As the city continues to grow, finding the cheapest neighborhoods in Memphis remains a top priority for renters looking to balance cost and convenience. Whether you’re a first-time renter, or just looking to increase your savings, exploring apartments in Memphis can help you find a community that fits your lifestyle and budget.
In this Rent. article, we’ll explore some of the most affordable neighborhoods in Memphis, complete with neighborhood highlights and key details to help you find your perfect home.
Here’s a quick look at some of the most budget-friendly neighborhoods in Memphis and what you can expect to pay for a one-bedroom apartment in each area.
| Neighborhood | Average 1-bedroom rent |
| North Parkway Village | $550 |
| South Memphis | $700 |
| Oakhaven | $750 |
| Berclair | $755 |
| Raleigh | $780 |
| Parkway Village | $780 |
| Fox Meadows | $789 |
| Normal Station | $795 |
| Colonial Willow | $795 |
| Lamar | $802 |
1. North Parkway Village
Average 1-bedroom rent: $550 | YoY change: 0%
Average 2-bedroom rent: $665 | YoY change: -11%
Neighborhood highlights: Quiet residential feel, close to major roads
North Parkway Village sits between Parkway Village and Orange Mound, giving it easy access to Highland Strip. At the strip, you’ll find laid-back bars, coffee shops, and live music venues. One of the best parts of living here is the proximity to Liberty Park, home to the Liberty Bowl Stadium and the Children’s Museum of Memphis. Public transit options are available, but most residents rely on cars. I-240 makes it easy to get to downtown or East Memphis in under 15 minutes.
2. South Memphis
Average 1-bedroom rent: $700 | YoY change: N/A
Average 2-bedroom rent: $728 | YoY change: 6%
Neighborhood highlights: Historic landmarks, deep music roots, expanding redevelopment
South Memphis is a historic neighborhood with deep roots in the city’s music history. It’s home to landmarks like Stax Museum of American Soul Music, which celebrates Memphis’ legendary role in shaping soul and R&B. The neighborhood is also close to T.O. Fuller State Park, a hidden gem with hiking trails and picnic spots. South Memphis is mostly car-dependent, with Elvis Presley Boulevard and I-55 providing quick access to downtown and the airport.
3. Oakhaven
Average 1-bedroom rent: $750 | YoY change: N/A
Average 2-bedroom rent: $855 | YoY change: N/A
Neighborhood highlights: Proximity to Memphis International Airport, suburban feel, local parks
Located near Memphis International Airport, Oakhaven is great for anyone who needs quick access to major transportation hubs. While it’s primarily residential, there are plenty of local eats along Winchester Road. For example, Marlowe’s Ribs & Restaurant, is a must-visit for Memphis-style barbecue. Oakhaven is also close to Elvis Presley’s Graceland, so you’re never far from one of the city’s biggest attractions.
4. Berclair
Average 1-bedroom rent: $755 | YoY change: N/A
Average 2-bedroom rent: $775 | YoY change: -6%
Neighborhood highlights: Local diners, close to Shelby Farms Greenline, strong community vibe
Berclair is located just east of Midtown and one of its biggest perks is its food scene. Las Tortugas Deli Mexicana is a local favorite for authentic tacos, and Jerry’s Sno Cones is a Memphis institution for sweet, colorful treats. The neighborhood is also just a short drive from Shelby Farms Park, one of the largest urban parks in the country. If you want an affordable rental in a neighborhood with great food and easy access to green space, Berclair is a great choice.
5. Raleigh
Average 1-bedroom rent: $780 | YoY change: -2%
Average 2-bedroom rent: $950 | YoY change: 0%
Neighborhood highlights: Expanding retail, access to scenic parks
Raleigh is undergoing revitalization, with new businesses and infrastructure improvements bringing fresh energy to the neighborhood. Raleigh Springs Town Center has been transformed into a community hub, featuring a library, skate park, and walking trails. The neighborhood is also home to Pope’s Café, a local favorite for Southern comfort food. Raleigh is well-connected by Austin Peay Highway, making it easy to get to other parts of Memphis.
6. Parkway Village
Average 1-bedroom rent: $780 | YoY change: -12%
Average 2-bedroom rent: $900 | YoY change: -9%
Neighborhood highlights: Nearby shopping centers, easy highway access, diverse dining
Parkway Village has older apartment complexes and single-family rental homes, often with larger yards than you’d find in Midtown or Downtown. American Way runs through the area providing plenty of retail options including international grocery stores and casual dining spots. Additionally, nearby Winridge Park is a nice local green space with walking trails and picnic areas.
7. Fox Meadows
Average 1-bedroom rent: $789 | YoY change: -11%
Average 2-bedroom rent: $960 | YoY change: -2%
Neighborhood highlights: Close to Hickory Ridge Mall, public golf courses, green spaces
Fox Meadows has some of the best rental prices in East Memphis while still being close to major commercial hubs like Hickory Hill and Winchester Road. Golfers will appreciate Fox Meadows Golf Course, a public course that runs through the neighborhood and has scenic walking paths. The area also has a strong international food scene. For example, Sabor Caribe, one of the best Venezuelan spots in the city.
8. Normal Station
Average 1-bedroom rent: $795 | YoY change: N/A
Average 2-bedroom rent: $925 | YoY change: -3%
Neighborhood highlights: Close to University of Memphis, local eateries, walkable streets
Normal Station is great for renters who want to be close to the University of Memphis. The neighborhood has a laid-back feel with tree-lined streets. You also have easy access to Audubon Park, which features a golf course, scenic trails, and a dog park. Public transit is a plus here, with MATA bus routes running through the area and the University of Memphis train station connecting you to downtown.
9. Colonial Willow
Average 1-bedroom rent: $795 | YoY change: 7%
Average 2-bedroom rent: $875 | YoY change: 4%
Neighborhood highlights: Growing retail options, near major highways, strong community presence
Colonial Willow is close to Poplar Avenue, one of the city’s main corridors. This means you’re never far from grocery stores, retail centers, and restaurants. You’re also near Clark Tower, an iconic Memphis office building with local dining options like City Silo. The neighborhood is quiet and residential but just a short drive from livelier areas like Overton Square and Cooper-Young. If you’re looking for an affordable rental with a suburban feel but close to everything, Colonial Willow is a great option.
10. Lamar
Average 1-bedroom rent: $802 | YoY change: 17%
Average 2-bedroom rent: $850 | YoY change: -16%
Neighborhood highlights: Major transit corridor, historic significance, revitalization efforts
Lamar has a mix of older apartments, rental houses, and commercial spaces, giving it an urban feel without the high price tag. Lamar Avenue connects the neighborhood to Midtown and Downtown Memphis. The avenue is lined with small businesses and restaurants like The Four Way, known for their fried catfish and cornbread. While the neighborhood is more industrial, its affordability and proximity to key parts of the city make it a practical choice for budget-conscious renters.
Methodology: All neighborhoods listed are based on Memphis’ Rental Market Trends on Rent.com. Average rental data and annual change data are sourced from February 2025.
