Apartments Under $500 in Memphis, TN

Map
1 - 25 of 25 Results
2
$1 - 250
Saints Courts Apartments
994 North Watkins Street Memphis, TN
1 BR | Available Now
5
$445
Shady Oaks TN
7860 Raleigh Millington RD Millington, TN
Studio | Available Now
Dog Friendly
House
Air Conditioning
7
$1 - 250
Gates Apartments
614 Huntington St Gates, TN
2 BR | Available Now
Income Restricted
Air Conditioning
3
$25 - 500
South Pointe Apartments - Affordable Housing
5.0
365 California Street Marianna, AR
2 - 4 BR | Available Now
Income Restricted
Air Conditioning
1
$500
4460 Powell
Memphis, TN
2 BR | Available Now
In Unit Laundry
$490 - 650
Ashton Hills
4183 Troost Drive Memphis, TN
3 BR | Available Now
Dog Friendly
Cat Friendly
Section 8
Air Conditioning
Covered Parking
4
$500
Cherry Crest Apartments
1460 Cherry Rd. Memphis, TN
1 BR | Available Now
Student
Dishwasher
5
$439 - 469
Mill Creek Apartments
2.7
Millbranch Dr Memphis, TN
1 BR | Available Now
Dog Friendly
Cat Friendly
Balcony, Deck, Patio
Pool
5
$500
Lakes At Ridgeway
1.9
5995 Waterstone Oak Way Memphis, TN
1 BR | Available Now
Dog Friendly
Cat Friendly
Section 8
Air Conditioning
In Unit Laundry
16
$488
Sycamore Lake
1.9
2174 Westchester Rd. Memphis, TN
1 BR | Available Now
In Unit Laundry
Balcony, Deck, Patio
Fitness Center
Storage
Dishwasher
7
$485 - 518
Summit Park Apartments
3.3
1770 Piping Rock Drive Memphis, TN
1 - 2 BR | Available Now
Income Restricted
Section 8
Balcony, Deck, Patio
Dishwasher
Pool
11
$500
2105 Swift
Memphis, TN
2 BR | Available Now
House
Den
4
$450
297 Fields
Memphis, TN
2 BR | Available Now
House
1
$475
Melinda Apartments
4332 Melinda Memphis, TN
2 BR | Available Now
Air Conditioning
1
$500 - 535
El Dorado Apartments
1.4
2743 Ketchum Road Memphis, TN
1 BR | Available Now
Dog Friendly
Cat Friendly
$380 - 405
Charter Oak Apartments
5473 Vander Oak Drive Memphis, TN
1 - 2 BR | Available Now
Dog Friendly
Cat Friendly
Income Restricted
Section 8
Air Conditioning
3
$425
The Peach Apartments
1330 Peach Ave Memphis, TN
1 BR | Available Now
1
$499
2109 Farrington
Memphis, TN
2 BR | Available Now
House
1
$350
660 Jennette
Memphis, TN
2 BR | Available Now
House
1
$500
1606 Victory
Memphis, TN
2 BR | Available Now
House
1
$475
3803 Given
Memphis, TN
2 BR | Available Now
Air Conditioning
Balcony, Deck, Patio
$475 - 585
Longview Gardens
1.8
1726 S. Orleans Street Memphis, TN
2 BR | Available Now
1
$500
1414 Nelms St
Jonesboro, AR
2 BR | Available Now
Dog Friendly
Cat Friendly
Balcony, Deck, Patio
1
$500
405 N Rogers St
Jonesboro, AR
2 BR | Dec. 16, 2022
Dog Friendly
Cat Friendly
Balcony, Deck, Patio
7
$425
607 Hatchie St
Brownsville, TN
1 BR | Available Now
Balcony, Deck, Patio
Storage
Dishwasher
1 - 25 of 25 Results
  1. Home
  2. Memphis
  3. Apartments Under $500

How much does it cost to rent an apartment in Memphis?

Memphis Apartments
Bed Type Average Rent Range
Studio $1,000 $630 - $1,530
1BR $940 $550 - $1,630
2BR $1,150 $630 - $1,800
3BR $1,250 $780 - $2,310
4+BR $1,820 $680 - $5,000

Memphis:
December Rent Report

Welcome to the December 2022 Memphis Apartment Report. In this assessment of the local rental market, Rentable data scientists and rental experts break down the December 2022 key findings and figures for the Memphis rental landscape.

Our experts analyze the pricing trends — one-bedroom, two-bedroom, year-over-year and month-over-month — in Memphis and surrounding areas and provide comparisons to the entire metro area, nearby cities and some of the most desirable and expensive cities in the United States. Take a look at the last 12 months of Memphis average rent prices in the chart below.

Monthly Rent Report

Memphis Rent Prices Increase From November to December

Memphis rent prices increased over the last month. From November to December, the city experienced a 0.11% increase for the price of a one-bedroom apartment. The rent price for a Memphis one-bedroom apartments currently stands at $898.0.

When we take a look at the two-bedroom comparison from November to December, Memphis experienced a -0.68% decrease for the price of a two-bedroom apartment. The rent price for a Memphis two-bedroom apartments currently stands at $1,029.0.

December Prices: Memphis vs. Surrounding Areas

Rent Prices in Memphis and Surrounding Areas

Rent prices have increased in Memphis over the last month. But how have the surrounding areas fared when it comes to the recent volatility in apartment prices? Rent prices in 3 of the Memphis suburbs increased last month. On the other hand, 3 local areas experienced a decrease in the price of a one-bedroom apartment.

More key findings include:

  • Rent increased in Cordova, TN, Southaven, MS, Bartlett, TN .

  • Rent decreased in Horn Lake, MS, Collierville, TN, Germantown, TN.

  • 6 suburbs are currently priced higher than the city of Memphis.

December 2022 Pricing Trends: Memphis vs. National Comparisons

Memphis Rent Prices More Affordable Than Major Cities

Rent growth in Memphis over the past year has been on the rise. When compared to major cities nearby, along with some of the most expensive cities in the country, Memphis average rent prices appear to be relatively affordable for local residents.

The price for a Memphis one-bedroom apartment remains vastly more affordable than four of the largest cities in the United States — New York City, Washington, D.C. San Francisco and Los Angeles. And pricing compares quite similarly to nearby Midwest cities.

You can view the full rundown of Rentable's December 2022 National Apartment Report and data set here.

For more information about Memphis and surrounding area rent prices, take a look at the complete data set below.

Data set for Memphis and suburbs

1 BR December 1 BR M/M % Change 2 BR December 2 BR M/M % Change
Memphis, TN $897.0 -0.11% $1,036.0 -2.08%
Cordova, TN $1,353.0 2.81% $1,497.0 0.67%
Southaven, MS $1,257.0 3.37% $1,493.0 -3.68%
Horn Lake, MS $1,246.0 -1.74% $1,200.0 0.00%
Collierville, TN $1,290.0 -0.85% $1,384.0 -0.65%
Germantown, TN $1,241.0 -0.64% $1,683.0 -0.94%
Bartlett, TN $1,472.0 0.27% $1,831.0 0.94%

Methodology

Each month, using over 1 million Rentable listings across the United States, we calculate the median 1-bedroom and 2-bedroom rent prices by city, state, and nation, and track the month-over-month percent change. To avoid small sample sizes, we restrict the analysis for our reports to cities meeting minimum population and property count thresholds.