Cheapest Cities to Rent in Tennessee (2026)
Discover the most affordable cities for renters in Tennessee. These 3 cities offer the lowest rent prices in the state, perfect for budget-conscious renters.
$1,274
Cheapest 2BR
$1,481
State Average 2BR
$207
Monthly Savings
$2,484
Yearly Savings
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 | $1,020 | $1,200 | $1,440 | $1,860 | $57,600/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:
#1: Memphis
2BR: $1,274/mo requires $50,960/year
#2: Knoxville
2BR: $1,440/mo requires $57,600/year
#3: Nashville
2BR: $1,730/mo requires $69,200/year
How Tennessee's Cheapest Cities Compare
vs State Average
-$207/mo
cheaper than Tennessee average
vs National Average
-$126/mo
cheaper than US average
Cost of Living Index
91
Below national average (100)
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