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Apartments for Rent in Memphis, TN under $500 – 7 Rentals available

  • Apartment
    1953 Philsar Street, Memphis, TN 38106
    $480 - $510
    • 2 Beds
    • 1 Bath
    Odin Management
    Available Today! Last updated 15 Dec 2019
    (901) 922-5275
  • Apartment
    2743 Ketchum Road, Memphis, TN 38114
    $500
    • 1 Bed
    • 1 Bath
    Odin Management
    Available Today! Last updated 15 Dec 2019
    (901) 435-6302
  • Apartment
    1770 Piping Rock Drive, Memphis, TN 38116
    $472 - $490
    • 1 Bed
    • 1 Bath
    Alco Management
    Available Today! Last updated 15 Dec 2019
    (901) 332-0472
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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, October 2019 $809 /mo

    Memphis, TN Apartment Rent Ranges

    • < $5008%
    • $501-$70042%
    • $701-$1,00029%
    • $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 Oct / 2019
    Memphis, TN $721 $726 $744 $743 $747 $772 $785 $787 $806 $809
    National $1,353 $1,349 $1,381 $1,383 $1,386 $1,421 $1,430 $1,434 $1,470 $1,476
    /

    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 apartments in Memphis, TN under $500

    Searching for apartments for rent in Memphis, TN under $500 is not an easy task, but luckily you have come to the right place. Whether you are a student on a budget, a young professional on the move, or simply a frugal person, RENTCafé can help you find what you are looking for. Just make sure you know what you consider non-negotiable and what you can compromise on. Your new home is just a few clicks away.

    We’ll help you find the cheapest rental near you

    Finding a nice cheap apartment is by no means impossible. You just have to be patient. Your “apartments near me under $500” search can bear fruit sooner than you think if you look carefully and check our site often. You never know when discount deals and special offers might pop up. Keep in mind that you are not the only one looking for an affordable apartment in Memphis, TN. Choose “Save Search” to receive the latest apartments available directly to your inbox. This way, you will be able to stay one step ahead of the competition. With the cheapest apartments in Memphis, TN going for $465 per month, there are great deals waiting to be discovered. Feeling lucky? Expand your search to 2 bedroom apartments and 3 bedroom apartments as well for more space.

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