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Cheap Apartments for Rent in Memphis, TN - 90 Rentals available

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Renting a Cheap Apartment in Memphis

Memphis is Tennessee’s largest city and known for its role in music and literature. Beale Street, home to young B.B. King, is a highlight of a visit for many blues aficionados. So is Graceland, the mansion of Elvis Presley. Due to the city’s location along the Mississippi River, economic growth has been driven since Memphis’ early days by shipping and product transport. Memphis is home to the University of Memphis and numerous other colleges and universities. Industry here is centered on transportation. FedEx, AutoZone and International Paper have their corporate headquarters here. Recreation opportunities include Mud Island River Park and Shelby Farms Park. Memphis is home to the Memphis Grizzlies, an NBA team. Barbecue is the celebrated local cuisine. Find a large selection of Memphis, Tennessee apartments on RENTCafe. Start your apartment search today.

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%

    Looking for a cheap apartment for rent in Memphis, TN? With RENTCafé, finding an affordable apartment in Memphis, TN has never been easier. We feature 110 low-priced rentals directly from property managers, with rents lower than the Memphis, TN average. What is a cheap rent in Memphis, TN? The average apartment rent in Memphis is $818 per month so any rental south of $654 would be considered cheap here. On RENTCafé, Memphis, TN rents go as low as $445/mo.

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