Most Affordable Neighborhoods in Memphis, TN
Some of the cheapest neighborhoods in Memphis are Parkway Village, Fox Meadows, and South Memphis. These neighborhoods offer some of the lowest rent prices in Memphis, making them ideal for renters on a budget. As of April 29, 2025, the average rent in Memphis is $1,037, which is 0.4% 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.
Parkway Village
Average Rent
$792/Month
Year-Over-Year Rent Change
1.5%
TransitScore® Rating
30/100
Units Available
95 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 $792, while the city’s average stands at $1,037. In the last year, prices have increased by 1.5%. Parkway Village is near Harding University, Memphis, Dixon Gallery and Gardens, and CTI 3D Theater.
Fox Meadows
Average Rent
$820/Month
Year-Over-Year Rent Change
14.6%
TransitScore® Rating
23/100
Units Available
88 Rentals
Fox Meadows is a top choice for budget-conscious renters for a variety of reasons. The average rent in Fox Meadows is $820 while the city average is $1,037. This is a 14.6% difference from last year. Residents enjoy convenient access to Dixon Gallery and Gardens, Ridgeway Crossing, and Southwest Tenn., Smith Center. The neighborhood is considered somewhat walkable with a WalkScore® of 55.
South Memphis
Average Rent
$913/Month
Year-Over-Year Rent Change
2.7%
TransitScore® Rating
26/100
Units Available
84 Rentals
When you’re looking for a great Memphis neighborhood on a budget, check out South Memphis. The average rent is $913, compared to the city average of $1,037. Rent prices have increased by 2.7%. South Memphis is convenient to Memphis International, Southwest Shopping Center, and Westwood Commons. The community is car-dependent with a WalkScore® of 37.
Hickory Hill
Average Rent
$1,036/Month
Year-Over-Year Rent Change
1.9%
TransitScore® Rating
27/100
Units Available
514 Rentals
Hickory Hill is an affordable neighborhood in Memphis with an average rent price of $1,036. Compare this to the city average of $1,037. In the past year, rent prices have increased by 1.9%. Hickory Hill provides easy access to Harding University, Memphis, Southwest Tenn., Macon Cove, and Memphis Botanic Garden. It’s a car-dependent neighborhood with a WalkScore® of 48.
Audubon Park
Average Rent
$1,087/Month
Year-Over-Year Rent Change
2%
TransitScore® Rating
32/100
Units Available
99 Rentals
If you’re looking for a great, affordable neighborhood in Memphis, Audubon Park might be the perfect place! It has an average rent price of $1,087, while the city’s average stands at $1,037. In the last year, prices have increased by 2%. Audubon Park is near Memphis Botanic Garden, Children's Museum of Memphis, and Park Center.
Southeast Memphis
Average Rent
$1,121/Month
Year-Over-Year Rent Change
2.9%
TransitScore® Rating
26/100
Units Available
829 Rentals
Southeast Memphis is a top choice for budget-conscious renters for a variety of reasons. The average rent in Southeast Memphis is $1,121 while the city average is $1,037. This is a 2.9% difference from last year. Residents enjoy convenient access to Harding University, Memphis, Memphis Botanic Garden, and Fox Meadows. The neighborhood is considered car-dependent with a WalkScore® of 36.
Sea Isle Park
Average Rent
$1,143/Month
Year-Over-Year Rent Change
6.6%
TransitScore® Rating
29/100
Units Available
107 Rentals
When you’re looking for a great Memphis neighborhood on a budget, check out Sea Isle Park. The average rent is $1,143, compared to the city average of $1,037. Rent prices have increased by 6.6%. Sea Isle Park is convenient to CTI 3D Theater, Quince Station Shopping Center, and Harding University, Memphis. The community is somewhat walkable with a WalkScore® of 57.
East Memphis
Average Rent
$1,162/Month
Year-Over-Year Rent Change
0.7%
TransitScore® Rating
32/100
Units Available
355 Rentals
East Memphis is an affordable neighborhood in Memphis with an average rent price of $1,162. Compare this to the city average of $1,037. In the past year, rent prices have increased by 0.7%. East Memphis provides easy access to Highland Strip, Christian Brothers University, and Harding University, Memphis. It’s a somewhat walkable neighborhood with a WalkScore® of 64.
White Station
Average Rent
$1,166/Month
Year-Over-Year Rent Change
2.1%
TransitScore® Rating
29/100
Units Available
116 Rentals
If you’re looking for a great, affordable neighborhood in Memphis, White Station might be the perfect place! It has an average rent price of $1,166, while the city’s average stands at $1,037. In the last year, prices have increased by 2.1%. White Station is near Pink Palace Museum, Harding University, Memphis, and Dixon Gallery and Gardens.
Binghampton
Average Rent
$1,181/Month
Year-Over-Year Rent Change
1%
TransitScore® Rating
32/100
Units Available
96 Rentals
Binghampton is a top choice for budget-conscious renters for a variety of reasons. The average rent in Binghampton is $1,181 while the city average is $1,037. This is a -1% difference from last year. Residents enjoy convenient access to University of Memphis, Sharpe Planetarium, and UT Health Science Center. The neighborhood is considered somewhat walkable with a WalkScore® of 68.
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.