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3 Bedroom Apartments for Rent in Memphis, TN - 115 Rentals available

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Memphis, TN Demographics

  • Total Population654,723
  • Female 311,133
    Male 343,590
  • Median Age33.7

Average Rent in Memphis, TN

  • Memphis, TN Average Rental Price, December 2019 $818 /mo

    Memphis, TN Apartment Rent Ranges

    • < $5006%
    • $501-$70041%
    • $701-$1,00032%
    • $1,001-$1,50017%
    • $1,501-$2,0003%
    • > $2,0001%

    Memphis, TN Rent Trends

    Average Rent Nov / 2016 Mar / 2017 Jul / 2017 Nov / 2017 Mar / 2018 Jul / 2018 Nov / 2018 Mar / 2019 Jul / 2019 Nov / 2019 Dec / 2019
    Memphis, TN $721 $726 $744 $743 $747 $772 $785 $787 $806 $815 $818
    National $1,354 $1,350 $1,382 $1,385 $1,388 $1,423 $1,431 $1,434 $1,469 $1,473 $1,474
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    Average rent is projected to grow by 3% in 2019 compared to 2018.

    Please note that projected rent growth is calculated at city level.

    Check out the average rent prices in Memphis by neighborhood.

    Memphis, TN Households

    • Total Number of Households250,259
    • Family 144,263
      Non-family 105,996
    • Children 75,502
      No Children 174,757
    • Average People Per Household2.55
    • Median Household Income$38,230
    • Median Housing Costs Per Month$881

    Memphis, TN Education Statistics

    • No High School5%
    • Some High School41%
    • Some College25%
    • Associate Degree5%
    • Bachelor Degree15%
    • Graduate Degree9%

    Renting a 3 bedroom apartment in Memphis, TN

    Upgrading to a 3 bedroom apartment can have its pros and cons. Most renters who are looking for a three bedroom rental is because they need extra space for a home office, or for a child. This size apartment is also practical to share with roommates as it actually saves money on rent when 3 or 4 people get together to rent a 3 bedroom unit. They are very spacious, averaging around 1,094 Sqft. Or you can get even more space if you select “3+” beds in the top menu. The only down side is that they cost more. In Memphis, TN, rents on 3 bedroom apartments go up to $4,635. 89 rental properties offer 3 bedroom units in Memphis, TN to choose from. You are more likely to find 3 bedroom apartments in primarily residential neighborhoods, away from business districts and urban cores.

    Tips on finding a cheap 3 bedroom apartment in Memphis, TN

    For most renters, the cost of rent is the major pain point. The larger the apartment, the more money comes out of their pocket. For that reason, cheap 3 bedroom apartments are in high demand and hard to come by. Though rent prices can go as low as $625 in Memphis, TN, the market is still tight. But with a little diligence and some handy search tools, you will find an affordable apartment. Try an area that’s further away from the main city attractions, or try an older building that may have cheaper apartments and a ton of charm. Try searching in more affordable neighborhoods, like Whitehaven or another nearby. Sometimes lower-priced residential areas have diversity and ethnic authenticity that lend them a lot of character and color.

    Finding a home nearby is easier than you think. Check out our Apartments Near Me page and take your pick!