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apartments under 500
Last updated January 28 2021 at 3:28 AM

22 Apartments under $500 for rent in Memphis, TN

Finding a deal on affordable apartments under $500 in Memphis is worth the extra effort. Com... Read Guide >
Verified
18 Units Available
Bent Tree Apartments
3471 W Briarpark Dr
Memphis, TN
1 Bedroom
$445
645 sqft
2 Bedrooms
$520
1048 sqft
3 Bedrooms
$655
1109 sqft
Last updated January 28 at 01:52 AM
Creekside Meadows Apartments in Memphis has it all. Within your new apartment, you will discover a diverse offering of high-quality amenities, which will enhance your lifestyle through convenience and efficiency they provide.
Verified
25 Units Available
Ashton Hills
4183 Troost Drive
Memphis, TN | Springhill Community Civic Club
1 Bedroom
$500
560 sqft
2 Bedrooms
$600
784 sqft
3 Bedrooms
$700
1044 sqft
Last updated January 28 at 12:50 AM
Find studio, 1, 2 and 3 bedroom apartments for rent at Ashton Hills in Memphis. View photos, descriptions and more!
Verified
4 Units Available
Macon Manor
4517 Macon Road
Memphis, TN | Berclair - Highland Heights
1 Bedroom
$475
650 sqft
2 Bedrooms
$575
850 sqft
Last updated January 28 at 12:18 AM
Welcome to Macor Manor Apartments located in Memphis, Tennessee!
1 Unit Available
838 Leon Pl
838 Leon Place
Memphis, TN | Klondyke
1 Bedroom
$350
540 sqft
Last updated January 28 at 03:17 AM
Find studio, 1, 2 and 3 bedroom apartments for rent at 838 Leon Pl in Memphis. View photos, descriptions and more!
1 Unit Available
844 N Dunlap St
844 North Dunlap Street
Memphis, TN | Klondyke
2 Bedrooms
$460
732 sqft
Last updated January 28 at 03:17 AM
Find studio, 1, 2 and 3 bedroom apartments for rent at 844 N Dunlap St in Memphis. View photos, descriptions and more!
1 Unit Available
1696 Gaither St
1696 Gaither Street
Memphis, TN | Sixty Point One Ward
1 Bedroom
$500
528 sqft
2 Bedrooms
Ask
Last updated January 28 at 03:17 AM
1/1 Brick Duplex. Spacious Floor Plan & Updated Kitchen & Bath
1 Unit Available
806 N Dunlap St
806 North Dunlap Street
Memphis, TN | Klondyke
2 Bedrooms
$460
732 sqft
Last updated January 28 at 03:17 AM
Find studio, 1, 2 and 3 bedroom apartments for rent at 806 N Dunlap St in Memphis. View photos, descriptions and more!
1 Unit Available
839 Leon Pl
839 Leon Place
Memphis, TN | Klondyke
2 Bedrooms
$399
732 sqft
Last updated January 28 at 03:17 AM
Find studio, 1, 2 and 3 bedroom apartments for rent at 839 Leon Pl in Memphis. View photos, descriptions and more!
1 Unit Available
2419 Dexter Ave
2419 Dexter Avenue
Memphis, TN | Hyde Park
2 Bedrooms
$500
924 sqft
Last updated January 28 at 03:17 AM
Find studio, 1, 2 and 3 bedroom apartments for rent at 2419 Dexter Ave in Memphis. View photos, descriptions and more!
1 Unit Available
672 HILLCREST
672 Hillcrest Street
Memphis, TN | Binghampton-Lester
1 Bedroom
$425
Last updated January 28 at 01:47 AM
1 bedroom duplex available immediately. Contact agent for more information
1 Unit Available
1748 Kansas Street
1748 Kansas Street
Memphis, TN | Riverside
1 Bedroom
$425
Last updated January 27 at 10:59 AM
Very Cozy Duplex- 1 Bed 1 bth duplex. Nice quiet area Application: https://www.hemlane.com/listings/1744-kansas-st-memphis-tn-38109-usa-unit-3/139c55f0-4467-4dc2-937b-adc99284d243 (RLNE6320660)
1 Unit Available
1117 Keating Street - 2
1117 Keating Street
Memphis, TN | Orange Mound
2 Bedrooms
$475
687 sqft
Last updated January 28 at 03:21 AM
This starter home will soon be available for your family. It features 2 bedrooms and 1 bathroom at a very affordable rate.
1 Unit Available
1053 Whitaker #13
1053 Whitaker Drive
Memphis, TN
2 Bedrooms
$450
750 sqft
Last updated January 28 at 03:21 AM
• 12-month lease (with month to month option) • Cable or Satellite Available • Range • 2 bedrooms • Refrigerator • Wireless Internet Available • Central Air Conditioning • Carpeting • Window Coverings • Housekeeping • On-site Maintenance • On-site
1 Unit Available
1087 Whitaker Rd #4
1087 Whitaker Dr
Memphis, TN
2 Bedrooms
$500
850 sqft
Last updated January 28 at 03:21 AM
NO CREDIT CHECK!! NO DEPOSIT!! SECOND CHANCE PROGRAM!! We have very spacious two bedroom apartments. On-Site Laundry Facilities, 24 Hour Courtesy Staff, Surveillance Cameras, All Appliances Included, Walk-in Closets, Close to Public Transportation.
1 Unit Available
1033 Whitaker #4
1033 Whitaker Drive
Memphis, TN
2 Bedrooms
$450
750 sqft
Last updated January 28 at 03:21 AM
• 12-month lease (with month to month option) • Cable or Satellite Available • Range • 2 bedrooms • Refrigerator • Wireless Internet Available • Central Air Conditioning • Carpeting • Window Coverings • Housekeeping • On-site Maintenance • On-site
1 Unit Available
3887 Jackson Ave A05
3887 Jackson Avenue
Memphis, TN
1 Bedroom
$495
540 sqft
Last updated January 28 at 03:21 AM
Find studio, 1, 2 and 3 bedroom apartments for rent at 3887 Jackson Ave A05 in Memphis. View photos, descriptions and more!
1 Unit Available
1774 Crump - B
1774 Crump Avenue
Memphis, TN | Voillintine - Evergreen
1 Bedroom
$450
1921 sqft
Last updated January 28 at 03:21 AM
Find studio, 1, 2 and 3 bedroom apartments for rent at 1774 Crump - B in Memphis. View photos, descriptions and more!
1 Unit Available
1283 E Raines Road - #8
1283 E Raines Rd
Memphis, TN
2 Bedrooms
$500
900 sqft
Last updated January 28 at 03:21 AM
Very large downstairs unit with easy access to parking. Includes extra large bedroom with walk-in closet. Separate living, dining and kitchen areas. Inside courtyard access. Central air and heat. Perfect location in Whitehaven.
1 Unit Available
2336 Norman Ave
2336 Norman Avenue
Memphis, TN | Hyde Park
2 Bedrooms
$400
532 sqft
Last updated May 4 at 07:46 PM
A Fine House in Norman Ave! It has 2 bedrooms and 1 bathroom with a total area of 532 Sq Ft and was built in 1665. It comes with vinyl floors, windows with blinds and a clean bathroom.
1 Unit Available
1364 Gleason Ave.
1364 Gleason Avenue
Memphis, TN
1 Bedroom
$475
504 sqft
Last updated April 4 at 11:14 AM
Cute Duplex off 51 & S. Parkway - This is a one bedroom one bathroom duplex that has been freshly painted throughout. There are nice wood floors throughout the property as well with a great sized living room and nice sized bedroom.
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Frequently Asked Questions (FAQs)
Frequently Asked Questions
How expensive is it to rent a studio apartment in Memphis?
The median rent for a studio apartment in Memphis is $716 per month.
How expensive is it to rent a studio apartment in Memphis?
The median rent for a studio apartment in Memphis is $716 per month.
How much is rent for a one-bedroom apartment in Memphis?
One-bedroom apartment rentals in Memphis rent for $836 per month.
How much is rent for a one-bedroom apartment in Memphis?
One-bedroom apartment rentals in Memphis rent for $836 per month.
What is the typical rent for a two-bedroom apartments in Memphis?
The median rent for a two-bedroom apartment in Memphis is $975 per month.
What is the typical rent for a two-bedroom apartments in Memphis?
The median rent for a two-bedroom apartment in Memphis is $975 per month.
City Guide for Memphis, TN

There's a town that I call home, where all the streets are paved with soul. Down on Beale there's a honky-tonk bar, so hear the wail of a blues guitar. Have a beer and drop a dime in the blind man's jar. The blues sing softly in the air, like a Sunday morning prayer. Just one more drink and you'll see God everywhere. Like a sad old melody that cheers you up, it sets you free. And that's how Memphis lives in me." (-Bon Jovi, "Memphis Lives In Me").

Memphis Tennessee is an iconic place in so many ways. It's the birthplace of the blues, soul, and that just-about-to-catch-on musical genre called Rock and Roll. It is the epicenter of many food debates with restaurants like Gus's Hot & Spicy Chicken and Charles Vergos' Rendezvous always topping the lists of the country's best fried chicken and ribs respectively, and actual tourist destinations unto themselves. Memphis is where your overnight package will spend a couple of hours at the worldwide hub for FedEx. And in Memphis you can plant your feet on the doormat of the second most visited home in the world. They even let you go in. No, not my Aunt Peg's (who does make some mean biscuits and sweet tea, which is reason alone to visit), but Elvis's - the King himself. Add the majesty of the Mississippi River, the NBA's coyly named Memphis Grizzlies (the nearest grizzly bear roams a brisk 1,600 miles away, but the Memphis Zoo does have a set of twins), and the neon festooned nightlife of world famous Beale Street, and you've found yourself in an unmistakably multifaceted city. Now time to find an unmistakably awesome apartment. See more

What to keep in mind when looking for apartments under $500 in Memphis, TN

Finding a deal on affordable apartments under $500 in Memphis is worth the extra effort. Come ready to pounce on the best deals. Call the property management in advance to ask what paperwork they need and come prepared. Bank statements, pay stubs, identification, and letters of recommendation from an employer or landlord are usually standard. It’s better to come to an apartment tour over-prepared and ready to sign.

You probably won’t find affordable apartments under $500 in Memphis in the heart of the action, but you can still land in a neighborhood you love. Look for locations on the outskirts of your dream location or reconsider how much space you really need. A studio apartment may offer plenty of space in your ideal neighborhood at a cheaper price point.

Some property managers will also know about apartments under $500 in other buildings they manage, or through word-of-mouth from industry contacts. Ask about any leads if you can’t find the space you need. Touring the first floor for affordable apartments that need some updating can also yield a great deal.