Cheap Apartments for Rent in the Raleigh Neighborhood of Memphis, TN from $500 (23 Rentals)

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

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Rivergrove
1 to 2 Bedroom Apartments

Rivergrove

4000 Rio Lobo DrMemphis, TN 38128
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Coves at Yale
1 to 3 Bedroom Apartments

Coves at Yale

5022 Yale RdMemphis, TN 38128
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Raleigh Court Townhomes
2 to 4 Bedroom Apartments

Raleigh Court Townhomes

4258 Green Hall WayMemphis, TN 38128
  • Utilities Included
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Beverly Springs
2 Bedroom Apartments

Beverly Springs

2879 Beverly Hill RdMemphis, TN 38128
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Showing Results 1-23, Page 1 of 1

Raleigh, Memphis, TN Local Guide

Cheapest Available Raleigh Apartments for Rent

 

The cheapest available apartment rental in the Raleigh area of Memphis, TN is a 1 Bed unit found at Walden Pointe priced from $720. Rivergrove has the second lowest priced unit, which is a 1 Bed apartment currently listed from $725. Here are the most affordable Raleigh apartments for rent in Memphis, TN:

Apartment ListingModel NameBed/BathPriced From
Walden PointeOne Bedroom 1X1C1BR,1BA$720
Rivergrove1B1BR,1BA$725
Scenic Hills Apartments1 Bedroom1BR,1BA$729
Lexington Apartments11G601BR,1BA$735
Jamesbridge1 Bed / 1 Bath - Value Option1BR,1BA$740

Best Value Apartments for Rent in Raleigh, TN

As of March 27, 2025 the best value apartment in the Raleigh area is the $0.78 price per square foot 5289 Dare Ave Model at 5289 Dare Ave in the in the Raleigh neighborhood starting from $1,925. The second greatest value Raleigh apartment is the 4 Bed, 3 Bath Model at Sunridge Townhomes starting at $1,695 with a $0.81 price per square foot in the Raleigh neighborhood. Here is today’s list of the best values for Raleigh apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
5289 Dare Ave5289 Dare Ave4BR,2BA$0.78
Sunridge Townhomes4 Bed, 3 Bath4BR,3BA$0.81
3113 Raleigh Ridge Cove3113 Raleigh Ridge Cove4BR,2BA$0.95
3868 Kerston Dr3868 Kerston Dr3BR,2BA$0.89
4150 Lansdowne Dr4150 Lansdowne Dr3BR,1.5BA$0.97
The Meridian Apartments3 Bed 2 Bath3BR,2BA$0.91
Abington2 Bed / 1.5 Bath2BR,1.5BA$0.89
Scenic Hills Apartments2 Bedroom Flat2BR,1BA$0.98
Lakes at Epping Way1 Bed / 1 Bath - Value Option1BR,1BA$1.01
Rivergrove1B1BR,1BA$0.97

Quick Rent Budget Calculator

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Pet Friendly Lifestyle
Raleigh, Memphis, TN

Ranked #82

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

Pet Friendliness Lifestyle Score

2.5
Pet Friendly

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Getting Around the Raleigh Neighborhood in Memphis, TN

Walk Score®

34 / 100

Car-Dependent

Most errands require a car

Bike Score®

34 / 100

Somewhat Bikeable

Minimal bike infrastructure

Transit Score®

21 / 100

Minimal Transit

It may be possible to get on a bus

What Are Walk Score®, Transit Score®, and Bike Score® Ratings?

  • Walk Score® measures the walkability of any address.
  • Transit Score® measures access to public transit.
  • Bike Score® measures the bikeability of any address.

Frequently Asked Questions about Cheap Raleigh Apartments

What is the price of a cheap apartment in Raleigh?

The cheapest apartment in Raleigh is Walden Pointe which is listed at $720, while the average apartment in Raleigh costs $1,695.

What types of apartments are the cheapest in Raleigh?

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 63 regular apartments in Raleigh 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 Raleigh?

Cheap apartments in Raleigh have an average cost of $111 which is $1,584 cheaper than the average rent for all rentals in Raleigh.

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.