Most Affordable Neighborhoods in Memphis, TN
Some of the cheapest neighborhoods in Memphis are Hyde Park, Vaughn Village, and Canada Gardens. These neighborhoods offer some of the lowest rent prices in Memphis, making them ideal for renters on a budget. As of June 13, 2025, the average rent in Memphis is $1,051, which is 1.1% 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.
Hyde Park
Average Rent
$632/Month
Year-Over-Year Rent Change
0.5%
TransitScore® Rating
32/100
Units Available
10 Rentals
When you’re looking for a great Memphis neighborhood on a budget, check out Hyde Park. The average rent is $632, compared to the city average of $1,051. Rent prices have increased by 0.5%. Hyde Park is convenient to Memphis International, Rhodes College, and University of Memphis. The community is car-dependent with a WalkScore® of 45.
Vaughn Village
Average Rent
$695/Month
TransitScore® Rating
22/100
Units Available
33 Rentals
Vaughn Village is an affordable neighborhood in Memphis with an average rent price of $695. Compare this to the city average of $1,051. Vaughn Village provides easy access to Summer Center, Children's Museum of Memphis, and Memphis Botanic Garden. It’s a walkable neighborhood with a WalkScore® of 71.
Canada Gardens
Average Rent
$702/Month
TransitScore® Rating
30/100
Units Available
14 Rentals
If you’re looking for a great, affordable neighborhood in Memphis, Canada Gardens might be the perfect place! It has an average rent price of $702, while the city’s average stands at $1,051. Canada Gardens is near University of Memphis, Belwin Shopping Center, and Sharpe Planetarium.
Hyatts Chancery Court
Average Rent
$741/Month
TransitScore® Rating
34/100
Units Available
11 Rentals
Hyatts Chancery Court is a top choice for budget-conscious renters for a variety of reasons. The average rent in Hyatts Chancery Court is $741 while the city average is $1,051. Residents enjoy convenient access to Dixon Gallery and Gardens, Rhodes College, and Park Shopping Center. The neighborhood is considered somewhat walkable with a WalkScore® of 68.
Berclair
Average Rent
$752/Month
Year-Over-Year Rent Change
0.6%
TransitScore® Rating
27/100
Units Available
54 Rentals
When you’re looking for a great Memphis neighborhood on a budget, check out Berclair. The average rent is $752, compared to the city average of $1,051. Rent prices have decreased by 0.6%. Berclair is convenient to University of Memphis, Summer Plaza, and Summer Center. The community is somewhat walkable with a WalkScore® of 62.
Parkway Village
Average Rent
$756/Month
Year-Over-Year Rent Change
2.1%
TransitScore® Rating
30/100
Units Available
149 Rentals
Parkway Village is an affordable neighborhood in Memphis with an average rent price of $756. Compare this to the city average of $1,051. In the past year, rent prices have increased by 2.1%. Parkway Village provides easy access to Southwest Tenn., Macon Cove, Memphis International, and Christian Brothers University. It’s a car-dependent neighborhood with a WalkScore® of 46.
Whitehaven
Average Rent
$787/Month
Year-Over-Year Rent Change
1.8%
TransitScore® Rating
27/100
Units Available
42 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 $787, while the city’s average stands at $1,051. In the last year, prices have increased by 1.8%. Whitehaven is near Christian Brothers University, UT Health Science Center, and Sharpe Planetarium.
Meadow Lake
Average Rent
$801/Month
TransitScore® Rating
24/100
Units Available
65 Rentals
Meadow Lake is a top choice for budget-conscious renters for a variety of reasons. The average rent in Meadow Lake is $801 while the city average is $1,051. Residents enjoy convenient access to Dixon Gallery and Gardens, Lichterman Nature Center, and Memphis Botanic Garden. The neighborhood is considered somewhat walkable with a WalkScore® of 58.
Raleigh
Average Rent
$832/Month
Year-Over-Year Rent Change
1.1%
TransitScore® Rating
21/100
Units Available
61 Rentals
When you’re looking for a great Memphis neighborhood on a budget, check out Raleigh. The average rent is $832, compared to the city average of $1,051. Rent prices have increased by 1.1%. Raleigh is convenient to Memphis Zoo, Austin Peay Shops, and University of Memphis. The community is car-dependent with a WalkScore® of 34.
Fox Meadows
Average Rent
$832/Month
Year-Over-Year Rent Change
14.6%
TransitScore® Rating
23/100
Units Available
85 Rentals
Fox Meadows is an affordable neighborhood in Memphis with an average rent price of $832. Compare this to the city average of $1,051. In the past year, rent prices have increased by 14.6%. Fox Meadows provides easy access to Memphis International, Southwest Tenn., Smith Center, and Southwest Tenn., Macon Cove. 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.