If you're looking to rent in Memphis, good news — you're still likely getting more bang for your buck than in most other major U.S. cities.
According to a recent annual market analysis from RentCafe, $1,500 per month stretches the furthest in Memphis than any other Tennessee city, and goes the 11th farthest nationwide compared to the 200 cities surveyed.
That translates to 1,220 square feet of space on average, followed closely by Clarksville at 1,184 square feet. Nashville sits in last among the biggest Tennessee cities at just 718 square feet for $1,500 on average, a 500-square-foot difference.
There's still a catch — Memphis saw the second largest average
apartment space loss in the state at 9 square feet compared to last year. But despite that, Memphis still places among the most reasonable rental locations for the money.
Apartments of this price range are plentiful. A search on RentCafe for apartments under $1,500 comes up with roughly 1,440 results across Memphis city limits. The majority of these in Memphis city limits are located Downtown, various Midtown neighborhoods, near the University of Memphis campus, and in Grahamwood where it is mostly rental homes. In total, only 22 rental single family homes appear on RentCafe in Memphis.
What amenities does $1,500 get you in Memphis?
Downtown, complexes like Harborside at Conwood Flats to the north or the Tennessee Brewery to the south will feature granite countertops, large closets, gas stoves and hardwood flooring, with a shared complex pool. In the central Downtown area, about seven complexes offer views of the river in select apartments at that price range.
In Midtown, The Citizen Apartments, The Courts Midtown and Iris Luxury apartments share many of the same amenities.
In general, the majority of modern Memphis area apartments at that price range are furnished and have hardwood floors as opposed to carpet.
How do Memphis prices compare nationally?
For perspective, apartments in the largest city that sits the highest on the list, Wichita, Kansas, averages only 67 square feet bigger than in Memphis on a $1,500 budget.
For other similarly or smaller sized cities than Memphis, the story remains the same. Toledo, Ohio averages 1,260 square feet, Oklahoma City 1,239 square feet, and Tulsa, Oklahoma comes in at 1,229 square feet for the same amount.
If $1,500 is stretching your budget, don't move to New York City, where the same price point will get you 314, 292 and 210 square feet of space in Queens, Brooklyn and Manhattan respectively. Seattle is also one of the priciest cities at 445 square feet, as well as Arlington, Virginia at 478 square feet.
Jacob Wilt is a reporter for The Commercial Appeal covering Dining, Retail and Real Estate in the Memphis area. You can reach him at jacob.wilt@commercialappeal.com.
This article originally appeared on Memphis Commercial Appeal: How do rent prices in Memphis stack up to the rest of Tennessee?
