49 Apartments under 500 for rent in Memphis, TN

Last updated January 16 at 11:18am UTC
1955 Memphis Depot Pkwy
Memphis Defense Depot
Memphis, TN
Updated January 11 at 12:02pm UTC
2 Bedrooms
$495
1283 E Raines Rd
Memphis
Memphis, TN
Updated January 3 at 1:50am UTC
2 Bedrooms
$495
1301 E Raines Rd
Memphis
Memphis, TN
Updated January 3 at 1:50am UTC
2 Bedrooms
$495
1459 LYNDALE
Voillintine - Evergreen
Memphis, TN
Updated January 10 at 1:57am UTC
Studio
$350
2311 E. Warren St.
Alcy-Ball
Memphis, TN
Updated January 16 at 11:18am UTC
1 Bedroom
$400
1959 Memphis Depot Pkwy
Memphis Defense Depot
Memphis, TN
Updated January 4 at 9:33am UTC
Studio
$495
1955 Memphis Depot Pkwy
Memphis Defense Depot
Memphis, TN
Updated January 3 at 1:51am UTC
Studio
$495
1861 TN-1
Evergreen Historic District
Memphis, TN
Updated January 3 at 1:51am UTC
Studio
$495
1941 Memphis Depot Pkwy
Memphis Defense Depot
Memphis, TN
Updated January 16 at 9:55am UTC
Studio
$450
1616 Maplewood St.
Hollywood - Hyde Park - Springdale Neighborhood Association
Memphis, TN
Updated January 3 at 3:34pm UTC
2 Bedrooms
$495
1386 Kimball Cove
Orange Mound
Memphis, TN
Updated January 3 at 1:51am UTC
2 Bedrooms
$475
Sample St
Castalia
Memphis, TN
Updated January 4 at 9:04am UTC
2 Bedrooms
$425
4695 Brigidier St
Red Oaks
Memphis, TN
Updated January 16 at 9:54am UTC
Studio
$475
4697 Brigidier St
Red Oaks
Memphis, TN
Updated January 3 at 1:52am UTC
Studio
$475
Marechalneil St
Orange Mound
Memphis, TN
Updated January 4 at 9:04am UTC
2 Bedrooms
$450
3423 Range Line Rd
Alta Vista
Memphis, TN
Updated January 3 at 1:46am UTC
2 Bedrooms
$495
1744 Boxberry Ln
Red Oaks
Memphis, TN
Updated January 3 at 1:52am UTC
1 Bedroom
$475
Dunn Ave
Hamilton
Memphis, TN
Updated January 13 at 8:24am UTC
2 Bedrooms
$495
4693 Brigidier St
Red Oaks
Memphis, TN
Updated January 3 at 1:52am UTC
Studio
$475
596 S Danny Thomas Blvd
New Pathways
Memphis, TN
Updated January 3 at 1:50am UTC
2 Bedrooms
$375
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January 2018 Memphis Rent Report

Welcome to the January 2018 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 cities throughout the state and nation.

View full Memphis Rent Report
Rent Report
Memphis

January 2018 Memphis Rent Report

Welcome to the January 2018 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 cities throughout the state and nation.

Memphis rents declined over the past month

Memphis rents have declined 0.1% over the past month, but have increased slightly by 1.1% in comparison to the same time last year. Currently, median rents in Memphis stand at $690 for a one-bedroom apartment and $820 for a two-bedroom. This is the fourth 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 1.7%, as well as the national average of 2.8%.

Rents rising across cities in Tennessee

Throughout the past year, rent increases have been occurring not just in the city of Memphis, but across the entire state. Of the largest 10 cities that we have data for in Tennessee, 7 of them have seen prices rise. The state as a whole logged rent growth of 1.7% over the past year. Here's a look at how rents compare across some of the largest cities in the state.

  • Looking throughout the state, Franklin is the most expensive of all Tennessee's major cities, with a median two-bedroom rent of $1,260; of the 10 largest cities in Tennessee that we have data for, Nashville, Collierville, and Franklin, where two-bedrooms go for $1,110, $1,100, and $1,260, respectively, are the three major cities in the state to see rents fall year-over-year (-0.1%, -0.1%, and -0.1%).
  • Murfreesboro, Knoxville, and Southaven have all experienced year-over-year growth above the state average (6.2%, 3.6%, and 3.5%, respectively).

Memphis rents more affordable than many other large cities nationwide

As rents have increased slightly in Memphis, a few similar cities nationwide have also seen rents grow modestly. 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 2.8% over the past year compared to the 1.1% increase in Memphis.
  • While Memphis' rents rose slightly over the past year, many cities nationwide also saw increases, including Phoenix (+3.8%), Seattle (+3.0%), and Dallas (+2.2%).
  • Renters will find more reasonable prices in Memphis than most other large cities. For example, San Francisco has a median 2BR rent of $3,010, 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.