55 Apartments under 500 for rent in Memphis, TN

Last updated September 26 at 5:39PM
1955 TN-1
Evergreen Historic District
Memphis, TN
Updated September 26 at 1:33AM
Studio
$495
3377 Overton Crossing St
Rangeline
Memphis, TN
Updated September 26 at 1:38AM
2 Bedrooms
$450
1851 TN-1
Evergreen Historic District
Memphis, TN
Updated September 26 at 5:39PM
Studio
$450
1842 Keltner Cir
Magnolia Barksdale
Memphis, TN
Updated September 26 at 1:33AM
2 Bedrooms
$495
1841 TN-3
Sixty Point One Ward
Memphis, TN
Updated September 26 at 5:39PM
Studio
$450
1941 TN-1
Evergreen Historic District
Memphis, TN
Updated September 26 at 5:38PM
Studio
$450
1893 TN-1
Evergreen Historic District
Memphis, TN
Updated September 26 at 1:33AM
Studio
$495
1545 Britton
Hollywood - Hyde Park - Springdale Neighborhood Association
Memphis, TN
Updated September 26 at 10:26AM
3 Bedrooms
$495
1388 Kimball Cove
Orange Mound
Memphis, TN
Updated September 26 at 1:34AM
2 Bedrooms
$475
1616 Cameron St
East Dison
Memphis, TN
Updated September 26 at 3:47AM
4 Bedrooms
$395
1738 Boxberry Ln
Red Oaks
Memphis, TN
Updated September 26 at 1:39AM
1 Bedroom
$475
Marechalneil St
Orange Mound
Memphis, TN
Updated September 26 at 3:04AM
2 Bedrooms
$450
1772 Chancery St
Red Oaks
Memphis, TN
Updated September 26 at 5:39PM
Studio
$475
4695 Brigidier St
Red Oaks
Memphis, TN
Updated September 26 at 5:39PM
Studio
$475
3427 Southern Ave
Messick Buntyn
Memphis, TN
Updated September 26 at 1:34AM
Studio
$450
1769 Gowan Dr
Memphis
Memphis, TN
Updated September 26 at 1:34AM
1 Bedroom
$399
1768 Chancery St
Red Oaks
Memphis, TN
Updated September 26 at 1:39AM
Studio
$475
Sample St
Castalia
Memphis, TN
Updated September 26 at 3:04AM
2 Bedrooms
$425
Saxon Ave
Destiny Unlimited
Memphis, TN
Updated September 26 at 3:06AM
2 Bedrooms
$495
E Mallory Ave
Sixty Point One Ward
Memphis, TN
Updated September 26 at 3:04AM
2 Bedrooms
$475
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Rent Report
Memphis

September 2017 Memphis Rent Report

Welcome to the September 2017 Memphis Rent Report. In this report, we'll evaluate trends in the Memphis rental market, including comparisons to similar cities nationwide.

Memphis rents increased marginally over the past month

Memphis rents have increased 0.1% over the past month, and are up slightly by 2.0% in comparison to the same time last year. Currently, median rents in Memphis stand at $700 for a one-bedroom apartment and $830 for a two-bedroom. This is the eighth straight month that the city has seen rent increases after a decline in December of last year. Memphis' year-over-year rent growth lags the state average of 2.4%, as well as the national average of 3.0%.

Memphis rents more affordable than many similar 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 other large cities across the country.

  • Memphis' median two-bedroom rent of $830 is below the national average of $1,160. Nationwide, rents have grown by 3.0% over the past year compared to the 2.0% rise in Memphis.
  • While rents in Memphis remained moderately stable this year, similar cities saw increases, including Seattle (+5.4%), Phoenix (+4.9%), and Denver (+3.0%); note that median 2BR rents in these cities go for $1,710, $1,020, and $1,350 respectively.
  • Renters will find more reasonable prices in Memphis than most comparable 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.