Best Affordable Neighborhoods in Memphis, TN
Some of the cheapest neighborhoods in Memphis are Vaughn Village, Canada Gardens, and Mendenhall Estates. These neighborhoods offer some of the lowest rent prices in Memphis, making them ideal for renters on a budget. As of November 24, 2025, the average rent in Memphis is $1,032, which is 0.1% 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.
Vaughn Village
Average Rent
$669/Month
TransitScore® Rating
22/100
Units Available
10 Rentals
Vaughn Village is a top choice for budget-conscious renters for a variety of reasons. The average rent in Vaughn Village is $669 while the city average is $1,032. Residents enjoy convenient access to Memphis Botanic Garden, Dixon Gallery and Gardens, and Harding University, Memphis. The neighborhood is considered walkable with a WalkScore® of 71.
Canada Gardens
Average Rent
$675/Month
TransitScore® Rating
30/100
Units Available
18 Rentals
When you’re looking for a great Memphis neighborhood on a budget, check out Canada Gardens. The average rent is $675, compared to the city average of $1,032. Canada Gardens is convenient to Harding University, Memphis, Sharpe Planetarium, and T. O. Fuller State Park. The community is car-dependent with a WalkScore® of 24.
Mendenhall Estates
Average Rent
$713/Month
TransitScore® Rating
28/100
Units Available
10 Rentals
Mendenhall Estates is an affordable neighborhood in Memphis with an average rent price of $713. Compare this to the city average of $1,032. Mendenhall Estates provides easy access to Lichterman Nature Center, Pink Palace Museum, and Memphis International. It’s a somewhat walkable neighborhood with a WalkScore® of 68.
Whitehaven Gardens
Average Rent
$731/Month
Units Available
12 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 $731, while the city’s average stands at $1,032. Whitehaven Gardens is near T. O. Fuller State Park, Sharpe Planetarium, and Harding University, Memphis.
Whitehaven
Average Rent
$737/Month
Year-Over-Year Rent Change
0.3%
TransitScore® Rating
27/100
Units Available
55 Rentals
Whitehaven is a top choice for budget-conscious renters for a variety of reasons. The average rent in Whitehaven is $737 while the city average is $1,032. This is a 0.3% difference from last year. Residents enjoy convenient access to South Third Center, Chucalissa Museum and Archaeological Site, and T. O. Fuller State Park. The neighborhood is considered car-dependent with a WalkScore® of 38.
Parkway Village
Average Rent
$755/Month
Year-Over-Year Rent Change
1.8%
TransitScore® Rating
30/100
Units Available
156 Rentals
When you’re looking for a great Memphis neighborhood on a budget, check out Parkway Village. The average rent is $755, compared to the city average of $1,032. Rent prices have increased by 1.8%. Parkway Village is convenient to American Way Shops, Memphis International, and American Place Shopping Center. The community is car-dependent with a WalkScore® of 46.
Raleigh
Average Rent
$789/Month
Year-Over-Year Rent Change
2.4%
TransitScore® Rating
21/100
Units Available
68 Rentals
Raleigh is an affordable neighborhood in Memphis with an average rent price of $789. Compare this to the city average of $1,032. In the past year, rent prices have decreased by 2.4%. Raleigh provides easy access to Southwest Tenn., Macon Cove, Rhodes College, and Raleigh Oaks Plaza. It’s a car-dependent neighborhood with a WalkScore® of 34.
Berclair
Average Rent
$793/Month
Year-Over-Year Rent Change
2%
TransitScore® Rating
27/100
Units Available
27 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 $793, while the city’s average stands at $1,032. In the last year, prices have increased by 2%. Berclair is near Memphis Zoo, Summer Plaza, and Market at Summer Oaks.
Meadow Lake
Average Rent
$801/Month
TransitScore® Rating
24/100
Units Available
66 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 $1,032. Residents enjoy convenient access to Christian Brothers University, Southwest Tenn., Macon Cove, and CTI 3D Theater. The neighborhood is considered somewhat walkable with a WalkScore® of 58.
Fox Meadows
Average Rent
$831/Month
Year-Over-Year Rent Change
0.6%
TransitScore® Rating
23/100
Units Available
85 Rentals
When you’re looking for a great Memphis neighborhood on a budget, check out Fox Meadows. The average rent is $831, compared to the city average of $1,032. Rent prices have increased by 0.6%. Fox Meadows is convenient to Fox Run Square, Harding University, Memphis, and R & R Plaza. The community is somewhat walkable 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.