Best Affordable 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 May 25, 2026, the average rent in Memphis is $1,046, which is 0.5% 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.
Hyde Park
Average Rent
$689/Month
Year-Over-Year Rent Change
0.4%
Units Available
14 Rentals
Hyde Park is an affordable neighborhood in Memphis with an average rent price of $689. Compare this to the city average of $1,046. In the past year, rent prices have decreased by 0.4%. Hyde Park provides easy access to Memphis Botanic Garden, Memphis International, and University of Memphis.
Whitehaven
Average Rent
$710/Month
Year-Over-Year Rent Change
1.1%
Units Available
51 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 $710, while the city’s average stands at $1,046. In the last year, prices have decreased by 1.1%. Whitehaven is near University of Memphis, UT Health Science Center, and T. O. Fuller State Park.
Parkway Village
Average Rent
$755/Month
Year-Over-Year Rent Change
0.5%
Units Available
162 Rentals
Parkway Village is a top choice for budget-conscious renters for a variety of reasons. The average rent in Parkway Village is $755 while the city average is $1,046. This is a -0.5% difference from last year. Residents enjoy convenient access to Memphis Botanic Garden, Lichterman Nature Center, and Dixon Gallery and Gardens.
Raleigh
Average Rent
$799/Month
Year-Over-Year Rent Change
0.9%
Units Available
86 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 $1,046. Rent prices have decreased by 0.9%. Raleigh is convenient to Memphis International, Shelby Farms Park, and University of Memphis.
Berclair
Average Rent
$802/Month
Year-Over-Year Rent Change
11.4%
Units Available
33 Rentals
Berclair is an affordable neighborhood in Memphis with an average rent price of $802. Compare this to the city average of $1,046. In the past year, rent prices have increased by 11.4%. Berclair provides easy access to Dixon Gallery and Gardens, Memphis Zoo, and Summer Plaza.
Fox Meadows
Average Rent
$849/Month
Units Available
102 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 $849, while the city’s average stands at $1,046. In the last year, prices have decreased by 0%. Fox Meadows is near Dixon Gallery and Gardens, Memphis International, and Southwest Tenn., Smith Center.
Hickory Hill
Average Rent
$904/Month
Year-Over-Year Rent Change
1.3%
Units Available
570 Rentals
Hickory Hill is a top choice for budget-conscious renters for a variety of reasons. The average rent in Hickory Hill is $904 while the city average is $1,046. This is a -1.3% difference from last year. Residents enjoy convenient access to Harding University, Memphis, Memphis International, and Pink Palace Museum.
South City
Average Rent
$955/Month
Year-Over-Year Rent Change
0.2%
Units Available
12 Rentals
When you’re looking for a great Memphis neighborhood on a budget, check out South City. The average rent is $955, compared to the city average of $1,046. Rent prices have increased by 0.2%. South City is convenient to Memphis International, Rhodes College, and Mississippi River Museum at Mud Island.
Winchester Park
Average Rent
$986/Month
Year-Over-Year Rent Change
0.5%
Units Available
41 Rentals
Winchester Park is an affordable neighborhood in Memphis with an average rent price of $986. Compare this to the city average of $1,046. In the past year, rent prices have decreased by 0.5%. Winchester Park provides easy access to Children's Museum of Memphis, UT Health Science Center, and Memphis Zoo.
Audubon Park
Average Rent
$1,024/Month
Year-Over-Year Rent Change
11%
Units Available
135 Rentals
If you’re looking for a great, affordable neighborhood in Memphis, Audubon Park might be the perfect place! It has an average rent price of $1,024, while the city’s average stands at $1,046. In the last year, prices have decreased by 11%. Audubon Park is near Memphis International, University of Memphis, and Memphis Botanic Garden.
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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.