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Renting Apartments in Memphis

Updated: Mar 8, 2022

Memphis City Sign
Memphis City Sign

Renting Apartments in Memphis

In southwestern Shelby County, Tennessee, United States, Memphis is a city near the Mississippi River. In 2019 it had a population of 651,073, making it amongst the most populated cities in Tennessee. The city is the anchor of West Tennessee and the greater Mid-South zone that includes the neighboring areas such as Bootheel of Missouri, Arkansas, and the Mississippi. Memphis is home to distinct communities; moreover, it is among the USA's most culturally prominent cities.

If you are looking for Apartments for rent in Memphis, TN, you are in the right place. We will take you on a virtual tour to Memphis so you can decide if you want to rent an apartment here or you should consider other options. The analysis will depend on many factors, such as:

Downtown Memphis
Downtown Memphis

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Is Memphis a good place to rent an apartment?

If you are looking to settle down in a place surrounded by various cultures, this is the best place to settle! It is safe to say, if you have children, they will grow up to be culturally aware, given that they will have enough exposure from childhood. The place is popularly named as the blues' home and the birthplace of rock 'n' roll. The city has transitioned from a city with low commercial activity to a thriving commercial center in Tennessee.

Did you know there are three fortune 500 companies in the area? Moreover, the downtown has completely revitalized, so if you decide to settle here, you will find many new and rising commercial opportunities. Due to the amazing jewels it holds in the form of commercial activity, history, and food – it is among the best renters market in the country, and the best thing is that you will be able to find a place to live easily. Unlike other parts of the country, you will not be stuck in a rat race to hustle and find a place to live. While you will have the opportunities to hustle, it won't be because you don't have a roof on your head.

Apartments for rent in Memphis, TN, come with an added benefit that the food here is exceptional. The place is famous for its mouthwatering BBQ that people from all over the country come to taste.

Back Street Memphis
Back Street Memphis

Is it expensive to live in Memphis?

The cost of living in Memphis is 14.3 percent lower than the state median. It depends on criteria including your occupation, your average income and the real estate sector in that city, and depending on these the cost of living in any area will vary.

Find an average cost of living in Memphis below:

Utilities Costs Median Rent $715.25 / month Energy Bill $173.03/ month Phone Bill $184.44 / month Gas $2.33 / gallon Loaf of Bread $3.03. Gallon of Milk $1.77 Carton of Eggs $1.65 Bunch of Bananas $3.06 Hamburgers $3.86 Healthcare $93.88

What are the common requirements to rent an apartment in Memphis, TN?

If you wish to rent an apartment in Memphis, you must abide by some requirements, as you must abide in the other parts of the country. In Memphis, there are some requirements to rent an apartment that is important to meet; otherwise, you will rent an apartment in Memphis.

The requirements to rent an apartment are:

  • You must have a job

  • The correct amount of check stubs

  • You must have a STABLE job.

  • You should have identification and social security card.

  • Rental history is very important when renting an apartment in Memphis.

These are very basic requirements to rent an apartment in Memphis, TN; however, some may not like these. The purpose of these requirements and criteria is to ensure people renting the apartment and its effect on the surroundings.

Memphis River View
Memphis River View

How long can I lease an apartment in Memphis, TN?

One question we come across very often: How long can I lease an apartment in Memphis, TN?

The answer: It depends!

The duration of your lease will depend on the landlord/management company that controls the apartment complex in which you are trying to rent. Some rental companies renew the lease from month to month, while others may provide a lease for six months, 12 months, 18 months, or even 25 months.

Pro-tip: Enquire about the terms of the lease before you sign the lease. The lease duration is the most important thing that you must check multiple times before signing the lease. Remember, you will be entering a legally binding contract that can be enforceable in the court, and you might incur damages and losses if something goes wrong.

How long is the average application process to rent an apartment in Memphis, TN?

There is no concrete answer as to how much time does it take to process a rental application. Normally it depends on the applicant.

Read below to find the details of the documents you will need to process your application quicker:

  • Required documentation

  • Appointment fees

  • Contact details of the employer

  • Proper identification of all parties

Once you provide them all these details, they will normally take 4-7 days to conduct processes on the backend. These processes will include:

  • The verification of your background

  • Credit history

  • Rental history

  • Employment history

If you have provided proper documentation, all these processes will be expedited, and you will be able to hear back from them in 6-7 days.

Memphis Railroad
Memphis Railroad

Can I view an apartment before I rent it in Memphis, TN?

We know you will want to view the apartment before you rent it; after all, you will be spending days and nights there and call it home. To make your life easier, there is an option of the virtual tour in apartments where you aren't allowed to visit physically. However, there are several apartment complexes in Memphis where you can view the model unites. The virtual tours make your life much easier, especially if you move from another town to Memphis to not have to go and visit the apartment specifically.

The best thing about apartments for rent in Memphis, TN is that you will explore the options and the apartments on the rental sites, social media, and perhaps on the apartment websites. Most websites post 3D images of the units that help you understand the apartment you might be calling home in a few days without having to go there.

Do apartments in Memphis accept people with bad credit or evictions?

Some apartments in Memphis do cater to people with eviction issues or bad credit. While it is much easier to get an apartment in Memphis if you have never been evicted and have a good credit history, some apartments will let you rent even if you have an eviction on your record.

Now that we know that they do cater to eviction and bad credit history, the catch here is that they require that it is paid off, and a certain time has passed since they were evicted or had a bad credit history.

There are specific schemes known as the second chance apartments, especially for those who have had a bad credit history.

Are there second chance friendly apartments in Memphis, TN?

Memphis has apartments that are friendly for a second chance. For potential renters who have had situations with evictions, bankruptcies, credit, and background problems, second chance welcoming apartments help make renting simpler.

Where should I search in Memphis, TN, for apartments to rent?

Memphis has several areas that you should search to find apartments for rent. These areas include but are not limited to

  1. Downtown

  2. Midtown

  3. University District

  4. East Memphis

  5. North Memphis

  6. Northeast

  7. South Memphis

  8. Southeast

  9. Whitehaven (Learn more why to live in Whitehaven)

How to search for cheap apartments for rent in Memphis, TN?

If you are looking for affordable or cheap homes, you could just search the keyword "apartment under (add your range) in Memphis" or "Apartments for rent in Memphis TN." In this way, you will find houses within your range, and the process will become much easier. It is best if you use terms such as reasonable or inexpensive instead of cheap because no matter how inexpensive it is, most people will not call the properties they are putting up for rent "cheap" since it is a very negative word. You might not get the results you are looking for!

What are the average bedroom sizes of apartments for rent in Memphis, TN?

Apartments in Memphis have different bedroom sizes, and no one size fits all theory here. Some apartments have one and two-bedroom; however, the others have suites, one bedroom, two bedrooms, three bedrooms, and some do have four bedrooms.

Memphis Sunset
Memphis Sunset

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How much are the fees for renting an apartment in Memphis?

In general, when you rent an apartment in Memphis, the application fee is typically non-refundable and is spent on approving the application. Apart from the filing fee, certain firms often charge an administrative fee before or following the application's approval. If the application is accepted and the first month's rent, there is a security fee that will be owed. Based on the risk of renting to you, some places even ask for last month's rent.

How much should I pay for rent in Memphis, TN?

If you are looking for an average rent round to get an apartment in Memphis, it is $825. However, please note that it is the average rent, and there will be apartments that you can find in a range less or more than this. When you rent an apartment in Memphis, ensure that you keep your options open.

What is the average rent of a studio apartment in Memphis, TN?

The rent for a studio apartment in Memphis largely depends on the area. However, the average rent would be $641.

What is the average rent of a one-bedroom apartment in Memphis, TN?

The rent for a one-bedroom apartment in Memphis largely depends on the area; however, the average rent would be $684.

What is the average rent of a two-bedroom apartment in Memphis, TN?

The rent for a one-bedroom apartment in Memphis largely depends on the area. However, the average rent would be $636.

What is the average rent of a three-bedroom apartment in Memphis, TN?

The rent for a three e bedroom apartment in Memphis largely depends on the area. However, the average rent would be $636.

What is the average rent of a four-bedroom apartment in Memphis, TN?

The rent for a four-bedroom apartment in Memphis largely depends on the area. However, the average rent would be $855.

Memphis Sun Studio
Memphis Sun Studio

What are some common amenities offered from apartments for rent in Memphis, TN?

Some of the amenities that this apartment normally have are:

  • Fitness center

  • Business center

  • Balconies

  • Laundry room

  • Swimming pool

  • Child care center

  • Playground

  • Community room.

Are there pet-friendly apartments in Memphis, TN?

It is good news for you if you have pets! Most apartment complexes and landlord allows you to keep pets; however, there may be some restrictions that you must abide by regarding the breed and size. You might have to provide a pet deposit, which is not important to be refundable.

Memphis is an amazing place to live, and if you are someone who is looking to rent an apartment in Memphis, TN then make use of the extensive guide provided above. Ensure that you do your research completely to know what you are signing up for. Happy Renting!

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