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Apartments Under $500 in Memphis, TN

1 - 26 of 26 Results
22
$ Ask - 1,629
Parcels At Concourse
1350 Concourse Avenue, Suite 750 Memphis, TN
2 BR | Available Now
Contact
Dog Friendly
Cat Friendly
Air Conditioning
Covered Parking
In Unit Laundry
5
$1 - 900
Greenbriar Apartments
3131 Madewell Memphis, TN
1 - 3 BR | Ask for Availability
Contact
Air Conditioning
Surface Parking
3
$185
1253 Cannon St
Memphis, TN
1 BR | Available Now
Contact
4
$500
Cherry Crest Apartments
1460 Cherry Rd. Memphis, TN
1 BR | Available Now
Contact
Student
Dishwasher
17
$100 - 350
City View Towers - Seniors 62 & Older
256 S Camilla St Memphis, TN
1 BR | Available Now
Contact
Heat Included
Senior Community
Income Restricted
Air Conditioning
Surface Parking
16
$488
Sycamore Lake
1.9
2174 Westchester Rd. Memphis, TN
1 BR | Available Now
Contact
Luxury
In Unit Laundry
Balcony/Deck/Patio
Fitness Center
Storage
5
$500
Lakes At Ridgeway
1.9
5995 Waterstone Oak Way Memphis, TN
1 BR | Available Now
Contact
Dog Friendly
Cat Friendly
Section 8
Air Conditioning
In Unit Laundry
5
$439 - 469
Mill Creek Apartments
2.7
Millbranch Dr Memphis, TN
1 BR | Available Now
Contact
Dog Friendly
Cat Friendly
Townhome
Balcony/Deck/Patio
Pool
5
$25 - 992
Saints Courts Apartments
Deal
994 N Watkins St Memphis, TN
1 - 2 BR | Available Now
Contact
Income Restricted
$490 - 650
Ashton Hills
4183 Troost Drive Memphis, TN
3 BR | Available Now
Contact
Dog Friendly
Cat Friendly
Section 8
Air Conditioning
Covered Parking
4
$450
297 Fields
Memphis, TN
2 BR | Available Now
Contact
House
1
$500 - 535
El Dorado Apartments
1.4
2743 Ketchum Road Memphis, TN
1 BR | Available Now
Contact
Dog Friendly
Cat Friendly
4
$495
1680 Kansas St
Memphis, TN
Studio - 1 BR | Ask for Availability
Contact
11
$500
2105 Swift
Memphis, TN
2 BR | Available Now
Contact
House
Den
1
$475
Melinda Apartments
4332 Melinda Memphis, TN
2 BR | Available Now
Contact
Air Conditioning
$500
911 Kney
Memphis, TN
2 BR | Available Now
Contact
House
Storage
$380 - 405
Charter Oak Apartments
5473 Vander Oak Drive Memphis, TN
1 - 2 BR | Available Now
Contact
Dog Friendly
Cat Friendly
Income Restricted
Section 8
Air Conditioning
1
$499
2109 Farrington
Memphis, TN
2 BR | Available Now
Contact
House
1
$400
1493 Gaither St
Memphis, TN
1 BR | Ask for Availability
Contact
3
$425
The Peach Apartments
1330 Peach Ave Memphis, TN
1 BR | Available Now
Contact
1
$350
660 Jennette
Memphis, TN
2 BR | Available Now
Contact
House
1
$475
3803 Given
Memphis, TN
2 BR | Available Now
Contact
Air Conditioning
Balcony/Deck/Patio
1
$495
1386 Court Ave
Memphis, TN
1 BR | Ask for Availability
Contact
1
$500
1606 Victory
Memphis, TN
2 BR | Available Now
Contact
House
1
$450
2414-2416 Shasta
Memphis, TN
1 BR | Ask for Availability
Contact
$475 - 585
Longview Gardens
1.8
1726 S. Orleans Street Memphis, TN
2 BR | Available Now
1 - 26 of 26 Results
  1. Home
  2. Memphis
  3. Apartments Under $500
Frequently Asked Questions

How many apartments under $500 are available in Memphis, TN on Rentable.co?

There are 26 apartments under $500 in Memphis currently available for rent on Rentable.co.

How many studio apartments under $500 are available in Memphis?

Rentable.co has 17 studio apartments under $500 available for rent in Memphis.

How many one-bedroom apartments under $500 are available in Memphis?

Rentable.co has 97 one-bedroom apartments under $500 available for rent in Memphis.

How many two-bedroom apartments under $500 are available in Memphis?

Rentable.co has 119 two-bedroom apartments under $500 available for rent in Memphis.

Can I afford a apartment under $500 in Memphis, TN?

To comfortably afford a apartment under $500 in Memphis based on average rent prices, a household would need an annual income of $19,000.

Apartments Under $500 in Memphis, TN: December Rental Information

Welcome to the December 2025 Memphis Apartment Report. In this assessment of the local rental market, Rentable data scientists and rental experts break down the December 2025 key findings and figures for the Memphis rental landscape.

Our experts analyze the inventory trends for apartments under $500 — overall market rent-distribution, availability by bedroom count, and month-over-month comparisons — in Memphis and surrounding areas. This summary also provides an insight into available features and amenities, as well as location options for apartments under $500 in Memphis.

Please note that the rental prices mentioned in this report are for December 2025 and are subject to change. It's recommended to contact the property directly for the most accurate pricing information.
0 12 25 37 50 <$600 $640 $720 $800 $880 $960 $1,040 $1,120 $1,200 $1,280 $1,360 $1,440 $1,520 >$1,600
This month, the typical cost to rent a one-bedroom apartment in Memphis stands at $1,070, with the majority falling between $630 and $1,570. Out of the 3,479 one-bedroom apartments currently on the market in Memphis, 23 are priced below $500, accounting for 1% of the total available one-bedroom units in Memphis.

Available Apartments Under $500: Memphis vs. Surrounding Areas

Memphis, TN
39
This chart displays the number of available apartments under $500 in Memphis, TN and the surrounding cities for the month of December 2025. The cities included in this data are West Memphis, Southaven, Olive Branch, Germantown, Lakeland, Millington, Munford, Arlington, Piperton, Bartlett, Collierville, Hernando, Marion, Robinsonville, Walls, Cordova, Horn Lake, Joiner, Turrell, and Nesbit. The chart provides an overview of the rental inventory in the metro area, indicating the number of apartments that fall within this price range. This information is helpful for prospective renters seeking affordable housing options in the Memphis, TN area. Currently, the total inventory of apartments under $500 in the metro area is 41.

Apartments Under $500 Now vs. Last Month: Memphis and Surrounding Areas

City Apartments Under $500 in December M/M % Change
Memphis, TN 40 +1.01%
Robinsonville, MS 2 +1.08%
Southaven, MS 1 +1.0%
Horn Lake, MS 1 +1.0%
Bartlett, TN 1 +0.5%

Looking for Apartments Under $500 in Memphis?

Available apartments under $500 270
Top amenities Air Conditioning, Refrigerator, Range / Oven, Off Street Parking, Pet Friendly Community
Pet friendly 85
Utilities included 15
Furnished 38
1 Bedroom 49
2 Bedroom 52
3 Bedroom 18
Square footage 360 - 1,511
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