890 Apartments for rent in Memphis, TN

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Last updated November 23 at 6:16pm UTC
Park Estate
960 Catbird Ct
Memphis, TN
Updated November 23 at 2:48pm UTC
1 Bedroom
Ask
2 Bedrooms
$963
3 Bedrooms
$1,543
1091 Whitaker Dr
Memphis
Memphis, TN
Updated November 23 at 5:29pm UTC
2 Bedrooms
$500
Valley Stream Dr
Memphis
Memphis, TN
Updated November 7 at 8:28am UTC
4 Bedrooms
$700
Pinnacle Farms Dr
Pinnacle Point
Memphis, TN
Updated November 23 at 9:01am UTC
4 Bedrooms
$1,845
Rembrook Dr
Countrywood
Memphis, TN
Updated November 14 at 8:18am UTC
5 Bedrooms
$1,450
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City Guide
Memphis
Renting in Memphis

As the 19th most populous city in the U.S., the rental market in Memphis should not be overly difficult or expensive to navigate. Like most places, choose wisely as even abutting sections can vary so widely in demographics.

Brokers: There is no need at all to pay for apartment locating in a city such as Memphis. While not as prolific as in other cities, there are, in fact, free apartment locating companies that will provide lists based on your needs and desired amenities. Doing a healthy dose of self-exploration is rewarding as well as you get to know the city as a whole as opposed to making its acquaintance via email.

What to have in your apartment hunting attaché case:

• your last several pay stubs or your last two tax returns

• picture I.D.

• application fee of around $50 for an apartment complex, often $0 for a smaller building

• willingness to sign a 6 - 15 month lease (best incentives on longer leases in complexes)

If you don't have a W2, proof of regular pay, or up-to-date tax documents, remember, most Memphis apartment complexes do not consider bank statements as a means to verify your creditworthiness. If you don't have a picture I.D., well, you're either seven years old or a vampire. Either way, you're probably not looking for an apartment. If you have a pet, check first and always ask about breed restrictions. Many apartment complexes welcome Fido and Mittens so long as Fido isn't a pit bull and Mittens isn't a leopard, but they also welcome them with one-time, non-refundable pet fees ($300 - $500 total) and almost always additional, recurring pet rent of $10 - $30 per month. In privately owned units, pets are not often welcomed, but when they are, it is usually at no additional charge. On the upside, the Memphis apartment market has relatively low security deposits of, generally, $200 - $300 (sometimes even lower) regardless of size or location for complexes, while higher deposits are closer the norm for others.

Memphis Neighborhoods

It comes down to the three basic disco-oriented checkboxes of life: The Hustle, Funky Town, or We Are Family... in other words, nightlife (Downtown), the ethnic/artsy/cultural vibe (Midtown including Overton Square and Cooper-Young), or more the carpool and soccer ball scene (East burbs).

Downtown: One of the most renowned spots for American nightlife is Downtown Memphis with Beale Street being the undisputed nucleus therein. With the most dining choices, views of the river, The FedEx center for sports, concerts, and cultural must-haves of rodeo and monster truck jams, Downtown Memphis is the choice for those wishing for the fast paced River City lifestyle. The MATA (Memphis Area Transit Association) trolley runs downtown and can get you to and fro with, well, not so much timeliness but with quaintness. If you live and work downtown, you can consider ridding yourself of your automobile, but parking isn't a super hassle and traffic in the grid layout is considered marginally better than other major metropolitan areas. The highest Memphis rents are Downtown, specifically in the entertainment and business districts, and close to the river. In these sections, expect to pay approximately $900 for a low rise 1 BR nearby, or around $1,300 for the most luxurious 1 BR in the most sought after central high rises. Add around $450 per month for a 2 BR. If you want to be downtown, out of earshot of the blues, and pay a couple hundred dollars less each month, take a look at the upscale Harbor Town area, historic Victorian Village, or the even more affordable Medical District community (in between Downtown and Midtown - called C Crosstown).

Midtown: Home to several institutes of higher learning including Christian Brothers University, Memphis College of Art, Memphis Theological Seminary, Rhodes College, and Victory University as well as some cultural venues such as Overton Park, The Levitt Shell (outdoor concert venue and site of Elvis's first paid appearance in 1954), Memphis Brooks Museum of Art, Memphis Zoo, and The Old Forest Arboretum, Midtown Memphis has earned the tagline “Midtown IS Memphis.” Midtown is ethnic, diverse, and what its residents consider the real Memphis. Overton Square is the home of the unsuspectingly busy Memphis theatre scene. In Cooper-Young you will find the most eclectic mix of restaurants and entertainment venues including the Elvis Impersonator Shrine (note: Replica Elvis rhinestone jumpsuits - made to original specifications and by original manufacturer start at $3,000 - so plan accordingly). In these exciting Midtown neighborhoods, expect to pay about half of that of most upscale downtown apartments.

East of the City: Communities such as Bartlett, Collierville, and Germantown are considered close to the heart of Downtown Memphis ~ 20 miles on average. Malls, chain restaurants, ball fields, places of worship, and the occasional boutique, wine bar, and pet spa dot the landscape East of Memphis. Rents in these neighborhoods are comparable to Midtown and larger apartments are easier to find due to the larger number of families seeking their homes in these places.

Graceland: Elvis fan, huh? Nice try, Graceland isn't so much residential these days as it is highly touristed with budget lodgings and fast food outlets. On the upside, if you regularly desire a restaurant-made version of Elvis's favorite sandwich - Peanut Butter, Banana, and Bacon, Graceland living may just suit you.

Okay, now what?

Memphis is not a particularly large city, nor is it particularly difficult to navigate. Its lack of a subway or light rail system means you'll probably want to keep your car if you already have one - except if you live and work downtown as mentioned. Beale Street is smaller than you'd think but steeped in American musical roots and is lively all night, every night. Now go do the Elvis thing once at least, see the ducks at The Peabody Hotel once eat the BBQ, many, many times,... but those ducks are just so cute, okay, so once isn't enough, and, of course, without question, take the Mud Island Monorail and pretend you're Tom Cruise being chased in The Firm.

Rent Report
Memphis

November 2017 Memphis Rent Report

Welcome to the November 2017 Memphis Rent Report. Memphis rents declined over the past month. In this report, we'll evaluate trends in the Memphis rental market, including comparisons to similar cities nationwide.

Memphis rents declined slightly over the past month

Memphis rents have declined 0.3% over the past month, but have increased slightly by 1.3% in comparison to the same time last year. Currently, median rents in Memphis stand at $700 for a one-bedroom apartment and $820 for a two-bedroom. This is the second straight month that the city has seen rent decreases after an increase in August. Memphis' year-over-year rent growth lags the state average of 1.9%, as well as the national average of 2.7%.

Memphis rents more affordable than many other large cities nationwide

As rents have increased slightly in Memphis, similar cities nationwide have seen rents grow more quickly. Memphis is still more affordable than most comparable cities across the country.

  • Memphis' median two-bedroom rent of $820 is below the national average of $1,160. Nationwide, rents have grown by 2.7% over the past year compared to the 1.3% increase in Memphis.
  • While Memphis' rents rose slightly over the past year, many cities nationwide saw more substantial increases, including Seattle (+4.2%), Phoenix (+4.1%), and Dallas (+2.6%).
  • Renters will find more reasonable prices in Memphis than most other large cities. For example, San Francisco has a median 2BR rent of $3,070, which is more than three-and-a-half times the price in Memphis.

For more information check out our national report. You can also access our full data for cities and counties across the U.S. at this link.

Methodology - Recent Updates:

Data from private listing sites, including our own, tends to skew toward luxury apartments, which introduces sample bias when estimates are calculated directly from these listings. To address these limitations, we’ve recently made major updates to our methodology, which we believe have greatly improved the accuracy and reliability of our estimates.

Read more about our new methodology below, or see a more detailed post here.

Methodology:

Apartment List is committed to making our rent estimates the best and most accurate available. To do this, we start with reliable median rent statistics from the Census Bureau, then extrapolate them forward to the current month using a growth rate calculated from our listing data. In doing so, we use a same-unit analysis similar to Case-Shiller’s approach, comparing only units that are available across both time periods to provide an accurate picture of rent growth in cities across the country.

Our approach corrects for the sample bias inherent in other private sources, producing results that are much closer to statistics published by the Census Bureau and HUD. Our methodology also allows us to construct a picture of rent growth over an extended period of time, with estimates that are updated each month.

Read more about our methodology here.

About Rent Reports:

Apartment List publishes monthly reports on rental trends for hundreds of cities across the U.S. We intend these reports to be a source of reliable information that help renters and policymakers make sound decisions, and we invest significant time and effort in gathering and analyzing rent data. Our work is covered regularly by journalists across the country.

We are continuously working to improve our methodology and data, with the goal of providing renters with the information that they need to make the best decisions.

Memphis Renter Confidence Survey
National study of renter confidence in the economy, homeownership, and cities
Here's how Memphis ranks on:
D Overall satisfaction
F Safety and crime rate
D Jobs and career opportunities
D Recreational activities
B Affordability
C- Quality of schools
B- Weather
C Commute time
C- State and local taxes
C- Public transit
C+ Pet-friendliness
Best Worst
Full data available when viewing on a non-mobile device.
Overview of Findings

Apartment List has released results for Memphis from the second annual Apartment List Renter Satisfaction Survey. The survey, which drew on responses from over 30,000 renters, provides insight into what states and cities must do to meet the needs of the 105 million American renters nationwide.

“Memphis renters expressed general dissatisfaction with the city overall,” says Andrew Woo, Director of Data Science at Apartment List. “Most categories received below average or significantly below average scores across the board.”

Key findings in Memphis include the following:

  • Memphis renters give their city a D overall for satisfaction.
  • The highest-rated categories for Memphis were affordability/cost of living (B) and weather (B-).
  • Renters are somewhat satisfied with quality of local schools (C-), state and local taxes (C-), and access to public transportation (C-).
  • The biggest sources of dissatisfaction for renters here include local jobs and career opportunities (D) and safety (F).
  • Memphis renters are very dissatisfied compared to renters in some similarly sized cities such as Denver, CO (A-) and Boston (A+), but compare favorably to others such as Baltimore (F).
  • The top rated cities nationwide for renter satisfaction included Arlington, VA; Lincoln, NE; Pasadena, CA; Boston, MA; and Madison, WI. The lowest rated cities included Newark, NJ; Bronx, NY; Bridgeport, CT; Baltimore, MD; and Salinas, CA.

Renters say:

  • “I love that everything I need is at my fingertips. Memphis is a very friendly place and gives a lot of opportunities to advance yourself.” —Shiwnda B.
  • “I love my city, Memphis. I love that there are a lot of attractions such as Bass Pro Shop. As well as The Main Attraction.” —Briana P.
  • “Public Transport is really bad. Job Opportunities are less. Nightlife is not that great. The neighborhood is beautiful and calm. Can engage in a lot of sports activities.” —Ananya P.
  • “I like my apartment and downtown Memphis. There’s access to bars, restaurants, events, and everything cool about Memphis. The rest of the city...not so much. High crime, undesirable apartment communities, and very low opportunities for good paying jobs.” —James K.