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220 Apartments under 700 for rent in Memphis, TN

Last updated December 19 at 3:55am UTC
The Summit
4981 Hidden Lake Dr
Memphis, TN
Updated December 19 at 3:17am UTC
1 Bedroom
$631
2 Bedrooms
$759
3 Bedrooms
$908
Ten Mile Creek
2718 Claudette Rd
Memphis, TN
Updated December 19 at 2:25am UTC
1 Bedroom
$420
2 Bedrooms
$490
3 Bedrooms
$575
Legacy at the Parkway
6420 Knight Arnold Rd
Memphis, TN
Updated September 13 at 11:11pm UTC
1 Bedroom
$549
2 Bedrooms
$749
Stratum on Highland
510 S Highland St
Memphis, TN
Updated June 22 at 3:45pm UTC
Studio
$1,049
2 Bedrooms
$779
4 Bedrooms
$589
3578 Terrace Dr
Westside
Memphis, TN
Updated December 19 at 3:53am UTC
2 Bedrooms
$550
1454 Sunset St
Hyde Park
Memphis, TN
Updated December 19 at 3:53am UTC
3 Bedrooms
$650
3212 Forest Brook
Parkway Village
Memphis, TN
Updated December 19 at 3:53am UTC
2 Bedrooms
$650
3623 Allandale Lane
Sherwood Forest
Memphis, TN
Updated December 19 at 3:53am UTC
2 Bedrooms
$495
2086 Hubert Ave
Hyde Park
Memphis, TN
Updated December 19 at 3:53am UTC
2 Bedrooms
$500
1351 Austin St
Hyde Park
Memphis, TN
Updated December 19 at 3:53am UTC
2 Bedrooms
$525
2775 The Springs Court
Memphis
Memphis, TN
Updated December 19 at 3:55am UTC
2 Bedrooms
$695
735 Kent Street
Messick Buntyn
Memphis, TN
Updated December 19 at 3:55am UTC
2 Bedrooms
$650
2094 Vollintine Avenue
Hyde Park
Memphis, TN
Updated December 19 at 3:55am UTC
2 Bedrooms
$695
2404 Whitney Avenue
Alta Vista
Memphis, TN
Updated December 19 at 3:55am UTC
3 Bedrooms
$595
4338 Falcon Drive
Westwood
Memphis, TN
Updated December 19 at 3:55am UTC
3 Bedrooms
$695
1761 Wendy Drive
Memphis
Memphis, TN
Updated December 19 at 3:55am UTC
3 Bedrooms
$650
3381 Carnes Avenue
Messick Buntyn
Memphis, TN
Updated December 19 at 3:55am UTC
2 Bedrooms
$695
1388 Frayser Boulevard
Alta Vista Stage
Memphis, TN
Updated December 19 at 3:55am UTC
3 Bedrooms
$665

December 2018 Memphis Rent Report

Welcome to the December 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

December 2018 Memphis Rent Report

Welcome to the December 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 rents increased over the past month

Memphis rents have remained flat over the past month, however, they are up marginally by 0.7% year-over-year. 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 1.4%, as well as the national average of 1.3%.

Rents rising across cities in the Memphis Metro

Throughout the past year, rent increases have been occurring not just in the city of Memphis, but across the entire metro. Of the largest 10 cities that we have data for in the Memphis metro, all of them have seen prices rise. Tennessee as a whole logged rent growth of 1.4% 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 $1,310; of the 10 largest Tennessee metro cities that we have data for, all have seen rents rise year-over-year, with Smyrna experiencing the fastest growth (+5.4%).
  • Knoxville, Franklin, and Murfreesboro have all experienced year-over-year growth above the state average (3.3%, 3.1%, and 3.0%, respectively).

Memphis rents more affordable than many other large cities nationwide

As rents have increased marginally in Memphis, a few 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 $830 is below the national average of $1,180. Nationwide, rents have grown by 1.3% over the past year compared to the 0.7% rise in Memphis.
  • While Memphis' rents rose marginally over the past year, the city of Seattle saw a decrease of 0.4%.
  • Renters will find more reasonable prices in Memphis than most other large 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.