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Apartments for Rent in Memphis, TN under $500

Apartments for Rent in Memphis, TN under $500. 7 Rentals Available
7 Rentals Available
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  • 1 bd $300
    2 bd $450+
    Base rent
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    4.5 (1)
    262 Chelsea Ave., Memphis, TN 38107
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    Income restricted
    Verified Listing

    4.0 (16)
    5459 Hudgins Road, Memphis, TN 38116
    In unit laundry • Dishwasher • Patio/Balcony
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    Income restricted
    Verified Listing

    3.5 (7)
    2801 Raja Drive, Memphis, TN 38127-7919
    In unit laundry • Air conditioner • Wheelchair Access
3-0-city
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Frequently asked questions

When were prices and availability in Memphis, TN last updated?

Prices and availability in Memphis, TN were last updated on 4 Aug 2026.

What are the best apartments in Memphis, TN?
What type of rental buildings are in Memphis, TN?

In Memphis 55% of the housing is rented out compared to 45% of homes are owned, according to the most recent Census Bureau estimates. 10% of Memphis's apartments are found in large buildings of 50 units or more, 50% are located in smaller apartment complexes with less than 50 units, and 39% are single-family rentals.

Renting apartments in Memphis, TN under $500

Searching for apartments for rent in Memphis, TN under $500 is not an easy task, but luckily you have come to the right place. Whether you are a student on a budget, a young professional on the move, or simply a frugal person, RentCafe can help you find what you are looking for. Just make sure you know what you consider non-negotiable and what you can compromise on. Your new home is just a few clicks away.

We’ll help you find the cheapest rental near you

Finding a nice cheap apartment is by no means impossible. You just have to be patient. Your “apartments near me under $500” search can bear fruit sooner than you think if you look carefully and check our site often. You never know when discount deals and special offers might pop up. Keep in mind that you are not the only one looking for an affordable apartment in Memphis, TN. Choose “Save Search” to receive the latest apartments available directly to your inbox. This way, you will be able to stay one step ahead of the competition. With the cheapest apartments in Memphis, TN going for $300 per month, there are great deals waiting to be discovered. Feeling lucky? Expand your search to 2 bedroom apartments and 3 bedroom apartments as well for more space.