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

Canada Gardens is an affordable neighborhood in Memphis with an average rent price of $643. Compare this to the city average of $1,028. Canada Gardens provides easy access to Southwest Tenn., Union Avenue, Memphis International, and Sharpe Planetarium. It’s a car-dependent neighborhood with a WalkScore® of 24.

Vaughn Village

Average Rent

$669/Month

TransitScore® Rating

22/100

Units Available

10 Rentals

If you’re looking for a great, affordable neighborhood in Memphis, Vaughn Village might be the perfect place! It has an average rent price of $669, while the city’s average stands at $1,028. Vaughn Village is near Southwest Tenn., Macon Cove, Summer Center, and Harding University, Memphis.

Whitehaven Gardens

Average Rent

$703/Month

Units Available

10 Rentals

Whitehaven Gardens is a top choice for budget-conscious renters for a variety of reasons. The average rent in Whitehaven Gardens is $703 while the city average is $1,028. Residents enjoy convenient access to Southwest Tenn., Union Avenue, Harding University, Memphis, and Christian Brothers University.

Mendenhall Estates

Average Rent

$714/Month

TransitScore® Rating

28/100

Units Available

10 Rentals

When you’re looking for a great Memphis neighborhood on a budget, check out Mendenhall Estates. The average rent is $714, compared to the city average of $1,028. Mendenhall Estates is convenient to Southwest Tenn., Macon Cove, University of Memphis, and Colony Square. The community is 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

Whitehaven is an affordable neighborhood in Memphis with an average rent price of $733. Compare this to the city average of $1,028. In the past year, rent prices have decreased by 0.4%. Whitehaven provides easy access to Sharpe Planetarium, UT Health Science Center, and Children's Museum of Memphis. It’s a car-dependent neighborhood 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

If you’re looking for a great, affordable neighborhood in Memphis, Parkway Village might be the perfect place! It has an average rent price of $746, while the city’s average stands at $1,028. In the last year, prices have increased by 0.5%. Parkway Village is near Southwest Tenn., Macon Cove, Memphis International, and University of Memphis.

Berclair

Average Rent

$784/Month

Year-Over-Year Rent Change

4.7%

TransitScore® Rating

27/100

Units Available

29 Rentals

Berclair is a top choice for budget-conscious renters for a variety of reasons. The average rent in Berclair is $784 while the city average is $1,028. This is a 4.7% difference from last year. Residents enjoy convenient access to Summer Center, Memphis Botanic Garden, and Rhodes College. The neighborhood is considered somewhat walkable with a WalkScore® of 62.

Raleigh

Average Rent

$799/Month

Year-Over-Year Rent Change

2.2%

TransitScore® Rating

21/100

Units Available

62 Rentals

When you’re looking for a great Memphis neighborhood on a budget, check out Raleigh. The average rent is $799, compared to the city average of $1,028. Rent prices have decreased by 2.2%. Raleigh is convenient to Memphis Zoo, Rhodes College, and Austin Peay Shops. The community is car-dependent with a WalkScore® of 34.

Meadow Lake

Average Rent

$802/Month

TransitScore® Rating

24/100

Units Available

60 Rentals

Meadow Lake is an affordable neighborhood in Memphis with an average rent price of $802. Compare this to the city average of $1,028. Meadow Lake provides easy access to University of Memphis, Lichterman Nature Center, and Dixon Gallery and Gardens. It’s a somewhat walkable neighborhood 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

If you’re looking for a great, affordable neighborhood in Memphis, Fox Meadows might be the perfect place! It has an average rent price of $816, while the city’s average stands at $1,028. In the last year, prices have decreased by 0.7%. Fox Meadows is near Fox Run Square, Southwest Tenn., Smith Center, and CTI 3D Theater.

Ready to make your move to Memphis? Check out the rent specials, price drops, and great deals on ApartmentFinder.com!

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.