Best Affordable Neighborhoods in Memphis, TN
Some of the cheapest neighborhoods in Memphis are Whitehaven, New Allen Village, and Parkway Village. These neighborhoods offer some of the lowest rent prices in Memphis, making them ideal for renters on a budget. As of February 22, 2026, the average rent in Memphis is $1,030, which is 1.5% 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.
Whitehaven
Average Rent
$735/Month
Year-Over-Year Rent Change
0.3%
TransitScore® Rating
27/100
Units Available
44 Rentals
If you’re looking for a great, affordable neighborhood in Memphis, Whitehaven might be the perfect place! It has an average rent price of $735, while the city’s average stands at $1,030. In the last year, prices have decreased by 0.3%. Whitehaven is near Southwest Tenn., Union Avenue, University of Memphis, and Mississippi River Museum at Mud Island.
New Allen Village
Average Rent
$740/Month
Units Available
11 Rentals
New Allen Village is a top choice for budget-conscious renters for a variety of reasons. The average rent in New Allen Village is $740 while the city average is $1,030. Residents enjoy convenient access to Raleigh Springs Market Place, Covington Springs Shopping Center, and Memphis Botanic Garden.
Parkway Village
Average Rent
$752/Month
Year-Over-Year Rent Change
0.8%
TransitScore® Rating
30/100
Units Available
150 Rentals
When you’re looking for a great Memphis neighborhood on a budget, check out Parkway Village. The average rent is $752, compared to the city average of $1,030. Rent prices have increased by 0.8%. Parkway Village is convenient to Harding University, Memphis, Cherry Center, and CTI 3D Theater. The community is car-dependent with a WalkScore® of 46.
Meadow Lake
Average Rent
$799/Month
TransitScore® Rating
24/100
Units Available
67 Rentals
Meadow Lake is an affordable neighborhood in Memphis with an average rent price of $799. Compare this to the city average of $1,030. Meadow Lake provides easy access to Harding University, Memphis, Dixon Gallery and Gardens, and Mendenhall Center. It’s a somewhat walkable neighborhood with a WalkScore® of 58.
Raleigh
Average Rent
$822/Month
Year-Over-Year Rent Change
0.1%
TransitScore® Rating
21/100
Units Available
71 Rentals
If you’re looking for a great, affordable neighborhood in Memphis, Raleigh might be the perfect place! It has an average rent price of $822, while the city’s average stands at $1,030. In the last year, prices have increased by 0.1%. Raleigh is near Memphis Botanic Garden, Southwest Tenn., Gill Center, and Raleigh Springs Market Place.
Fox Meadows
Average Rent
$828/Month
Year-Over-Year Rent Change
0.6%
TransitScore® Rating
23/100
Units Available
89 Rentals
Fox Meadows is a top choice for budget-conscious renters for a variety of reasons. The average rent in Fox Meadows is $828 while the city average is $1,030. This is a -0.6% difference from last year. Residents enjoy convenient access to Lichterman Nature Center, University of Memphis, and Southwest Tenn., Smith Center. The neighborhood is considered somewhat walkable with a WalkScore® of 55.
Ridgeway Estates North
Average Rent
$853/Month
Units Available
124 Rentals
When you’re looking for a great Memphis neighborhood on a budget, check out Ridgeway Estates North. The average rent is $853, compared to the city average of $1,030. Ridgeway Estates North is convenient to Memphis International, Harding University, Memphis, and Southwest Tenn., Smith Center.
Berclair
Average Rent
$855/Month
Year-Over-Year Rent Change
4.9%
TransitScore® Rating
27/100
Units Available
25 Rentals
Berclair is an affordable neighborhood in Memphis with an average rent price of $855. Compare this to the city average of $1,030. In the past year, rent prices have increased by 4.9%. Berclair provides easy access to Children's Museum of Memphis, University of Memphis, and Summer Plaza. It’s a somewhat walkable neighborhood with a WalkScore® of 62.
South Memphis
Average Rent
$858/Month
Year-Over-Year Rent Change
0.3%
TransitScore® Rating
26/100
Units Available
71 Rentals
If you’re looking for a great, affordable neighborhood in Memphis, South Memphis might be the perfect place! It has an average rent price of $858, while the city’s average stands at $1,030. In the last year, prices have decreased by 0.3%. South Memphis is near Southwest Tenn., Union Avenue, Mississippi River Museum at Mud Island, and Southwest Shopping Center.
Indian Meadows
Average Rent
$869/Month
TransitScore® Rating
38/100
Units Available
15 Rentals
Indian Meadows is a top choice for budget-conscious renters for a variety of reasons. The average rent in Indian Meadows is $869 while the city average is $1,030. Residents enjoy convenient access to Memphis Botanic Garden, Dixon Gallery and Gardens, and CTI 3D Theater. The neighborhood is considered car-dependent with a WalkScore® of 47.
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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.