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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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  • 5 units available
    1 bd $300
    2 bd $450+
    Base rent
    Verified Listing

    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 25 Jun 2026.

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

In Memphis, 55% of the residents are renting compared to 45% owning a home, according to data from the U.S. Census Bureau. Large-scale apartment buildings with more than 50 units represent 10% of Memphis's rentals, 50% are small-scale complexes with under 50 units, and 39% are single-family rentals.

Renting apartments in Memphis, TN under $500

Are you looking for a smart space where you can easily combine comfort with convenience? You will surely find the property that perfectly fits your needs with this variety of options. RentCafe offers you 7 apartments for rent in Memphis, TN from 3 modern buildings, so you’ll certainly find something suitable for you. If you want to live alone or with your partner, you might want to look for a studio or browse through our selection of 1 bedroom apartments. If you need more space but you don’t want to spend more than necessary on a monthly rent, check out our 2 bedroom or 3 bedroom apartments for less than $500, and make the most out of your budget.

Finding the best rental near you

Memphis, TN is an amazing place to call home, with several rentals under $500 for you to choose from. There are many options and filters you can apply to your search to make the process easier and to find your next apartment faster and more efficiently. Asking yourself ‘are there any cheap apartments near me’? With our helpful filters, you can easily find the home of your dreams that also fits within your budget. With rent prices as low as $300 in Memphis, TN, you can find affordable and appealing apartments that match your requirements. Sort your search by ‘Rent’ ascending to see the cheapest ones at the top of the list. As soon as you find your perfect apartment, make sure to contact the property to check for availability or apply online directly on RentCafe.