Most Affordable Neighborhoods in Memphis, TN
Some of the cheapest neighborhoods in Memphis are Whitehaven, South Memphis, and Raleigh. These neighborhoods offer some of the lowest rent prices in Memphis, making them ideal for renters on a budget. As of November 25, 2024, the average rent in Memphis is $1,017, which is 0.2% 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.
Whitehaven
Average Rent
$594/Month
Year-Over-Year Rent Change
2.6%
TransitScore® Rating
27/100
Units Available
138 Rentals
Whitehaven is a top choice for budget-conscious renters for a variety of reasons. The average rent in Whitehaven is $594 while the city average is $1,017. This is a 2.6% difference from last year. Residents enjoy convenient access to Mississippi River Museum at Mud Island, Chucalissa Museum and Archaeological Site, and South Third Center. The neighborhood is considered car-dependent with a WalkScore® of 38.
South Memphis
Average Rent
$669/Month
Year-Over-Year Rent Change
1.9%
TransitScore® Rating
26/100
Units Available
156 Rentals
When you’re looking for a great Memphis neighborhood on a budget, check out South Memphis. The average rent is $669, compared to the city average of $1,017. Rent prices have increased by 1.9%. South Memphis is convenient to UT Health Science Center, Christian Brothers University, and Westwood Commons. The community is car-dependent with a WalkScore® of 37.
Raleigh
Average Rent
$796/Month
Year-Over-Year Rent Change
3.6%
TransitScore® Rating
21/100
Units Available
93 Rentals
Raleigh is an affordable neighborhood in Memphis with an average rent price of $796. Compare this to the city average of $1,017. In the past year, rent prices have increased by 3.6%. Raleigh provides easy access to Raleigh Springs Market Place, University of Memphis, and Southwest Tenn., Gill Center. It’s a car-dependent neighborhood with a WalkScore® of 34.
Hickory Hill
Average Rent
$1,066/Month
Year-Over-Year Rent Change
4.5%
TransitScore® Rating
27/100
Units Available
333 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 $1,066, while the city’s average stands at $1,017. In the last year, prices have increased by 4.5%. Hickory Hill is near Hickory Ridge Commons, Memphis Botanic Garden, and Southwest Tenn., Smith Center.
North Memphis
Average Rent
$1,086/Month
Year-Over-Year Rent Change
2.5%
TransitScore® Rating
35/100
Units Available
213 Rentals
North Memphis is a top choice for budget-conscious renters for a variety of reasons. The average rent in North Memphis is $1,086 while the city average is $1,017. This is a -2.5% difference from last year. Residents enjoy convenient access to Mississippi River Museum at Mud Island, Memphis Botanic Garden, and Crosstown Shoppes. The neighborhood is considered somewhat walkable with a WalkScore® of 51.
Audubon Park
Average Rent
$1,102/Month
Year-Over-Year Rent Change
0.7%
TransitScore® Rating
32/100
Units Available
84 Rentals
When you’re looking for a great Memphis neighborhood on a budget, check out Audubon Park. The average rent is $1,102, compared to the city average of $1,017. Rent prices have decreased by 0.7%. Audubon Park is convenient to University of Memphis, Rhodes College, and University Square. The community is somewhat walkable with a WalkScore® of 59.
Chickasaw Gardens
Average Rent
$1,119/Month
Year-Over-Year Rent Change
1.2%
TransitScore® Rating
34/100
Units Available
72 Rentals
Chickasaw Gardens is an affordable neighborhood in Memphis with an average rent price of $1,119. Compare this to the city average of $1,017. In the past year, rent prices have increased by 1.2%. Chickasaw Gardens provides easy access to Memphis International, Dixon Gallery and Gardens, and Harding University, Memphis. It’s a somewhat walkable neighborhood with a WalkScore® of 60.
Medical District
Average Rent
$1,121/Month
Year-Over-Year Rent Change
6.3%
TransitScore® Rating
44/100
Units Available
143 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 $1,121, while the city’s average stands at $1,017. In the last year, prices have decreased by 6.3%. Medical District is near Mississippi River Museum at Mud Island, Trolley Stop, and Memphis International.
East Memphis
Average Rent
$1,130/Month
Year-Over-Year Rent Change
4%
TransitScore® Rating
32/100
Units Available
334 Rentals
East Memphis is a top choice for budget-conscious renters for a variety of reasons. The average rent in East Memphis is $1,130 while the city average is $1,017. This is a -4% difference from last year. Residents enjoy convenient access to Dixon Gallery and Gardens, Memphis Zoo, and Rhodes College. The neighborhood is considered somewhat walkable with a WalkScore® of 64.
Binghampton
Average Rent
$1,141/Month
Year-Over-Year Rent Change
14.7%
TransitScore® Rating
32/100
Units Available
99 Rentals
When you’re looking for a great Memphis neighborhood on a budget, check out Binghampton. The average rent is $1,141, compared to the city average of $1,017. Rent prices have decreased by 14.7%. Binghampton is convenient to Memphis International, Dixon Gallery and Gardens, and Memphis Botanic Garden. The community is somewhat walkable 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.