Best Affordable Neighborhoods in Memphis, TN
Some of the cheapest neighborhoods in Memphis are Canada Gardens, Vaughn Village, and Whitehaven Gardens. These neighborhoods offer some of the lowest rent prices in Memphis, making them ideal for renters on a budget. As of January 8, 2026, the average rent in Memphis is $1,028, which is 1.9% lower than last year. However, it's important to remember that rental prices can vary significantly based on factors such as location, amenities, and floor plans.
Canada Gardens
Average Rent
$643/Month
TransitScore® Rating
30/100
Units Available
12 Rentals
Canada Gardens is an affordable neighborhood in Memphis with an average rent price of $643. Compare this to the city average of $1,028. Canada Gardens provides easy access to Southwest Tenn., Union Avenue, Memphis International, and Sharpe Planetarium. It’s a car-dependent neighborhood with a WalkScore® of 24.
Vaughn Village
Average Rent
$669/Month
TransitScore® Rating
22/100
Units Available
10 Rentals
If you’re looking for a great, affordable neighborhood in Memphis, Vaughn Village might be the perfect place! It has an average rent price of $669, while the city’s average stands at $1,028. Vaughn Village is near Southwest Tenn., Macon Cove, Summer Center, and Harding University, Memphis.
Whitehaven Gardens
Average Rent
$703/Month
Units Available
10 Rentals
Whitehaven Gardens is a top choice for budget-conscious renters for a variety of reasons. The average rent in Whitehaven Gardens is $703 while the city average is $1,028. Residents enjoy convenient access to Southwest Tenn., Union Avenue, Harding University, Memphis, and Christian Brothers University.
Mendenhall Estates
Average Rent
$714/Month
TransitScore® Rating
28/100
Units Available
10 Rentals
When you’re looking for a great Memphis neighborhood on a budget, check out Mendenhall Estates. The average rent is $714, compared to the city average of $1,028. Mendenhall Estates is convenient to Southwest Tenn., Macon Cove, University of Memphis, and Colony Square. The community is somewhat walkable with a WalkScore® of 68.
Whitehaven
Average Rent
$733/Month
Year-Over-Year Rent Change
0.4%
TransitScore® Rating
27/100
Units Available
51 Rentals
Whitehaven is an affordable neighborhood in Memphis with an average rent price of $733. Compare this to the city average of $1,028. In the past year, rent prices have decreased by 0.4%. Whitehaven provides easy access to Sharpe Planetarium, UT Health Science Center, and Children's Museum of Memphis. It’s a car-dependent neighborhood with a WalkScore® of 38.
Parkway Village
Average Rent
$746/Month
Year-Over-Year Rent Change
0.5%
TransitScore® Rating
30/100
Units Available
153 Rentals
If you’re looking for a great, affordable neighborhood in Memphis, Parkway Village might be the perfect place! It has an average rent price of $746, while the city’s average stands at $1,028. In the last year, prices have increased by 0.5%. Parkway Village is near Southwest Tenn., Macon Cove, Memphis International, and University of Memphis.
Berclair
Average Rent
$784/Month
Year-Over-Year Rent Change
4.7%
TransitScore® Rating
27/100
Units Available
29 Rentals
Berclair is a top choice for budget-conscious renters for a variety of reasons. The average rent in Berclair is $784 while the city average is $1,028. This is a 4.7% difference from last year. Residents enjoy convenient access to Summer Center, Memphis Botanic Garden, and Rhodes College. The neighborhood is considered somewhat walkable with a WalkScore® of 62.
Raleigh
Average Rent
$799/Month
Year-Over-Year Rent Change
2.2%
TransitScore® Rating
21/100
Units Available
62 Rentals
When you’re looking for a great Memphis neighborhood on a budget, check out Raleigh. The average rent is $799, compared to the city average of $1,028. Rent prices have decreased by 2.2%. Raleigh is convenient to Memphis Zoo, Rhodes College, and Austin Peay Shops. The community is car-dependent with a WalkScore® of 34.
Meadow Lake
Average Rent
$802/Month
TransitScore® Rating
24/100
Units Available
60 Rentals
Meadow Lake is an affordable neighborhood in Memphis with an average rent price of $802. Compare this to the city average of $1,028. Meadow Lake provides easy access to University of Memphis, Lichterman Nature Center, and Dixon Gallery and Gardens. It’s a somewhat walkable neighborhood with a WalkScore® of 58.
Fox Meadows
Average Rent
$816/Month
Year-Over-Year Rent Change
0.7%
TransitScore® Rating
23/100
Units Available
73 Rentals
If you’re looking for a great, affordable neighborhood in Memphis, Fox Meadows might be the perfect place! It has an average rent price of $816, while the city’s average stands at $1,028. In the last year, prices have decreased by 0.7%. Fox Meadows is near Fox Run Square, Southwest Tenn., Smith Center, and CTI 3D Theater.
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Methodology
Transit Score measures access to public transit. Scores range from 0 (minimal transit) to 100 (rider’s paradise). Learn more about the Transit Score methodology. Rental data is sourced from CoStar Group’s Market Trend reports. As a leading authority in commercial real estate information, analytics, and news, CoStar performs in-depth research to build and sustain an extensive database of commercial real estate insights.
We've combined this data with public records to provide the most current rental information available.