Cheap Homes for Rent in Memphis, TN from $500 (450 Rentals)

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property at 4455 Macon Rd

4455 Macon Rd

MemphisTN38122
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Memphis, TN Local Guide

Cheapest Neighborhoods for Apartments in Memphis, TN

Pricing Updated: 04/18/2025

Current apartment rentals in the Memphis, TN area range in price from $200 to $12,700 with an overall median price of $4,507. 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$57774
Mill Branch$897$57739
Whitehaven$950$49985
Douglass$985$55039
Walter Chandler$985$7003
Dellwood$1,000$55015
Westwood$1,031$7005
New Getwell$1,100$59931
Yale Yards$1,254$499115
River Oaks-Kirby-Balmoral$1,450$581187

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
The Residences at LakeviewStudioStudio,1BA$581
El Dorado1 Bedroom1BR,1BA$592
WoodlakeEfficiencyStudio,1BA$599
Longview Heights2 Bed / 1 Bath2BR,1BA$616
Longview Gardens2 Bedroom2BR,1BA$620
SoMa 23Studio SmallStudio,1BA$650

Best Value Apartments for Rent in Memphis, TN

As of April 18, 2025 the best value apartment in the Memphis area is the $0.80 price per square foot 315 Stonewall St Model at 315 Stonewall St, Unit 311 Stonewall in the in the Midtown Memphis neighborhood starting from $1,999. 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.
315 Stonewall St, Unit 311 Stonewall315 Stonewall St3BR,2.5BA$0.80
Student Lofts at Brister4 Bedroom 4 Bath1BR,1BA$0.43
Cane Creek Apartments4 BED TOWNHOME4BR,2BA$0.65
Faronia Square2 bdr 1.5 ba Plan IV2BR,1.5BA$0.75
Flairwood Apartments2 Beds, 1 bath2BR,1BA$0.79
Valley ForgeTwo Bedroom2BR,1BA$0.80
Longview Heights2 Bed / 1 Bath2BR,1BA$0.78
Longview Gardens2 Bedroom2BR,1BA$0.79
Grainge Hill Apartments2 Bed / 1.5 Bath2BR,1.5BA$0.64
Scenic Hills Apartments1 Bedroom1BR,1BA$0.71

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Frequently Asked Questions about Memphis

What type of rentals are currently available in Memphis?

There are currently 1857 Apartments for Rent in Memphis, TN with pricing that ranges from $200 to $12,700. There are also 1758 Single Family Homes for rent, Condos, and Townhome rentals currently available in Memphis ranging from $525 to $15,000.

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 $525 to $15,000 with an average monthly rent of $2,102.

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 $730 to $7,875, while Three Bedroom Homes, Condos, and Townhomes for rent range from $800 to $15,000. Four Bedroom Single-Family rentals are also available starting from $850 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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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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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.

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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.