Most Affordable Neighborhoods in Memphis, TN
Some of the cheapest neighborhoods in Memphis are Raleigh, Fox Meadows, and Hickory Hill. These neighborhoods offer some of the lowest rent prices in Memphis, making them ideal for renters on a budget. As of March 3, 2025, the average rent in Memphis is $1,028, which is 1.4% 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.
Raleigh
Average Rent
$773/Month
Year-Over-Year Rent Change
0.9%
TransitScore® Rating
21/100
Units Available
122 Rentals
When you’re looking for a great Memphis neighborhood on a budget, check out Raleigh. The average rent is $773, compared to the city average of $1,028. Rent prices have decreased by 0.9%. Raleigh is convenient to University of Memphis, Memphis Zoo, and Austin Peay Shops. The community is car-dependent with a WalkScore® of 34.
Fox Meadows
Average Rent
$794/Month
Year-Over-Year Rent Change
14.7%
TransitScore® Rating
23/100
Units Available
100 Rentals
Fox Meadows is an affordable neighborhood in Memphis with an average rent price of $794. Compare this to the city average of $1,028. In the past year, rent prices have increased by 14.7%. Fox Meadows provides easy access to Pink Palace Museum, Dixon Gallery and Gardens, and Southwest Tenn., Smith Center. It’s a somewhat walkable neighborhood with a WalkScore® of 55.
Hickory Hill
Average Rent
$1,016/Month
Year-Over-Year Rent Change
4.1%
TransitScore® Rating
27/100
Units Available
512 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 $1,016, while the city’s average stands at $1,028. In the last year, prices have increased by 4.1%. Hickory Hill is near Southwest Tenn., Macon Cove, Memphis International, and CTI 3D Theater.
Audubon Park
Average Rent
$1,086/Month
Year-Over-Year Rent Change
4%
TransitScore® Rating
32/100
Units Available
100 Rentals
Audubon Park is a top choice for budget-conscious renters for a variety of reasons. The average rent in Audubon Park is $1,086 while the city average is $1,028. This is a 4% difference from last year. Residents enjoy convenient access to Memphis Botanic Garden, Pink Palace Museum, and Christian Brothers University. The neighborhood is considered somewhat walkable with a WalkScore® of 59.
Southeast Memphis
Average Rent
$1,090/Month
Year-Over-Year Rent Change
4.6%
TransitScore® Rating
26/100
Units Available
731 Rentals
When you’re looking for a great Memphis neighborhood on a budget, check out Southeast Memphis. The average rent is $1,090, compared to the city average of $1,028. Rent prices have increased by 4.6%. Southeast Memphis is convenient to Harding University, Memphis, University of Memphis, and Fox Meadows Square. The community is car-dependent with a WalkScore® of 36.
Chickasaw Gardens
Average Rent
$1,119/Month
Year-Over-Year Rent Change
3.2%
TransitScore® Rating
34/100
Units Available
85 Rentals
Chickasaw Gardens is an affordable neighborhood in Memphis with an average rent price of $1,119. Compare this to the city average of $1,028. In the past year, rent prices have increased by 3.2%. Chickasaw Gardens provides easy access to Rhodes College, Children's Museum of Memphis, and Memphis International. It’s a somewhat walkable neighborhood with a WalkScore® of 60.
Bartlett
Average Rent
$1,175/Month
Year-Over-Year Rent Change
7.9%
TransitScore® Rating
13/100
Units Available
97 Rentals
If you’re looking for a great, affordable neighborhood in Memphis, Bartlett might be the perfect place! It has an average rent price of $1,175, while the city’s average stands at $1,028. In the last year, prices have increased by 7.9%. Bartlett is near Kirby Whitten Plaza, Dixon Gallery and Gardens, and Pink Palace Museum.
East Memphis
Average Rent
$1,194/Month
Year-Over-Year Rent Change
2.6%
TransitScore® Rating
32/100
Units Available
338 Rentals
East Memphis is a top choice for budget-conscious renters for a variety of reasons. The average rent in East Memphis is $1,194 while the city average is $1,028. This is a 2.6% difference from last year. Residents enjoy convenient access to Sharpe Planetarium, Rhodes College, and Highland Strip. The neighborhood is considered somewhat walkable with a WalkScore® of 64.
North Memphis
Average Rent
$1,230/Month
Year-Over-Year Rent Change
0.5%
TransitScore® Rating
41/100
Units Available
153 Rentals
When you’re looking for a great Memphis neighborhood on a budget, check out North Memphis. The average rent is $1,230, compared to the city average of $1,028. Rent prices have increased by 0.5%. North Memphis is convenient to Overton Park Commons, Memphis Botanic Garden, and Southwest Tenn., Union Avenue. The community is car-dependent with a WalkScore® of 35.
Binghampton
Average Rent
$1,232/Month
Year-Over-Year Rent Change
1.1%
TransitScore® Rating
32/100
Units Available
88 Rentals
Binghampton is an affordable neighborhood in Memphis with an average rent price of $1,232. Compare this to the city average of $1,028. In the past year, rent prices have decreased by 1.1%. Binghampton provides easy access to Summer Place Center, Christian Brothers University, and Sharpe Planetarium. It’s a somewhat walkable neighborhood with a WalkScore® of 68.
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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.