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 January 27, 2025, the average rent in Memphis is $1,023, which is 0.4% 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
$781/Month
Year-Over-Year Rent Change
0.2%
TransitScore® Rating
21/100
Units Available
114 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 $781, while the city’s average stands at $1,023. In the last year, prices have decreased by 0.2%. Raleigh is near University of Memphis, Sharpe Planetarium, and Memphis Botanic Garden.
Fox Meadows
Average Rent
$801/Month
Year-Over-Year Rent Change
14.7%
TransitScore® Rating
23/100
Units Available
90 Rentals
Fox Meadows is a top choice for budget-conscious renters for a variety of reasons. The average rent in Fox Meadows is $801 while the city average is $1,023. This is a 14.7% difference from last year. Residents enjoy convenient access to Southwest Tenn., Macon Cove, CTI 3D Theater, and Pink Palace Museum. The neighborhood is considered somewhat walkable with a WalkScore® of 55.
South Memphis
Average Rent
$926/Month
Year-Over-Year Rent Change
2.9%
TransitScore® Rating
26/100
Units Available
69 Rentals
When you’re looking for a great Memphis neighborhood on a budget, check out South Memphis. The average rent is $926, compared to the city average of $1,023. Rent prices have increased by 2.9%. South Memphis is convenient to Mississippi River Museum at Mud Island, Southwest Shopping Center, and Memphis International. The community is car-dependent with a WalkScore® of 37.
Hickory Hill
Average Rent
$1,021/Month
Year-Over-Year Rent Change
4.3%
TransitScore® Rating
27/100
Units Available
442 Rentals
Hickory Hill is an affordable neighborhood in Memphis with an average rent price of $1,021. Compare this to the city average of $1,023. In the past year, rent prices have increased by 4.3%. Hickory Hill provides easy access to CTI 3D Theater, Memphis Botanic Garden, and Chesnut Center. It’s a car-dependent neighborhood with a WalkScore® of 48.
Audubon Park
Average Rent
$1,090/Month
Year-Over-Year Rent Change
0.1%
TransitScore® Rating
32/100
Units Available
81 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 $1,090, while the city’s average stands at $1,023. In the last year, prices have increased by 0.1%. Audubon Park is near Memphis Botanic Garden, Christian Brothers University, and Park Center.
Southeast Memphis
Average Rent
$1,104/Month
Year-Over-Year Rent Change
3.1%
TransitScore® Rating
26/100
Units Available
663 Rentals
Southeast Memphis is a top choice for budget-conscious renters for a variety of reasons. The average rent in Southeast Memphis is $1,104 while the city average is $1,023. This is a 3.1% difference from last year. Residents enjoy convenient access to University of Memphis, Harding University, Memphis, and Southwest Tenn., Smith Center. The neighborhood is considered car-dependent with a WalkScore® of 36.
North Memphis
Average Rent
$1,121/Month
Year-Over-Year Rent Change
0.5%
TransitScore® Rating
35/100
Units Available
190 Rentals
When you’re looking for a great Memphis neighborhood on a budget, check out North Memphis. The average rent is $1,121, compared to the city average of $1,023. Rent prices have increased by 0.5%. North Memphis is convenient to Memphis International, Mississippi River Museum at Mud Island, and UT Health Science Center. The community is somewhat walkable with a WalkScore® of 51.
Chickasaw Gardens
Average Rent
$1,128/Month
Year-Over-Year Rent Change
0.9%
TransitScore® Rating
34/100
Units Available
67 Rentals
Chickasaw Gardens is an affordable neighborhood in Memphis with an average rent price of $1,128. Compare this to the city average of $1,023. In the past year, rent prices have increased by 0.9%. Chickasaw Gardens provides easy access to Shops of Chickasaw Gardens, University of Memphis, and Chickasaw Oaks. It’s a somewhat walkable neighborhood with a WalkScore® of 60.
East Memphis
Average Rent
$1,152/Month
Year-Over-Year Rent Change
1.7%
TransitScore® Rating
32/100
Units Available
318 Rentals
If you’re looking for a great, affordable neighborhood in Memphis, East Memphis might be the perfect place! It has an average rent price of $1,152, while the city’s average stands at $1,023. In the last year, prices have decreased by 1.7%. East Memphis is near University Center, Sharpe Planetarium, and University Square.
Sea Isle Park
Average Rent
$1,162/Month
Year-Over-Year Rent Change
8.4%
TransitScore® Rating
29/100
Units Available
120 Rentals
Sea Isle Park is a top choice for budget-conscious renters for a variety of reasons. The average rent in Sea Isle Park is $1,162 while the city average is $1,023. This is a 8.4% difference from last year. Residents enjoy convenient access to Dixon Gallery and Gardens, University of Memphis, and Southwest Tenn., Macon Cove. The neighborhood is considered somewhat walkable with a WalkScore® of 57.
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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.