Best Affordable Neighborhoods in Memphis, TN
Some of the cheapest neighborhoods in Memphis are Canada Gardens, Whitehaven, and New Allen Village. These neighborhoods offer some of the lowest rent prices in Memphis, making them ideal for renters on a budget. As of April 9, 2026, the average rent in Memphis is $1,041, which is 0.9% 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
$655/Month
Units Available
21 Rentals
Canada Gardens is a top choice for budget-conscious renters for a variety of reasons. The average rent in Canada Gardens is $655 while the city average is $1,041. Residents enjoy convenient access to Christian Brothers University, Southwest Tenn., Union Avenue, and Memphis Botanic Garden.
Whitehaven
Average Rent
$730/Month
Year-Over-Year Rent Change
0.9%
Units Available
53 Rentals
When you’re looking for a great Memphis neighborhood on a budget, check out Whitehaven. The average rent is $730, compared to the city average of $1,041. Rent prices have decreased by 0.9%. Whitehaven is convenient to UT Health Science Center, DMC Plaza, and Southwest Shopping Center.
New Allen Village
Average Rent
$740/Month
Units Available
11 Rentals
New Allen Village is an affordable neighborhood in Memphis with an average rent price of $740. Compare this to the city average of $1,041. New Allen Village provides easy access to Covington Springs Shopping Center, Mississippi River Museum at Mud Island, and Southwest Tenn., Macon Cove.
Parkway Village
Average Rent
$765/Month
Year-Over-Year Rent Change
0.5%
Units Available
157 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 $765, while the city’s average stands at $1,041. In the last year, prices have increased by 0.5%. Parkway Village is near Memphis Botanic Garden, Pink Palace Museum, and Christian Brothers University.
Vaughn Village
Average Rent
$776/Month
Units Available
12 Rentals
Vaughn Village is a top choice for budget-conscious renters for a variety of reasons. The average rent in Vaughn Village is $776 while the city average is $1,041. Residents enjoy convenient access to Christian Brothers University, Memphis International, and Summer Center.
Raleigh
Average Rent
$811/Month
Year-Over-Year Rent Change
1.7%
Units Available
90 Rentals
When you’re looking for a great Memphis neighborhood on a budget, check out Raleigh. The average rent is $811, compared to the city average of $1,041. Rent prices have increased by 1.7%. Raleigh is convenient to Memphis International, Children's Museum of Memphis, and Raleigh Oaks Plaza.
Meadow Lake
Average Rent
$830/Month
Units Available
68 Rentals
Meadow Lake is an affordable neighborhood in Memphis with an average rent price of $830. Compare this to the city average of $1,041. Meadow Lake provides easy access to Southwest Tenn., Macon Cove, Memphis International, and Pink Palace Museum.
Berclair
Average Rent
$836/Month
Year-Over-Year Rent Change
11.4%
Units Available
33 Rentals
If you’re looking for a great, affordable neighborhood in Memphis, Berclair might be the perfect place! It has an average rent price of $836, while the city’s average stands at $1,041. In the last year, prices have increased by 11.4%. Berclair is near University of Memphis, Dixon Gallery and Gardens, and Memphis International.
Ridgeway Estates North
Average Rent
$855/Month
Units Available
140 Rentals
Ridgeway Estates North is a top choice for budget-conscious renters for a variety of reasons. The average rent in Ridgeway Estates North is $855 while the city average is $1,041. Residents enjoy convenient access to Hickory Ridge Commons, Harding University, Memphis, and Lichterman Nature Center.
Fox Meadows
Average Rent
$858/Month
Year-Over-Year Rent Change
0.1%
Units Available
96 Rentals
When you’re looking for a great Memphis neighborhood on a budget, check out Fox Meadows. The average rent is $858, compared to the city average of $1,041. Rent prices have decreased by 0.1%. Fox Meadows is convenient to Memphis Botanic Garden, CTI 3D Theater, and Dixon Gallery and Gardens.
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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.