Most Affordable Neighborhoods in Memphis, TN
Some of the cheapest neighborhoods in Memphis are Parkway Village, 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 April 9, 2025, the average rent in Memphis is $1,031, which is 1.2% 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.
Parkway Village
Average Rent
$785/Month
Year-Over-Year Rent Change
0.8%
TransitScore® Rating
30/100
Units Available
99 Rentals
If you’re looking for a great, affordable neighborhood in Memphis, Parkway Village might be the perfect place! It has an average rent price of $785, while the city’s average stands at $1,031. In the last year, prices have decreased by 0.8%. Parkway Village is near Christian Brothers University, Memphis Botanic Garden, and CTI 3D Theater.
Fox Meadows
Average Rent
$815/Month
Year-Over-Year Rent Change
15.8%
TransitScore® Rating
23/100
Units Available
95 Rentals
Fox Meadows is a top choice for budget-conscious renters for a variety of reasons. The average rent in Fox Meadows is $815 while the city average is $1,031. This is a 15.8% difference from last year. Residents enjoy convenient access to Dixon Gallery and Gardens, Southwest Tenn., Smith Center, and Southwest Tenn., Macon Cove. The neighborhood is considered somewhat walkable with a WalkScore® of 55.
South Memphis
Average Rent
$883/Month
Year-Over-Year Rent Change
3.1%
TransitScore® Rating
26/100
Units Available
90 Rentals
When you’re looking for a great Memphis neighborhood on a budget, check out South Memphis. The average rent is $883, compared to the city average of $1,031. Rent prices have increased by 3.1%. South Memphis is convenient to Westwood Commons, Rhodes College, and T. O. Fuller State Park. The community is car-dependent with a WalkScore® of 37.
Hickory Hill
Average Rent
$1,035/Month
Year-Over-Year Rent Change
2.7%
TransitScore® Rating
27/100
Units Available
515 Rentals
Hickory Hill is an affordable neighborhood in Memphis with an average rent price of $1,035. Compare this to the city average of $1,031. In the past year, rent prices have increased by 2.7%. Hickory Hill provides easy access to Hickory Ridge Towne Center, Memphis Botanic Garden, and Chesnut Center. It’s a car-dependent neighborhood with a WalkScore® of 48.
Audubon Park
Average Rent
$1,084/Month
Year-Over-Year Rent Change
2.2%
TransitScore® Rating
32/100
Units Available
111 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 $1,084, while the city’s average stands at $1,031. In the last year, prices have increased by 2.2%. Audubon Park is near University Square, Children's Museum of Memphis, and Memphis International.
Southeast Memphis
Average Rent
$1,110/Month
Year-Over-Year Rent Change
3.9%
TransitScore® Rating
26/100
Units Available
784 Rentals
Southeast Memphis is a top choice for budget-conscious renters for a variety of reasons. The average rent in Southeast Memphis is $1,110 while the city average is $1,031. This is a 3.9% difference from last year. Residents enjoy convenient access to Fox Meadows, University of Memphis, and Southwest Tenn., Smith Center. The neighborhood is considered car-dependent with a WalkScore® of 36.
East Memphis
Average Rent
$1,160/Month
Year-Over-Year Rent Change
0.7%
TransitScore® Rating
32/100
Units Available
376 Rentals
When you’re looking for a great Memphis neighborhood on a budget, check out East Memphis. The average rent is $1,160, compared to the city average of $1,031. Rent prices have increased by 0.7%. East Memphis is convenient to Sharpe Planetarium, Memphis Zoo, and Memphis Botanic Garden. The community is somewhat walkable with a WalkScore® of 64.
Sea Isle Park
Average Rent
$1,166/Month
Year-Over-Year Rent Change
6.3%
TransitScore® Rating
29/100
Units Available
115 Rentals
Sea Isle Park is an affordable neighborhood in Memphis with an average rent price of $1,166. Compare this to the city average of $1,031. In the past year, rent prices have increased by 6.3%. Sea Isle Park provides easy access to Southwest Tenn., Macon Cove, University of Memphis, and Memphis International. It’s a somewhat walkable neighborhood with a WalkScore® of 57.
White Station
Average Rent
$1,184/Month
Year-Over-Year Rent Change
2.1%
TransitScore® Rating
29/100
Units Available
124 Rentals
If you’re looking for a great, affordable neighborhood in Memphis, White Station might be the perfect place! It has an average rent price of $1,184, while the city’s average stands at $1,031. In the last year, prices have increased by 2.1%. White Station is near Memphis Botanic Garden, Sanderlin Place, and Christian Brothers University.
Chickasaw Gardens
Average Rent
$1,191/Month
Year-Over-Year Rent Change
2.1%
TransitScore® Rating
34/100
Units Available
113 Rentals
Chickasaw Gardens is a top choice for budget-conscious renters for a variety of reasons. The average rent in Chickasaw Gardens is $1,191 while the city average is $1,031. This is a 2.1% difference from last year. Residents enjoy convenient access to Christian Brothers University, Dixon Gallery and Gardens, and Chickasaw Oaks. The neighborhood is considered somewhat walkable with a WalkScore® of 60.
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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.