163 Cheap Apartments for rent in Memphis, TN

Last updated January 21 at 8:50am UTC
1942 Memphis Depot Pkwy
Memphis Defense Depot
Memphis, TN
Updated January 18 at 10:07am UTC
Studio
$450
1616 Maplewood St.
Hollywood - Hyde Park - Springdale Neighborhood Association
Memphis, TN
Updated January 3 at 3:34pm UTC
2 Bedrooms
$495
1082 SPRINGDALE
Hyde Park
Memphis, TN
Updated January 18 at 1:37am UTC
2 Bedrooms
$425
122 Eastview Dr.
Masjid Al-Noor Housing Development Corp
Memphis, TN
Updated January 3 at 3:38pm UTC
2 Bedrooms
$525
3984 Print
Berclair - Highland Heights
Memphis, TN
Updated January 3 at 3:43pm UTC
2 Bedrooms
$595
1955 Memphis Depot Pkwy
Memphis Defense Depot
Memphis, TN
Updated January 18 at 10:07am UTC
2 Bedrooms
$495
1842 Keltner Cir
Magnolia Barksdale
Memphis, TN
Updated January 18 at 10:07am UTC
2 Bedrooms
$495
1861 TN-1
Evergreen Historic District
Memphis, TN
Updated January 3 at 1:51am UTC
Studio
$495
147 N. Evergreen Street
Midtown-Central
Memphis, TN
Updated January 3 at 3:50pm UTC
1 Bedroom
$575
3293 Coleman Ave.
Berclair - Highland Heights
Memphis, TN
Updated January 12 at 12:00pm UTC
3 Bedrooms
$595
N McNeil St
Voillintine - Evergreen
Memphis, TN
Updated January 3 at 8:38am UTC
1 Bedroom
$415
1749 Boxberry Ln
Red Oaks
Memphis, TN
Updated January 21 at 1:26am UTC
Studio
$550
1777 Gowan Dr
Memphis
Memphis, TN
Updated January 3 at 1:51am UTC
2 Bedrooms
$525
216 N Hollywood St
Binghampton-Lester
Memphis, TN
Updated October 5 at 11:16am UTC
3 Bedrooms
$595
Ladue St
Hawkins Mill Residents Associtaion
Memphis, TN
Updated January 10 at 8:17am UTC
3 Bedrooms
$595
Frayser Dr
Frayser
Memphis, TN
Updated January 19 at 8:27am UTC
3 Bedrooms
$600
1765 Chancery St
Red Oaks
Memphis, TN
Updated January 21 at 1:26am UTC
Studio
$550
Birch St
Hyde Park
Memphis, TN
Updated January 4 at 9:04am UTC
2 Bedrooms
$550
Farrington St
Riverview Community Association
Memphis, TN
Updated January 4 at 9:04am UTC
2 Bedrooms
$499
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January 2018 Memphis Rent Report

Welcome to the January 2018 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 cities throughout the state and nation.

View full Memphis Rent Report
Rent Report
Memphis

January 2018 Memphis Rent Report

Welcome to the January 2018 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 cities throughout the state and nation.

Memphis rents declined over the past month

Memphis rents have declined 0.1% over the past month, but have increased slightly by 1.1% in comparison to the same time last year. Currently, median rents in Memphis stand at $690 for a one-bedroom apartment and $820 for a two-bedroom. This is the fourth 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 1.7%, as well as the national average of 2.8%.

Rents rising across cities in Tennessee

Throughout the past year, rent increases have been occurring not just in the city of Memphis, but across the entire state. Of the largest 10 cities that we have data for in Tennessee, 7 of them have seen prices rise. The state as a whole logged rent growth of 1.7% over the past year. Here's a look at how rents compare across some of the largest cities in the state.

  • Looking throughout the state, Franklin is the most expensive of all Tennessee's major cities, with a median two-bedroom rent of $1,260; of the 10 largest cities in Tennessee that we have data for, Nashville, Collierville, and Franklin, where two-bedrooms go for $1,110, $1,100, and $1,260, respectively, are the three major cities in the state to see rents fall year-over-year (-0.1%, -0.1%, and -0.1%).
  • Murfreesboro, Knoxville, and Southaven have all experienced year-over-year growth above the state average (6.2%, 3.6%, and 3.5%, respectively).

Memphis rents more affordable than many other large cities nationwide

As rents have increased slightly in Memphis, a few similar cities nationwide have also seen rents grow modestly. 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 2.8% over the past year compared to the 1.1% increase in Memphis.
  • While Memphis' rents rose slightly over the past year, many cities nationwide also saw increases, including Phoenix (+3.8%), Seattle (+3.0%), and Dallas (+2.2%).
  • Renters will find more reasonable prices in Memphis than most other large cities. For example, San Francisco has a median 2BR rent of $3,010, 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.