$0.77
Shadowbrook Townhomes2 Bedroom w/ Den2BR,1.5BA$0.69
Faronia Square2 bdr 1.5 ba Plan IV2BR,1.5BA$0.75
Grahamwood Place1 bedroom 1 bathroom1BR,1BA$0.68
Longview Heights2 Bed / 1 Bath2BR,1BA$0.77
Grainge Hill Apartments2 Bed / 1.5 Bath2BR,1.5BA$0.64

Quick Rent Budget Calculator

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Frequently Asked Questions about Memphis

What type of rentals are currently available in Memphis?

There are currently 1812 Apartments for Rent in Memphis, TN with pricing that ranges from $499 to $13,210. There are also 1715 Single Family Homes for rent, Condos, and Townhome rentals currently available in Memphis ranging from $495 to $7,000.

What is the current price range for Rental Homes in Memphis?

Today's rental pricing for Homes for Rent, Condos and Townhomes in Memphis ranges from $495 to $7,000 with an average monthly rent of $2,130.

How much are larger Three and Four Bedroom Rentals in Memphis?

For those who are looking for larger living arrangements, Three Bedroom Apartments in Memphis range from $740 to $7,578, while Three Bedroom Homes, Condos, and Townhomes for rent range from $834 to $3,500. Four Bedroom Single-Family rentals are also available starting from $895 and Four Bedroom Apartments start at $599.

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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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.

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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.