165 Apartments under 700 for rent in Memphis, TN

Last updated August 17 at 7:34am UTC
The Summit
4981 Hidden Lake Dr
Memphis, TN
Updated August 17 at 3:27am UTC
1 Bedroom
$593
2 Bedrooms
$911
3 Bedrooms
$889
Ten Mile Creek
2718 Claudette Rd
Memphis, TN
Updated August 17 at 7:01am UTC
1 Bedroom
$410
2 Bedrooms
$470
3 Bedrooms
$585
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
East Walthal Circle
Hadley & Prescott Community Association
Memphis, TN
Updated August 17 at 7:17am UTC
3 Bedrooms
$675
Ruthie Cove
Memphis
Memphis, TN
Updated August 17 at 7:17am UTC
3 Bedrooms
$650
Kingston Street
Frayser
Memphis, TN
Updated August 17 at 7:17am UTC
2 Bedrooms
$600
Debby Drive
Rangeline
Memphis, TN
Updated August 17 at 7:17am UTC
3 Bedrooms
$650
Inez Street
Messick Buntyn
Memphis, TN
Updated August 17 at 7:17am UTC
2 Bedrooms
$625
May Street
Hollywood
Memphis, TN
Updated August 17 at 7:17am UTC
2 Bedrooms
$600
Pinedale Avenue
Alta Vista
Memphis, TN
Updated August 17 at 7:17am UTC
2 Bedrooms
$600
Randolph Street
Westside
Memphis, TN
Updated August 17 at 7:17am UTC
3 Bedrooms
$650
Sunrise Street
Frayser
Memphis, TN
Updated August 17 at 7:17am UTC
3 Bedrooms
$625
Canfield Avenue
Alta Vista Stage
Memphis, TN
Updated August 17 at 7:17am UTC
2 Bedrooms
$575
Childers Dr
Alta Vista Stage
Memphis, TN
Updated August 17 at 7:17am UTC
3 Bedrooms
$650
Sunny View Drive
Memphis
Memphis, TN
Updated August 17 at 7:17am UTC
3 Bedrooms
$650
Ashland Street
Alta Vista
Memphis, TN
Updated August 17 at 7:17am UTC
2 Bedrooms
$650
Beacon Hill Drive
Memphis
Memphis, TN
Updated August 17 at 7:17am UTC
4 Bedrooms
$675
Mayflower Avenue
Berclair - Highland Heights
Memphis, TN
Updated August 17 at 7:17am UTC
2 Bedrooms
$550
West Lexington Circle
Mid Inner City Association for Heritage
Memphis, TN
Updated August 17 at 7:17am UTC
2 Bedrooms
$550

August 2018 Memphis Rent Report

Welcome to the August 2018 Memphis Rent Report. Memphis rents increased 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

August 2018 Memphis Rent Report

Welcome to the August 2018 Memphis Rent Report. Memphis rents increased 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 held steady over the past month

Memphis rents have increased 0.1% over the past month, but have been relatively flat at 0.2% 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. Memphis' year-over-year rent growth lags the state average of 1.1%, as well as the national average of 1.2%.

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 1.1% 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 $1,130, is the only major city to see rents fall year-over-year (-0.1%).
  • Smyrna, Knoxville, and Hendersonville have all experienced year-over-year growth above the state average (4.3%, 3.5%, and 3.2%, respectively).

Memphis rents more affordable than many comparable 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 $1,180. Nationwide, rents have grown by 1.2% 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 (+2.4%), Atlanta (+1.8%), and San Francisco (+1.1%); note that median 2BR rents in these cities go for $1,050, $1,180, and $3,090 respectively.
  • Renters will find more reasonable prices in Memphis than most similar cities. For example, San Francisco has a median 2BR rent of $3,090, 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.