Most Affordable Neighborhoods in Memphis, TN
Some of the cheapest neighborhoods in Memphis are Raleigh, Fox Meadows, and South Memphis. These neighborhoods offer some of the lowest rent prices in Memphis, making them ideal for renters on a budget. As of December 26, 2024, the average rent in Memphis is $1,015, which is 0% 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.
Raleigh
Average Rent
$790/Month
Year-Over-Year Rent Change
4.1%
TransitScore® Rating
21/100
Units Available
105 Rentals
If you’re looking for a great, affordable neighborhood in Memphis, Raleigh might be the perfect place! It has an average rent price of $790, while the city’s average stands at $1,015. In the last year, prices have increased by 4.1%. Raleigh is near Sharpe Planetarium, Southwest Tenn., Gill Center, and Memphis Botanic Garden.
Fox Meadows
Average Rent
$802/Month
Year-Over-Year Rent Change
16.9%
TransitScore® Rating
23/100
Units Available
91 Rentals
Fox Meadows is a top choice for budget-conscious renters for a variety of reasons. The average rent in Fox Meadows is $802 while the city average is $1,015. This is a 16.9% difference from last year. Residents enjoy convenient access to Harding University, Memphis, Ridgeway Crossing, and Memphis International. The neighborhood is considered somewhat walkable with a WalkScore® of 55.
South Memphis
Average Rent
$908/Month
Year-Over-Year Rent Change
2.7%
TransitScore® Rating
26/100
Units Available
67 Rentals
When you’re looking for a great Memphis neighborhood on a budget, check out South Memphis. The average rent is $908, compared to the city average of $1,015. Rent prices have increased by 2.7%. South Memphis is convenient to Westwood Commons, T. O. Fuller State Park, and Mississippi River Museum at Mud Island. The community is car-dependent with a WalkScore® of 37.
Hickory Hill
Average Rent
$1,005/Month
Year-Over-Year Rent Change
4.5%
TransitScore® Rating
27/100
Units Available
435 Rentals
Hickory Hill is an affordable neighborhood in Memphis with an average rent price of $1,005. Compare this to the city average of $1,015. In the past year, rent prices have increased by 4.5%. Hickory Hill provides easy access to Dixon Gallery and Gardens, Memphis International, and University of Memphis. It’s a car-dependent neighborhood with a WalkScore® of 48.
Medical District
Average Rent
$1,020/Month
Year-Over-Year Rent Change
5.7%
TransitScore® Rating
44/100
Units Available
166 Rentals
If you’re looking for a great, affordable neighborhood in Memphis, Medical District might be the perfect place! It has an average rent price of $1,020, while the city’s average stands at $1,015. In the last year, prices have decreased by 5.7%. Medical District is near The Belmar Building, Trolley Stop, and Memphis International.
Audubon Park
Average Rent
$1,091/Month
TransitScore® Rating
32/100
Units Available
96 Rentals
Audubon Park is a top choice for budget-conscious renters for a variety of reasons. The average rent in Audubon Park is $1,091 while the city average is $1,015. This is a -0% difference from last year. Residents enjoy convenient access to Pink Palace Museum, Children's Museum of Memphis, and Memphis International. The neighborhood is considered somewhat walkable with a WalkScore® of 59.
Southeast Memphis
Average Rent
$1,110/Month
Year-Over-Year Rent Change
4.7%
TransitScore® Rating
26/100
Units Available
754 Rentals
When you’re looking for a great Memphis neighborhood on a budget, check out Southeast Memphis. The average rent is $1,110, compared to the city average of $1,015. Rent prices have increased by 4.7%. Southeast Memphis is convenient to Memphis Botanic Garden, CTI 3D Theater, and Dixon Gallery and Gardens. The community is car-dependent with a WalkScore® of 36.
North Memphis
Average Rent
$1,110/Month
Year-Over-Year Rent Change
2%
TransitScore® Rating
35/100
Units Available
238 Rentals
North Memphis is an affordable neighborhood in Memphis with an average rent price of $1,110. Compare this to the city average of $1,015. In the past year, rent prices have decreased by 2%. North Memphis provides easy access to Sharpe Planetarium, Southwest Tenn., Union Avenue, and Rhodes College. It’s a somewhat walkable neighborhood with a WalkScore® of 51.
Chickasaw Gardens
Average Rent
$1,126/Month
Year-Over-Year Rent Change
1.5%
TransitScore® Rating
34/100
Units Available
81 Rentals
If you’re looking for a great, affordable neighborhood in Memphis, Chickasaw Gardens might be the perfect place! It has an average rent price of $1,126, while the city’s average stands at $1,015. In the last year, prices have increased by 1.5%. Chickasaw Gardens is near Children's Museum of Memphis, Memphis Botanic Garden, and Rhodes College.
White Station
Average Rent
$1,140/Month
Year-Over-Year Rent Change
4.6%
TransitScore® Rating
29/100
Units Available
133 Rentals
White Station is a top choice for budget-conscious renters for a variety of reasons. The average rent in White Station is $1,140 while the city average is $1,015. This is a 4.6% difference from last year. Residents enjoy convenient access to Southwest Tenn., Macon Cove, Sarkish Kish Building, and CTI 3D Theater. The neighborhood is considered somewhat walkable with a WalkScore® of 64.
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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.