Cheapest Cities to Rent in Tennessee (2026)
The cheapest rent in Tennessee is in Memphis, TN, where a 2-bedroom averages $1,274/mo and a 1-bedroom $1,154/mo (2026 HUD Fair Market Rent) — $218/mo below the Tennessee average 2BR of $1,492. The table below ranks all 3 of the cheapest cities to rent in Tennessee.
Top 3 Cheapest Cities in Tennessee
Ranked by 2-bedroom rent price (lowest first)
| Rank | City | Studio | 1 Bed | 2 Bed | 3 Bed | Income Needed |
|---|---|---|---|---|---|---|
#1 | Memphis, TN | $1,060 | $1,154 | $1,274 | $1,683 | $50,960/yr |
#2 | Knoxville, TN | $1,177 | $1,184 | $1,471 | $1,864 | $58,840/yr |
#3 | Nashville, TN | $1,507 | $1,578 | $1,730 | $2,211 | $69,200/yr |
Why These Tennessee Cities Are Affordable
Tennessee's affordability has decreased in Nashville as the city has grown, but remains good compared to many metros. Memphis and smaller cities offer excellent value.
- Below-average housing costs: These cities have housing indices lower than the state average of 85
- Lower demand: Smaller populations and less competitive markets keep prices reasonable
- Diverse housing stock: Mix of older and newer buildings provides options at various price points
- Regional economies: Local job markets support working populations without coastal-city premiums
Income Requirements
Using the standard 30% of income guideline, here's what you need to earn to afford rent in Tennessee's cheapest cities:
How Tennessee's Cheapest Cities Compare
What to Consider Before Moving
Best For
- ✓Music industry workers
- ✓Healthcare professionals
- ✓Those seeking no income tax
- ✓Outdoor enthusiasts
Considerations
- •Nashville becoming expensive
- •Hot humid summers
- •Tornado risk
Cheapest Rent in Tennessee: FAQ
Where is the cheapest rent in Tennessee?
The cheapest rent in Tennessee is in Memphis, TN, where a 2-bedroom averages $1,274/month and a 1-bedroom $1,154/month in 2026 (HUD Fair Market Rent). Next cheapest: Knoxville ($1,471), Nashville ($1,730).
How much can I save renting in Tennessee's cheapest cities?
By choosing Tennessee's cheapest city over the state average 2BR of $1,492, you could save $218/month or $2,616/year on rent.
Is rent in Tennessee's cheapest city below the US average?
Yes. A 2-bedroom in Memphis costs $1,274/month, which is $299/month below the US median 2BR Fair Market Rent of $1,573 (HUD, 2026).
What income do I need to rent in Tennessee's cheapest cities?
To afford the cheapest 2BR in Tennessee at $1,274/month, you need approximately $50,960/year based on the 30% of income guideline.