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40 Apartments under 500 for rent in Memphis, TN

Last updated October 17 at 1:31am UTC
Ten Mile Creek
2718 Claudette Rd
Memphis, TN
Updated October 17 at 1:31am UTC
1 Bedroom
$420
2 Bedrooms
$495
3 Bedrooms
$575
1283 E Raines Rd
Memphis
Memphis, TN
Updated October 16 at 5:28pm UTC
2 Bedrooms
$475
1301 E Raines Rd
Memphis
Memphis, TN
Updated October 16 at 5:28pm UTC
2 Bedrooms
$495
3595 Millbranch Rd
Memphis
Memphis, TN
Updated October 15 at 1:47am UTC
Studio
$450
2100 Benford St
Riverview Community Association
Memphis, TN
Updated October 12 at 1:16pm UTC
2 Bedrooms
$495
2431 CABLE
Orange Mound
Memphis, TN
Updated October 5 at 10:39pm UTC
Studio
$300
3623 Allandale Ln
Sherwood Forest
Memphis, TN
Updated October 2 at 6:41pm UTC
2 Bedrooms
$495
3058 Harvester lane
Frayser
Memphis, TN
Updated September 27 at 11:58am UTC
1 Bedroom
$350
8 E McKellar Ave
Mallory Heights
Memphis, TN
Updated September 27 at 2:11am UTC
2 Bedrooms
$450
811 Polk Avenue
Memphis
Memphis, TN
Updated September 21 at 1:04pm UTC
1 Bedroom
$375
1071 N HIGHLAND
Berclair - Highland Heights
Memphis, TN
Updated September 13 at 11:09pm UTC
2 Bedrooms
$400
1309 E Raines Rd
Memphis
Memphis, TN
Updated September 9 at 5:33pm UTC
2 Bedrooms
$495
371 S Orleans St
New Pathways
Memphis, TN
Updated October 16 at 5:29pm UTC
2 Bedrooms
$350
2312 Dwight Rd
Imogene Heights
Memphis, TN
Updated September 25 at 5:30pm UTC
1 Bedroom
$400
1898 Rile St
Riverview Community Association
Memphis, TN
Updated September 19 at 7:03pm UTC
2 Bedrooms
$495
816 N Willett St
Voillintine - Evergreen
Memphis, TN
Updated September 18 at 6:38pm UTC
Studio
$475
3415 Range Line Rd
Alta Vista
Memphis, TN
Updated September 14 at 1:25am UTC
2 Bedrooms
$495
1751 Gowan Dr
Memphis
Memphis, TN
Updated October 16 at 5:29pm UTC
2 Bedrooms
$450
1777 Gowan Dr
Memphis
Memphis, TN
Updated October 16 at 5:29pm UTC
2 Bedrooms
$400
1783 Gowan Dr
Memphis
Memphis, TN
Updated September 15 at 5:43pm UTC
2 Bedrooms
$450
1754 Gowan Dr
Memphis
Memphis, TN
Updated September 15 at 5:43pm UTC
2 Bedrooms
$450
3303 Southern Ave
Messick Buntyn
Memphis, TN
Updated September 15 at 5:43pm UTC
Studio
$450
3887 Jackson Ave
Berclair - Highland Heights
Memphis, TN
Updated October 12 at 2:22am UTC
1 Bedroom
$495
596 S Danny Thomas Blvd
New Pathways
Memphis, TN
Updated September 15 at 5:42pm UTC
2 Bedrooms
$375

October 2018 Memphis Rent Report

Welcome to the October 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.

View full Memphis Rent Report
Rent Report
Memphis

October 2018 Memphis Rent Report

Welcome to the October 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

Memphis rents have declined 0.1% over the past month, but have remained steady at 0.1% 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. Memphis' year-over-year rent growth lags the state average of 0.6%, as well as the national average of 0.9%.

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 0.6% 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 $1,120, is the only major city to see rents fall year-over-year (-0.9%).
  • Smyrna, Knoxville, and Clarksville have all experienced year-over-year growth above the state average (3.5%, 3.4%, and 2.3%, respectively).

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 $820 is below the national average of $1,180. Nationwide, rents have grown by 0.9% 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 (+2.6%), Atlanta (+1.4%), and San Francisco (+1.1%); note that median 2BR rents in these cities go for $1,050, $1,190, and $3,110 respectively.
  • Renters will find more reasonable prices in Memphis than most comparable cities. For example, San Francisco has a median 2BR rent of $3,110, 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.