Cheapest Neighborhoods in Memphis, TN

Some of the cheapest neighborhoods in Memphis are Hyde Park, Whitehaven, and Parkway Village. These neighborhoods offer some of the lowest rent prices in Memphis, making them ideal for renters on a budget. As of July 9, 2026, the average rent in Memphis is $1,055, which is 1.9% 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

$674/Month

Year-Over-Year Rent Change

0.4%

Units Available

16 Rentals

Hyde Park is a top choice for budget-conscious renters for a variety of reasons. The average rent in Hyde Park is $674 while the city average is $1,055. This is a -0.4% difference from last year. Residents enjoy convenient access to Gateway Shopping Center, Memphis Zoo, and Children's Museum of Memphis.

Apartments for Rent in Hyde Park Hyde Park Cheap Apartments Hyde Park Low Income Apartments

Whitehaven

Average Rent

$713/Month

Year-Over-Year Rent Change

0.2%

Units Available

45 Rentals

When you’re looking for a great Memphis neighborhood on a budget, check out Whitehaven. The average rent is $713, compared to the city average of $1,055. Rent prices have decreased by 0.2%. Whitehaven is convenient to Christian Brothers University, Chucalissa Museum and Archaeological Site, and South Third Center.

Apartments for Rent in Whitehaven Whitehaven Cheap Apartments Whitehaven Low Income Apartments

Parkway Village

Average Rent

$759/Month

Year-Over-Year Rent Change

0.3%

Units Available

150 Rentals

Parkway Village is an affordable neighborhood in Memphis with an average rent price of $759. Compare this to the city average of $1,055. In the past year, rent prices have increased by 0.3%. Parkway Village provides easy access to CTI 3D Theater, Christian Brothers University, and Dixon Gallery and Gardens.

Apartments for Rent in Parkway Village Parkway Village Cheap Apartments Parkway Village Low Income Apartments

Berclair

Average Rent

$787/Month

Year-Over-Year Rent Change

1.4%

Units Available

28 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 $787, while the city’s average stands at $1,055. In the last year, prices have increased by 1.4%. Berclair is near Southwest Tenn., Macon Cove, 694-706 Waring Rd, and University of Memphis.

Apartments for Rent in Berclair Berclair Cheap Apartments Berclair Low Income Apartments

Raleigh

Average Rent

$797/Month

Year-Over-Year Rent Change

1.7%

Units Available

90 Rentals

Raleigh is a top choice for budget-conscious renters for a variety of reasons. The average rent in Raleigh is $797 while the city average is $1,055. This is a 1.7% difference from last year. Residents enjoy convenient access to Shelby Farms Park, Memphis International, and Memphis Zoo.

Apartments for Rent in Raleigh Raleigh Cheap Apartments Raleigh Low Income Apartments

Winchester Park

Average Rent

$820/Month

Year-Over-Year Rent Change

4.2%

Units Available

78 Rentals

When you’re looking for a great Memphis neighborhood on a budget, check out Winchester Park. The average rent is $820, compared to the city average of $1,055. Rent prices have decreased by 4.2%. Winchester Park is convenient to Southwest Tenn., Union Avenue, 550 Alabama Ave, and Sharpe Planetarium.

Fox Meadows

Average Rent

$858/Month

Year-Over-Year Rent Change

1%

Units Available

99 Rentals

Fox Meadows is an affordable neighborhood in Memphis with an average rent price of $858. Compare this to the city average of $1,055. In the past year, rent prices have increased by 1%. Fox Meadows provides easy access to 5667 Mount Moriah Rd, Southwest Tenn., Macon Cove, and Lichterman Nature Center.

Apartments for Rent in Fox Meadows Fox Meadows Cheap Apartments

Hickory Hill

Average Rent

$906/Month

Year-Over-Year Rent Change

1.1%

Units Available

580 Rentals

If you’re looking for a great, affordable neighborhood in Memphis, Hickory Hill might be the perfect place! It has an average rent price of $906, while the city’s average stands at $1,055. In the last year, prices have decreased by 1.1%. Hickory Hill is near Memphis International, Dixon Gallery and Gardens, and University of Memphis.

Apartments for Rent in Hickory Hill Hickory Hill Cheap Apartments Hickory Hill Low Income Apartments

South City

Average Rent

$961/Month

Year-Over-Year Rent Change

0.2%

Units Available

16 Rentals

South City is a top choice for budget-conscious renters for a variety of reasons. The average rent in South City is $961 while the city average is $1,055. This is a 0.2% difference from last year. Residents enjoy convenient access to Christian Brothers University, Memphis International, and T. O. Fuller State Park.

Apartments for Rent in South City South City Cheap Apartments South City Low Income Apartments

Bartlett

Average Rent

$1,055/Month

Year-Over-Year Rent Change

0.8%

Units Available

117 Rentals

When you’re looking for a great Memphis neighborhood on a budget, check out Bartlett. The average rent is $1,055, compared to the city average of $1,055. Rent prices have decreased by 0.8%. Bartlett is convenient to Southwest Tenn., Gill Center, Memphis Botanic Garden, and Memphis International.

Apartments for Rent in Bartlett Bartlett Cheap Apartments Bartlett Low Income Apartments

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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.