Cheap Apartments in Memphis, TN

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Cheap Apartments in Memphis, TN

Search and browse 6853 cheap (under $400) apartments available for rent in Memphis, TN. With apartments that span the entire city, you will find an apartment in Memphis for just the right price. During your search, sort your favorite cheap (under $400) apartments by one of our listed amenities — covered parking, in-unit washer and dryer, a rooftop pool, a modern fitness center, an updated kitchen, energy efficient appliances, smart technology, online leasing, payments, and more. Want to tour a property? Schedule a tour online and you’ll be moving in to your new Memphis apartment before you know it.

June Rent Report

Welcome to the June 2020 Memphis Apartment Report. In this assessment of the local rental market, ABODO data scientists and rental experts break down the June 2020 key findings and figures for the Memphis rental landscape.

Our experts analyze the pricing trends — one-bedroom, two-bedroom, year-over-year and month-over-month — in Memphis and surrounding areas and provide comparisons to the entire metro area, nearby cities and some of the most desirable and expensive cities in the United States. Take a look at the last 12 months of Memphis rent prices in the chart below.

Monthly Rent Report

Memphis Rent Prices Decrease From May to June

Memphis rent prices decreased over the last month. From May to June, the city experienced a -1.18% decrease for the price of a one-bedroom apartment. The rent price for a Memphis one-bedroom apartments currently stands at $840.0.

When we take a look at the two-bedroom comparison from May to June, Memphis experienced a -3.55% decrease for the price of a two-bedroom apartment. The rent price for a Memphis two-bedroom apartments currently stands at $896.0.

June Prices: Memphis vs. Surrounding Areas

Rent Prices in Memphis and Surrounding Areas

Rent prices have decreased in Memphis over the last month. But how have the surrounding areas fared when it comes to the recent volatility in apartment prices? Rent prices in 4 of the Memphis suburbs increased last month. On the other hand, 3 local areas experienced a decrease in the price of a one-bedroom apartment.

More key findings include:

  • Rent increased in Cordova, TN, Southaven, MS, Bartlett, TN, Horn Lake, MS .

  • Rent decreased in Robinsonville, MS, Collierville, TN, Germantown, TN.

  • 6 suburbs are currently priced higher than the city of Memphis.

  • 1 suburb is currently priced lower than the city of Memphis.

June 2020 Pricing Trends: Memphis vs. National Comparisons

Memphis Rent Prices More Affordable Than Major Cities

Rent growth in Memphis over the past year has been declining. When compared to major cities nearby, along with some of the most expensive cities in the country, Memphis rent prices appear to be relatively affordable for local residents.

The price for a Memphis one-bedroom apartment remains vastly more affordable than four of the largest cities in the United States — New York City, Washington, D.C. San Francisco and Los Angeles. And pricing compares quite similarly to nearby Midwest cities.

You can view the full rundown of ABODO's June 2020 National Apartment Report and data set here.

For more information about Memphis and surrounding area rent prices, take a look at the complete data set below.

Data set for Memphis and suburbs

1 BR June 1 BR M/M % Change 2 BR June 2 BR M/M % Change
Memphis, TN $850.0 -2.41% $929.0 -3.83%
Cordova, TN $1,058.0 1.15% $1,174.0 0.69%
Southaven, MS $1,021.0 0.59% $1,154.0 -0.35%
Robinsonville, MS $775.0 0.00% $875.0 0.00%
Collierville, TN $1,059.0 -1.67% $1,413.0 0.28%
Germantown, TN $1,147.0 -2.47% $1,382.0 1.10%
Bartlett, TN $1,116.0 4.10% $1,438.0 0.42%
Horn Lake, MS $975.0 1.04% $1,178.0 2.79%


Each month, using over 1 million ABODO listings across the United States, we calculate the median 1-bedroom and 2-bedroom rent prices by city, state, and nation, and track the month-over-month percent change. To avoid small sample sizes, we restrict the analysis for our reports to cities meeting minimum population and property count thresholds.