Cheap Apartments for Rent in the Peabody Neighborhood of Memphis, TN from $300 (82 Rentals)

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

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411 Tillman St
2 Bedroom Apartments

411 Tillman St

411 Tillman StMemphis, TN 38112
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321 Pauline St
1 to 2 Bedroom Apartments

321 Pauline St

321 Pauline StMemphis, TN 38104
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Lapaloma Apartments
1 to 2 Bedroom Apartments

Lapaloma Apartments

1393 Lapaloma CirMemphis, TN 38114
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230 Cochran St
2 Bedroom Apartments

230 Cochran St

230 Cochran StMemphis, TN 38105
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Peach Apartments
1 Bedroom Apartments

Peach Apartments

1330 Peach AveMemphis, TN 38104
Showing Results 1-50, Page 1 of 2

Peabody, Memphis, TN Local Guide

Cheapest Available Peabody Apartments for Rent

 

The cheapest available apartment rental in the Peabody area of Memphis, TN is a 1 Bed unit found at 165 N Merton priced from $550. SoMa 23 has the second lowest priced unit, which is a Studio apartment currently listed from $650. Here are the most affordable Peabody apartments for rent in Memphis, TN:

Apartment ListingModel NameBed/BathPriced From
165 N Merton1BR/1.0BA1BR,1BA$550
SoMa 23Studio SmallStudio,1BA$650
Manor Park Apartments1 Bed / 1 Bath1BR,1BA$700
Overton PlaceStudio1BR,1BA$725
Village Square2048 #21BR,1BA$725
Vinton Avenue Apartments2BR/1.0BA2BR,1BA$750
Belvedere Gardens Condominiums1x1 Bath1BR,1BA$775
Idlewild Terrace1BR/1.0BA1BR,1BA$795

Best Value Apartments for Rent in Peabody, TN

As of April 12, 2025 the best value apartment in the Peabody 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 Peabody 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 Peabody 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
2006 Felix Ave, Unit 12006 Felix Ave1BR,1BA$0.40
Cane Creek Apartments4 BED TOWNHOME4BR,2BA$0.65
1229 Vinton Ave, Unit 11229 Vinton Ave2BR,1BA$0.85
The Avalon2 Bed/2 Bath2BR,2BA$1.04
Stonewall Apartments2 Bed 1.5 Bath2BR,1.5BA$0.81
1920 Lamar Ave, Unit APT 11920 Lamar Ave2BR,1BA$1.05
1101 S Rembert St, Unit 11011101 S Rembert St1BR,1BA$0.90
Audubon DownsOne Bedroom1BR,1BA$1.01
Vinton Avenue Apartments2BR/1.0BA2BR,1BA$0.91

Quick Rent Budget Calculator

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Pet Friendly Lifestyle
Peabody, Memphis, TN

Ranked #5

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 Lifestyle Ratings of rentals and neighborhoods across the USA, including Memphis. Lifestyle Ratings show you the best fit for your needs and interests. This takes in many factors including rankings of the best places for the best proximity to parks and outdoor amenities, luxury amenities, transit availability, pet-friendly communities, multifamily communities for the kids, and other valuable search options. Use Lifestyle Search in the site filter options on this page - and find your Perfect place!

Frequently Asked Questions about Cheap Peabody Apartments

What is a cheap apartment in Peabody?

A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in Peabody is under $795.

What is the price of a cheap apartment in Peabody?

The cheapest apartment in Peabody is 165 N Merton which is listed at $550, while the average apartment in Peabody costs $12,770.

What types of apartments are the cheapest in Peabody?

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 90 regular apartments in Peabody 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 Peabody?

Cheap apartments in Peabody have an average cost of $367 which is $12,403 cheaper than the average rent for all rentals in Peabody.

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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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.

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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.