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530 Apartments for rent in Memphis, TN

Read Guide >
Last updated September 24 at 12:27am UTC
The Summit
4981 Hidden Lake Dr
Memphis, TN
Updated September 23 at 9:21pm UTC
1 Bedroom
$619
2 Bedrooms
$678
3 Bedrooms
$849
The Madison Humphreys Center
330 N Humphreys Blvd
Memphis, TN
Updated September 23 at 9:21pm UTC
1 Bedroom
$946
2 Bedrooms
$1,174
3 Bedrooms
$1,441
Park's Edge at Shelby Farms
536 Shelby Grove Dr
Memphis, TN
Updated September 23 at 11:43pm UTC
1 Bedroom
$912
2 Bedrooms
$1,206
3 Bedrooms
$1,411
The Charleston
2851 N Houston Levee Rd
Memphis, TN
Updated September 23 at 9:21pm UTC
1 Bedroom
$950
2 Bedrooms
$1,095
3 Bedrooms
$1,310
Ten Mile Creek
2718 Claudette Rd
Memphis, TN
Updated September 24 at 12:02am UTC
1 Bedroom
$410
2 Bedrooms
$470
3 Bedrooms
$585
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

September 2018 Memphis Rent Report

Welcome to the September 2018 Memphis Rent Report. Memphis rents remained steady over the past month. In this report, we'll evaluate trends in the Memphis rental market, including comparisons to cities throughout the state and nation.

Memphis rent trends were flat over the past month

Over the past month Memphis rents have remained steady. Currently, median rents in Memphis stand at $700 for a one-bedroom apartment and $830 for a two-bedroom. Memphis' year-over-year rent growth lags the state average of 0.7%, as well as the national average of 1.0%.

Rents rising across cities in the Memphis Metro

Throughout the past year, rents have remained steady in the city of Memphis, but other cities across the entire metro have seen rents increase. Of the largest 10 cities that we have data for in the Memphis metro, 9 of them have seen prices rise. Tennessee as a whole logged rent growth of 0.7% over the past year. Here's a look at how rents compare across some of the largest cities in the metro.

  • Looking throughout the metro, Franklin is the most expensive of all Memphis metro's major cities, with a median two-bedroom rent of $1,300; of the 10 largest cities in the metro that we have data for, Nashville, where a two-bedroom goes for $1,130, is the only major city to see rents fall year-over-year (-0.6%).
  • Smyrna, Knoxville, and Murfreesboro have all experienced year-over-year growth above the state average (3.7%, 3.4%, and 2.9%, respectively).

Memphis rents more affordable than many other large cities nationwide

Rent growth in Memphis has been relatively stable over the past year - some other large cities have seen more substantial increases; in contrast, rents in a few cities have actually declined. Memphis is still more affordable than most comparable cities across the country.

  • Memphis' median two-bedroom rent of $830 is below the national average of $1,180. Nationwide, rents have grown by 1.0% over the past year compared to the stagnant growth in Memphis.
  • While rents in Memphis remained moderately stable this year, similar cities saw increases, including Phoenix (+2.5%), Atlanta (+1.5%), and San Francisco (+1.1%); note that median 2BR rents in these cities go for $1,050, $1,190, and $3,100 respectively.
  • Renters will find more reasonable prices in Memphis than most similar cities. For example, San Francisco has a median 2BR rent of $3,100, 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’s satisfaction with their cities and states
Here's how Memphis ranks on:
C Overall satisfaction
F Safety and crime rate
D Jobs and career opportunities
F Recreational activities
A Affordability
F Quality of schools
D Social Life
B Weather
C Commute time
C State and local taxes
F Public transit
C+ Pet-friendliness
Best Worst
Full data available when viewing on a non-mobile device.
Overview of Findings

Apartment List has released Memphis’ results from the third annual Apartment List Renter Satisfaction Survey. This survey, which drew on responses from over 45,000 renters nationwide, provides insight on what states and cities must do to meet the needs of the country’s 111 million renters.

"Memphis renters expressed general satisfaction with the city overall," according to Apartment List. "Some categories received average scores, and many received below average scores."

Key Findings in Memphis include the following:

  • Memphis renters gave their city a C overall.
  • The highest-rated categories for Memphis were affordability and weather, which received A and B grades, respectively.
  • The areas of concern to Memphis renters are quality of local schools, public transit and safety and low crime rates, which all received F scores.
  • Memphis did relatively poorly compared to other cities in Tennessee, including Nashville (A-) and Knoxville (B-).
  • Memphis earned similar scores to other cities nationwide, including Columbus (C+), Las Vegas (C) and Indianapolis (C+).
  • The top rated cities nationwide for renter satisfaction include Scottsdale, AZ, Irvine, CA, Boulder, CO and Ann Arbor, MI. The lowest rated cities include Tallahassee, FL, Stockton, CA, Dayton, OH, Detroit, MI and Newark, NJ.

Renters say:

  • "Great food and a good cost of living." -Shontrae R.
  • "I love the city as a whole, but worry about the crime." -Patricia S.
  • "I love that the city offers different cultural festivals. This is a music city and it shows!" -Chastia J.

For more information on the survey methodology and findings or to speak to one of our researchers, please contact our team at rentonomics@apartmentlist.com.