Cheapest Neighborhoods in Memphis, TN
Some of the cheapest neighborhoods in Memphis are Whitehaven Gardens, Indian Meadows, and Manny Delugach Springdale Gardens. These neighborhoods offer some of the lowest rent prices in Memphis, making them ideal for renters on a budget. As of August 23, 2026, the average rent in Memphis is $1,047, which is 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.
Whitehaven Gardens
Average Rent
$648/Month
Units Available
11 Rentals
Whitehaven Gardens is a top choice for budget-conscious renters for a variety of reasons. The average rent in Whitehaven Gardens is $648 while the city average is $1,047. Residents enjoy convenient access to University of Memphis, Children's Museum of Memphis, and T. O. Fuller State Park.
Indian Meadows
Average Rent
$658/Month
Units Available
15 Rentals
When you’re looking for a great Memphis neighborhood on a budget, check out Indian Meadows. The average rent is $658, compared to the city average of $1,047. Indian Meadows is convenient to American Way, CTI 3D Theater, and Memphis International.
Manny Delugach Springdale Gardens
Average Rent
$701/Month
Units Available
10 Rentals
Manny Delugach Springdale Gardens is an affordable neighborhood in Memphis with an average rent price of $701. Compare this to the city average of $1,047. Manny Delugach Springdale Gardens provides easy access to Southwest Tenn., Union Avenue, Christian Brothers University, and UT Health Science Center.
Hyde Park
Average Rent
$715/Month
Year-Over-Year Rent Change
0.4%
Units Available
15 Rentals
If you’re looking for a great, affordable neighborhood in Memphis, Hyde Park might be the perfect place! It has an average rent price of $715, while the city’s average stands at $1,047. In the last year, prices have decreased by 0.4%. Hyde Park is near UT Health Science Center, Sharpe Planetarium, and Children's Museum of Memphis.
Whitehaven
Average Rent
$733/Month
Year-Over-Year Rent Change
0.2%
Units Available
74 Rentals
Whitehaven is a top choice for budget-conscious renters for a variety of reasons. The average rent in Whitehaven is $733 while the city average is $1,047. This is a -0.2% difference from last year. Residents enjoy convenient access to Memphis International, 4701 Neely Rd, and South Third Center.
Parkway Village
Average Rent
$757/Month
Year-Over-Year Rent Change
1.3%
Units Available
149 Rentals
When you’re looking for a great Memphis neighborhood on a budget, check out Parkway Village. The average rent is $757, compared to the city average of $1,047. Rent prices have decreased by 1.3%. Parkway Village is convenient to Memphis International, 4207 American Way, and University of Memphis.
Raleigh
Average Rent
$782/Month
Year-Over-Year Rent Change
0.8%
Units Available
88 Rentals
Raleigh is an affordable neighborhood in Memphis with an average rent price of $782. Compare this to the city average of $1,047. In the past year, rent prices have increased by 0.8%. Raleigh provides easy access to Rhodes College, Memphis Botanic Garden, and Raleigh Springs Market Place.
Hyatts Chancery Court
Average Rent
$783/Month
Units Available
11 Rentals
If you’re looking for a great, affordable neighborhood in Memphis, Hyatts Chancery Court might be the perfect place! It has an average rent price of $783, while the city’s average stands at $1,047. Hyatts Chancery Court is near 663-671 S Highland St, Sharpe Planetarium, and Christian Brothers University.
Mendenhall Estates
Average Rent
$785/Month
Units Available
12 Rentals
Mendenhall Estates is a top choice for budget-conscious renters for a variety of reasons. The average rent in Mendenhall Estates is $785 while the city average is $1,047. Residents enjoy convenient access to University of Memphis, Memphis Botanic Garden, and 3209-3215 S Mendenhall Rd.
Winchester Gardens
Average Rent
$785/Month
Units Available
10 Rentals
When you’re looking for a great Memphis neighborhood on a budget, check out Winchester Gardens. The average rent is $785, compared to the city average of $1,047. Winchester Gardens is convenient to CTI 3D Theater, Southwest Tenn., Macon Cove, and 4768-4776 Knight Arnold Rd.
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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.