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Apartments for Rent in Memphis, TN under $500

4 Rentals Available
Apartments for Rent in Memphis, TN under $500. 4 Rentals Available
  • A small house with a yellow roof and stone walls.
    Today

    262 Chelsea Ave., Memphis, TN 38107
    1 BED $300
  • A living room with a blue couch and a wooden table.
    Today

    2801 Raja Drive, Memphis, TN 38127-7919
    Income Restricted
    1 BED Ask for Pricing
  • our apartments have a playground for kids to play
    Today

    5459 Hudgins Road, Memphis, TN 38116
    Income Restricted
    1 BED Ask for Pricing
3-0-city
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Getting around in Memphis, TN

54 /100
Somewhat Walkable
34 /100
Some Transit
43 /100
Somewhat Bikeable
Walk Score®: 54, Transit Score®: 34, Bike Score®: 43

Frequently asked questions

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

Prices and availability in Memphis, TN were last updated on 25 Nov 2025.

What are the best apartments in Memphis, TN?

The best apartments in Memphis, TN are: Metro67, Parcels at Concourse, Madison Shelby Farms, The Edge of Germantown and The Summit Apartments.

What type of rental buildings are in Memphis, TN?

In Memphis, 54% of the residents are renting compared to 46% 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 4 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.

Finding a home nearby is easier than you think. Check out our Apartments Near Me page and take your pick!