Most Affordable Neighborhoods in Memphis, TN
Some of the cheapest neighborhoods in Memphis are Vaughn Village, Canada Gardens, and Berclair. These neighborhoods offer some of the lowest rent prices in Memphis, making them ideal for renters on a budget. As of July 29, 2025, the average rent in Memphis is $1,051, which is 1.7% higher 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.
Vaughn Village
Average Rent
$688/Month
TransitScore® Rating
22/100
Units Available
27 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 $688, while the city’s average stands at $1,051. Vaughn Village is near Memphis International, French Village Square, and Sharpe Planetarium.
Canada Gardens
Average Rent
$714/Month
TransitScore® Rating
30/100
Units Available
16 Rentals
Canada Gardens is a top choice for budget-conscious renters for a variety of reasons. The average rent in Canada Gardens is $714 while the city average is $1,051. Residents enjoy convenient access to Harding University, Memphis, University of Memphis, and Millbranch Plaza. The neighborhood is considered car-dependent with a WalkScore® of 24.
Berclair
Average Rent
$756/Month
Year-Over-Year Rent Change
0.8%
TransitScore® Rating
27/100
Units Available
44 Rentals
When you’re looking for a great Memphis neighborhood on a budget, check out Berclair. The average rent is $756, compared to the city average of $1,051. Rent prices have decreased by 0.8%. Berclair is convenient to Dixon Gallery and Gardens, Southwest Tenn., Macon Cove, and Rhodes College. The community is somewhat walkable with a WalkScore® of 62.
Parkway Village
Average Rent
$767/Month
Year-Over-Year Rent Change
1.4%
TransitScore® Rating
30/100
Units Available
158 Rentals
Parkway Village is an affordable neighborhood in Memphis with an average rent price of $767. Compare this to the city average of $1,051. In the past year, rent prices have increased by 1.4%. Parkway Village provides easy access to CTI 3D Theater, University of Memphis, and Southwest Tenn., Macon Cove. It’s a car-dependent neighborhood with a WalkScore® of 46.
Whitehaven
Average Rent
$778/Month
Year-Over-Year Rent Change
0.5%
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 $778, while the city’s average stands at $1,051. In the last year, prices have increased by 0.5%. Whitehaven is near South Third Center, Memphis International, and Children's Museum of Memphis.
Meadow Lake
Average Rent
$811/Month
TransitScore® Rating
24/100
Units Available
78 Rentals
Meadow Lake is a top choice for budget-conscious renters for a variety of reasons. The average rent in Meadow Lake is $811 while the city average is $1,051. Residents enjoy convenient access to Memphis Botanic Garden, Christian Brothers University, and Southwest Tenn., Macon Cove. The neighborhood is considered somewhat walkable with a WalkScore® of 58.
Raleigh
Average Rent
$834/Month
Year-Over-Year Rent Change
2.5%
TransitScore® Rating
21/100
Units Available
63 Rentals
When you’re looking for a great Memphis neighborhood on a budget, check out Raleigh. The average rent is $834, compared to the city average of $1,051. Rent prices have increased by 2.5%. Raleigh is convenient to Southwest Tenn., Macon Cove, Memphis Zoo, and Memphis Botanic Garden. The community is car-dependent with a WalkScore® of 34.
Fox Meadows
Average Rent
$836/Month
Year-Over-Year Rent Change
14.2%
TransitScore® Rating
23/100
Units Available
102 Rentals
Fox Meadows is an affordable neighborhood in Memphis with an average rent price of $836. Compare this to the city average of $1,051. In the past year, rent prices have increased by 14.2%. Fox Meadows provides easy access to R & R Plaza, Pink Palace Museum, and Fox Run Square. It’s a somewhat walkable neighborhood with a WalkScore® of 55.
Ridgeway Estates North
Average Rent
$855/Month
Units Available
79 Rentals
If you’re looking for a great, affordable neighborhood in Memphis, Ridgeway Estates North might be the perfect place! It has an average rent price of $855, while the city’s average stands at $1,051. Ridgeway Estates North is near Chesnut Center, Southwest Tenn., Smith Center, and Memphis Botanic Garden.
Indian Meadows
Average Rent
$881/Month
TransitScore® Rating
38/100
Units Available
17 Rentals
Indian Meadows is a top choice for budget-conscious renters for a variety of reasons. The average rent in Indian Meadows is $881 while the city average is $1,051. Residents enjoy convenient access to Cherry Center, Memphis International, and American Way. The neighborhood is considered car-dependent with a WalkScore® of 47.
Ready to make your move to Memphis? Check out the rent specials, price drops, and great deals on ApartmentFinder.com!
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.