117 Cheap Apartments for rent in Memphis, TN

Last updated June 24 at 6:16pm UTC
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
1941 Memphis Depot Pkwy
Memphis Defense Depot
Memphis, TN
Updated June 24 at 5:22pm UTC
Studio
$450
1841 TN-3
Sixty Point One Ward
Memphis, TN
Updated June 24 at 5:22pm UTC
Studio
$500
371 S Orleans St
New Pathways
Memphis, TN
Updated June 24 at 5:22pm UTC
2 Bedrooms
$375
1744 Chancery St
Red Oaks
Memphis, TN
Updated June 24 at 5:22pm UTC
2 Bedrooms
$550
1744 Chancery St
Red Oaks
Memphis, TN
Updated June 24 at 5:22pm UTC
2 Bedrooms
$525
4721 Brigidier St
Red Oaks
Memphis, TN
Updated June 24 at 5:21pm UTC
2 Bedrooms
$550
4721 Brigidier St
Red Oaks
Memphis, TN
Updated June 24 at 5:21pm UTC
2 Bedrooms
$525
4717 Brigidier St
Red Oaks
Memphis, TN
Updated June 24 at 5:21pm UTC
2 Bedrooms
$550
4713 Brigidier St
Red Oaks
Memphis, TN
Updated June 24 at 5:21pm UTC
2 Bedrooms
$550
4713 Brigidier St
Red Oaks
Memphis, TN
Updated June 24 at 5:21pm UTC
2 Bedrooms
$525
4701 Brigidier St
Red Oaks
Memphis, TN
Updated June 24 at 5:21pm UTC
2 Bedrooms
$550
4695 Brigidier St
Red Oaks
Memphis, TN
Updated June 24 at 5:21pm UTC
1 Bedroom
$475
4693 Brigidier St
Red Oaks
Memphis, TN
Updated June 24 at 5:21pm UTC
1 Bedroom
$475
1754 Chancery St
Red Oaks
Memphis, TN
Updated June 24 at 5:21pm UTC
2 Bedrooms
$550
1752 Boxberry Ln
Red Oaks
Memphis, TN
Updated June 24 at 5:21pm UTC
2 Bedrooms
$550
1749 Boxberry Ln
Red Oaks
Memphis, TN
Updated June 24 at 5:21pm UTC
2 Bedrooms
$550
1745 Boxberry Ln
Red Oaks
Memphis, TN
Updated June 24 at 5:21pm UTC
2 Bedrooms
$550

June 2018 Memphis Rent Report

Welcome to the June 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

June 2018 Memphis Rent Report

Welcome to the June 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 increased moderately over the past month

Memphis rents have increased 0.3% over the past month, but have been relatively flat at 0.4% 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 third straight month that the city has seen rent increases after a decline in February. Memphis' year-over-year rent growth lags the state average of 1.6%, as well as the national average of 1.5%.

Rents rising across cities in Tennessee

Throughout the past year, rents have remained steady in the city of Memphis, but other cities across the entire state have seen rents increase. Of the largest 10 cities that we have data for in Tennessee, all of them have seen prices rise. The state as a whole logged rent growth of 1.6% 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 $1,290; of the 10 largest Tennessee cities that we have data for, all have seen rents rise year-over-year, with Hendersonville experiencing the fastest growth (+5.6%).
  • Knoxville, Murfreesboro, and Franklin have all experienced year-over-year growth above the state average (4.9%, 4.6%, and 2.7%, 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 $1,170. Nationwide, rents have grown by 1.5% 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 (+2.2%), Atlanta (+2.0%), and San Francisco (+1.5%); note that median 2BR rents in these cities go for $1,040, $1,170, and $3,070 respectively.
  • Renters will find more reasonable prices in Memphis than most comparable 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.