Most Affordable Neighborhoods in Memphis, TN
Some of the cheapest neighborhoods in Memphis are Canada Gardens, Vaughn Village, and Whitehaven. These neighborhoods offer some of the lowest rent prices in Memphis, making them ideal for renters on a budget. As of October 8, 2025, the average rent in Memphis is $1,030, which is 0.1% 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.
Canada Gardens
Average Rent
$627/Month
TransitScore® Rating
30/100
Units Available
17 Rentals
Canada Gardens is an affordable neighborhood in Memphis with an average rent price of $627. Compare this to the city average of $1,030. Canada Gardens provides easy access to Sharpe Planetarium, T. O. Fuller State Park, and Southwest Tenn., Union Avenue. It’s a car-dependent neighborhood with a WalkScore® of 24.
Vaughn Village
Average Rent
$686/Month
TransitScore® Rating
22/100
Units Available
11 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 $686, while the city’s average stands at $1,030. Vaughn Village is near Summer Plaza, French Village Square, and Memphis Zoo.
Whitehaven
Average Rent
$722/Month
Year-Over-Year Rent Change
0.1%
TransitScore® Rating
27/100
Units Available
54 Rentals
Whitehaven is a top choice for budget-conscious renters for a variety of reasons. The average rent in Whitehaven is $722 while the city average is $1,030. This is a 0.1% difference from last year. Residents enjoy convenient access to T. O. Fuller State Park, Southwest Shopping Center, and Memphis International. The neighborhood is considered car-dependent with a WalkScore® of 38.
Whitehaven Gardens
Average Rent
$731/Month
Units Available
12 Rentals
When you’re looking for a great Memphis neighborhood on a budget, check out Whitehaven Gardens. The average rent is $731, compared to the city average of $1,030. Whitehaven Gardens is convenient to T. O. Fuller State Park, Deer Creek, and Southbrook Mall.
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 $1,030. New Allen Village provides easy access to Mississippi River Museum at Mud Island, Rhodes College, and Memphis International.
Parkway Village
Average Rent
$753/Month
Year-Over-Year Rent Change
3.4%
TransitScore® Rating
30/100
Units Available
159 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 $753, while the city’s average stands at $1,030. In the last year, prices have increased by 3.4%. Parkway Village is near Southwest Tenn., Macon Cove, University of Memphis, and Pink Palace Museum.
Meadow Lake
Average Rent
$782/Month
TransitScore® Rating
24/100
Units Available
71 Rentals
Meadow Lake is a top choice for budget-conscious renters for a variety of reasons. The average rent in Meadow Lake is $782 while the city average is $1,030. Residents enjoy convenient access to Harding University, Memphis, Memphis International, and University of Memphis. The neighborhood is considered somewhat walkable with a WalkScore® of 58.
Berclair
Average Rent
$794/Month
Year-Over-Year Rent Change
3%
TransitScore® Rating
27/100
Units Available
29 Rentals
When you’re looking for a great Memphis neighborhood on a budget, check out Berclair. The average rent is $794, compared to the city average of $1,030. Rent prices have increased by 3%. Berclair is convenient to Memphis International, Children's Museum of Memphis, and Rhodes College. The community is somewhat walkable with a WalkScore® of 62.
Raleigh
Average Rent
$803/Month
Year-Over-Year Rent Change
1.5%
TransitScore® Rating
21/100
Units Available
65 Rentals
Raleigh is an affordable neighborhood in Memphis with an average rent price of $803. Compare this to the city average of $1,030. In the past year, rent prices have decreased by 1.5%. Raleigh provides easy access to Memphis International, Southwest Tenn., Gill Center, and Southwest Tenn., Macon Cove. It’s a car-dependent neighborhood with a WalkScore® of 34.
Fox Meadows
Average Rent
$806/Month
Year-Over-Year Rent Change
0.1%
TransitScore® Rating
23/100
Units Available
91 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 $806, while the city’s average stands at $1,030. In the last year, prices have increased by 0.1%. Fox Meadows is near Memphis International, Pink Palace Museum, and Southwest Tenn., Smith Center.
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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.