Best Affordable Neighborhoods in Memphis, TN
Some of the cheapest neighborhoods in Memphis are Canada Gardens, Vaughn Village, and Whitehaven Gardens. These neighborhoods offer some of the lowest rent prices in Memphis, making them ideal for renters on a budget. As of January 8, 2026, the average rent in Memphis is $1,028, which is 1.9% 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
$643/Month
TransitScore® Rating
30/100
Units Available
12 Rentals
When you’re looking for a great Memphis neighborhood on a budget, check out Canada Gardens. The average rent is $643, compared to the city average of $1,028. Canada Gardens is convenient to Memphis International, Dove Creek Shopping Center, and Dixon Gallery and Gardens. The community is car-dependent with a WalkScore® of 24.
Vaughn Village
Average Rent
$669/Month
TransitScore® Rating
22/100
Units Available
10 Rentals
Vaughn Village is an affordable neighborhood in Memphis with an average rent price of $669. Compare this to the city average of $1,028. Vaughn Village provides easy access to Children's Museum of Memphis, Sharpe Planetarium, and University of Memphis. It’s a walkable neighborhood with a WalkScore® of 71.
Whitehaven Gardens
Average Rent
$703/Month
Units Available
10 Rentals
If you’re looking for a great, affordable neighborhood in Memphis, Whitehaven Gardens might be the perfect place! It has an average rent price of $703, while the city’s average stands at $1,028. Whitehaven Gardens is near Chucalissa Museum and Archaeological Site, Sharpe Planetarium, and Memphis International.
Mendenhall Estates
Average Rent
$714/Month
TransitScore® Rating
28/100
Units Available
10 Rentals
Mendenhall Estates is a top choice for budget-conscious renters for a variety of reasons. The average rent in Mendenhall Estates is $714 while the city average is $1,028. Residents enjoy convenient access to Fox Meadows Square, Christian Brothers University, and University of Memphis. The neighborhood is considered somewhat walkable with a WalkScore® of 68.
Whitehaven
Average Rent
$733/Month
Year-Over-Year Rent Change
0.4%
TransitScore® Rating
27/100
Units Available
51 Rentals
When you’re looking for a great Memphis neighborhood on a budget, check out Whitehaven. The average rent is $733, compared to the city average of $1,028. Rent prices have decreased by 0.4%. Whitehaven is convenient to Sharpe Planetarium, Southwest Shopping Center, and Children's Museum of Memphis. The community is car-dependent with a WalkScore® of 38.
Parkway Village
Average Rent
$746/Month
Year-Over-Year Rent Change
0.5%
TransitScore® Rating
30/100
Units Available
153 Rentals
Parkway Village is an affordable neighborhood in Memphis with an average rent price of $746. Compare this to the city average of $1,028. In the past year, rent prices have increased by 0.5%. Parkway Village provides easy access to Memphis Botanic Garden, Dixon Gallery and Gardens, and Lichterman Nature Center. It’s a car-dependent neighborhood with a WalkScore® of 46.
Berclair
Average Rent
$784/Month
Year-Over-Year Rent Change
4.7%
TransitScore® Rating
27/100
Units Available
29 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 $784, while the city’s average stands at $1,028. In the last year, prices have increased by 4.7%. Berclair is near Southwest Tenn., Macon Cove, Memphis Zoo, and Market at Summer Oaks.
Raleigh
Average Rent
$799/Month
Year-Over-Year Rent Change
2.2%
TransitScore® Rating
21/100
Units Available
62 Rentals
Raleigh is a top choice for budget-conscious renters for a variety of reasons. The average rent in Raleigh is $799 while the city average is $1,028. This is a -2.2% difference from last year. Residents enjoy convenient access to Southwest Tenn., Macon Cove, Rhodes College, and Raleigh Springs Market Place. The neighborhood is considered car-dependent with a WalkScore® of 34.
Meadow Lake
Average Rent
$802/Month
TransitScore® Rating
24/100
Units Available
60 Rentals
When you’re looking for a great Memphis neighborhood on a budget, check out Meadow Lake. The average rent is $802, compared to the city average of $1,028. Meadow Lake is convenient to Lichterman Nature Center, Fox Run Square, and Fox Meadows Shopping Center. The community is somewhat walkable with a WalkScore® of 58.
Fox Meadows
Average Rent
$816/Month
Year-Over-Year Rent Change
0.7%
TransitScore® Rating
23/100
Units Available
73 Rentals
Fox Meadows is an affordable neighborhood in Memphis with an average rent price of $816. Compare this to the city average of $1,028. In the past year, rent prices have decreased by 0.7%. Fox Meadows provides easy access to Southwest Tenn., Smith Center, Lichterman Nature Center, and University of Memphis. It’s a somewhat walkable neighborhood with a WalkScore® of 55.
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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.