50 Apartments under 500 for rent in Memphis, TN

Last updated November 18 at 11:12am UTC
2319 POE
Bethel Grove
Memphis, TN
Updated October 17 at 1:53am UTC
1 Bedroom
$360
1388 Kimball Cove
Orange Mound
Memphis, TN
Updated October 31 at 1:48am UTC
2 Bedrooms
$475
371 S Orleans St
New Pathways
Memphis, TN
Updated October 31 at 1:47am UTC
2 Bedrooms
$350
1955 TN-3
Sixty Point One Ward
Memphis, TN
Updated November 6 at 1:44am UTC
2 Bedrooms
$495
1851 TN-3
Sixty Point One Ward
Memphis, TN
Updated November 16 at 12:34pm UTC
Studio
$495
3407 Range Line Rd
Alta Vista
Memphis, TN
Updated November 9 at 10:01am UTC
2 Bedrooms
$495
1861 TN-1
Evergreen Historic District
Memphis, TN
Updated November 6 at 1:44am UTC
Studio
$495
1893 TN-1
Evergreen Historic District
Memphis, TN
Updated November 6 at 1:44am UTC
Studio
$495
1959 TN-3
Memphis
Memphis, TN
Updated November 6 at 1:44am UTC
Studio
$495
1911 TN-1
Evergreen Historic District
Memphis, TN
Updated November 13 at 2:13am UTC
Studio
$495
1942 TN-3
Memphis
Memphis, TN
Updated November 16 at 12:34pm UTC
Studio
$450
N McNeil St
Voillintine - Evergreen
Memphis, TN
Updated November 7 at 8:27am UTC
1 Bedroom
$415
1776 Chancery St
Red Oaks
Memphis, TN
Updated November 16 at 12:33pm UTC
1 Bedroom
$475
1739 Chancery St
Red Oaks
Memphis, TN
Updated November 1 at 9:58am UTC
1 Bedroom
$475
Blair Hunt Dr
South Memphis City Beautiful Club
Memphis, TN
Updated November 8 at 8:24am UTC
2 Bedrooms
$495
1745 Chancery St
Red Oaks
Memphis, TN
Updated November 1 at 9:58am UTC
Studio
$475
1769 Gowan Dr
Memphis
Memphis, TN
Updated October 28 at 6:59pm UTC
1 Bedroom
$399
4693 Brigidier St
Red Oaks
Memphis, TN
Updated November 16 at 12:33pm UTC
Studio
$475
Palermo Ave
Sixty Point One Ward
Memphis, TN
Updated November 7 at 8:28am UTC
2 Bedrooms
$495
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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.

View full Memphis Rent Report
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.