Cheap Apartments for Rent in 38128
118 rentals
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SPECIAL OFFERPET FRIENDLY$741 - $1,365/mo
1-3 Beds
1-2 BathsThe Summit Apartments | 4981 Hidden Lake Dr #2-203,
Memphis, TN 38128
PET FRIENDLY
NEW - 16 HRS AGOSPECIAL OFFERPET FRIENDLYTotal price$762 - $1,262/mo1-3 Beds1-2 BathsThe Meridian Apartments | 4787 Garden Grove Cv #4769-4,
Memphis, TN 38128
PET FRIENDLY$799 - $1,499/mo1-3 Beds1-2 BathsCovington Hills | 4800 Raleigh Lagrange Rd #2690-5,
Memphis, TN 38128
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$925 - $980/mo2-3 Beds1-2 BathsAllentown Park | 4912 Raleigh Millington Rd #46af381d9,
Memphis, TN 38128
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Average Rent Trends in 38128
Rent in 38128 varies by number of bedrooms and home type. Use these charts to quickly see how rent changes.
Average rent increased in May 2026 compared to the previous month. Rent previously peaked in Apr 2025.
| Month | Average rent |
|---|---|
| Jun 2025 | $1,350 |
| Jul 2025 | $1,350 |
| Aug 2025 | $1,295 |
| Sep 2025 | $1,285 |
| Oct 2025 | $1,295 |
| Nov 2025 | $1,200 |
| Dec 2025 | $1,259 |
| Jan 2026 | $1,245 |
| Feb 2026 | $1,250 |
| Mar 2026 | $1,250 |
| Apr 2026 | $1,279 |
| May 2026 | $1,295 |
Average Rent By Bedroom and Home Type
In May 2026, Apartments and Condos were the most affordable home type to rent compared with Townhomes and Houses.
| 1 bed | 2 beds | 3 beds | 4 beds | All | |
|---|---|---|---|---|---|
| All home types | $750 | $895 | $1,275 | $1,550 | $1,295 |
| Townhomes | — | — | $1,175 | — | $1,175 |
| Apartments and Condos | $775 | $875 | $1,053 | $1,139 | $895 |
| Houses | $650 | $1,599 | $1,295 | $1,550 | $1,350 |
Frequently Asked Questions about Rentals in 38128
- What is the average rent of an apartment in 38128?The average rent of an apartment in 38128 is $917 per month. This is about 52% lower than the national average.
- What is the average rent of a house in 38128?The average rent of a house in 38128 is $1,350 per month. This is about 30% lower than the national average.
- What is the average rent of a townhome in 38128?The average rent of a townhome in 38128 is $1,175 per month. This is about 39% lower than the national average.
- When is the average rent cheapest in 38128?In the last year, the average rent in 38128 was lowest in Nov 2025 when it was $1,200 per month.
- When is the average rent most expensive in 38128?In the last year, the average rent in 38128 was highest in Apr 2025 when it was $1,395 per month.
- How does the rent of a 1 bedroom apartment compare to a studio apartment in 38128?The average rent of a 1 bedroom apartment in 38128 is $750 per month. That is about $600 more than the cost of a studio apartment.
- How many available rental listings are in 38128?There are 130 available rental listings in 38128.
- What are some cities near 38128?Some nearby cities include: Bartlett, Millington, Memphis, Cordova, Lakeland, Germantown. These cities may have more rental options to explore.