Low Income Apartments and Affordable Housing For Rent in Memphis, TN

Discover affordable housing in Memphis where there are 205+ housing opportunities based on income and household needs like accessible units for seniors or persons with disabilities. Find and apply to these low income apartments now.

auto_awesome Focus Results:
switch_access_shortcut Short Wait
payment Subsidized
real_estate_agent Accepts Vouchers
elderly Senior
payment Income Based
accessibility Accessible
accessible_forward Disability

How To Identify Affordable Housing in Memphis, Tennessee

Look for program and preference badges on affordable apartment listings. These badges can help you identify the types of low income housing each apartment offers and if you may be eligbile for rental assistance or reduced rents.

Badge Description
switch_access_shortcut Short Wait
Low income apartments with no or short waiting lists.
payment Subsidized
Low income housing where the rent is subsidized and the renter pays only a portion of total rent.
real_estate_agent Accepts Vouchers
Apartments that accept Section 8 vouchers near you
elderly Senior
Rental housing for seniors who are 55 (or sometimes 62) and older.
payment Income Based
Affordable apartments where the rent paid is based on renter income.
accessibility Accessible
Meets Accessibilty Requirements of the Fair Housing Act, the ADA, or HUD policy.
accessible_forward Disability
Apartments for individuals or families with disabilities.
The Hourly Wage Needed to Afford A Safe, Modest 2 Bed Apartment In Memphis, Tennessee
$24.58/hour
$17.33 (+239%) more than Tennessee minimum wage and $17.33 (+239%) more than the Federal minimum wage.
Learn More About Memphis, Tennessee Affordable Housing ↓

What HUD offices serve Memphis, Tennessee?

Public Housing Agencies operate federally assisted affordable housing programs at local levels on behalf of HUD. Notably, housing agencies are responsible for managing Section 8 Housing Choice Voucher, Public Housing, and Project-Based Voucher waiting lists within their jurisdiction.

Operates the Section 8 Housing Choice Voucher (HCV), Public Housing programs for Memphis, Tennessee.
Operates the Section 8 Housing Choice Voucher (HCV), Public Housing programs for Memphis, Tennessee.
Operates the Section 8 Housing Choice Voucher (HCV), Family Self-Sufficiency, Mainstream Voucher, Homeownership programs for Memphis, Tennessee.

Go to the Tennessee Public Housing and Low-Income Apartments Waiting Lists page for openings near Memphis.

How many renters live in Memphis, Tennessee?

The City of Memphis has people living in households.

There are renters living in renter households in this City. Renters make up 51.8 percent of the population living in Memphis.

What is the rental market like in Memphis, Tennessee?

There are an estimated housing units in the Memphis area. Of these, units are rental homes, making up percent of the housing market. For every renter household in Memphis, Tennessee, there are 1.12 rental units.

What is the vacancy rate for rentals in Memphis?

The rental vacancy rate in Memphis is 9 percent. This is a higher than average vacancy rate. When rental vacancy rates are high it means that there are a lot of available units and rents tend to be lower.

How many rental units are in Memphis for each bedroom size?

Occupied Rental Units by Size in Memphis
Studio One-Bedroom Two-Bedroom Three-Bedroom Four+ Bedrooms
5,327 25,238 53,715 44,493 6,987
Occupied Rental Units by Size in Memphis

A large number of apartments in Memphis have two or fewer bedrooms. Seniors and young professionals especially may have more success finding an apartment that meets their needs.

How Much Is Rent in Memphis

Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $1,031 to $1,995. FMRs are updated annually by HUD for every city and county nationwide.

Bed Size 2024 Fair Market Rents
Studio $1,031
One BR $1,146
Two BR $1,298
Three BR $1,711
Four BR $1,995
2024 Fair Market Rents in Memphis, Tennessee

How many units are rented at Fair Market Rent (FMR) in Memphis?

Renters with a Section 8 Housing Choice Voucher must select a home that is at or below the area’s Fair Market Rent. Markets with a large share of units above FMR tend to have longer search times to find a qualified unit, while those with a large share of units below FMR tend to have more choices and shorter search times. The share below FMR can vary by size of unit, as shown in the table below.

These are the approximate number of units renting below the FMR in this market:

Unit Size Count of Units Below FMR Percentage of Total Units Below FMR
Studio 3,606 68 percent
One BR 16,718 66 percent
Two BR 35,657 66 percent
Rental Units Below FMR in Memphis, Tennessee

How many affordable rental units are in Memphis?

There are a variety of federal affordable housing programs serving households in Memphis, Tennessee including the following:

Federal Program Unit Count
Low Income Housing Tax Credit
Public Housing
Section 8 Project-Based Rental Assistance
Section 202 Supportive Housing for the Elderly
Section 811 Supportive Housing for Persons with Disabilities
Tracked Units by Federal Program in Memphis, Tennessee

Rental units may be funded in part by multiple federal programs.

Income Based Apartments in Memphis, Tennessee

Memphis features 8,904 income based apartments. Tenants of income based apartments typically pay no more than 30% of their income towards rent and utilities.

Low Rent Apartments in Memphis, Tennessee

There are 12,546 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Memphis.

Housing Choice Vouchers in Memphis, Tennessee

On average, Section 8 Housing Choice vouchers pay Memphis landlords $700 per month towards rent. The average voucher holder contributes $300 towards rent in Memphis.

The maximum amount a voucher would pay on behalf of a low-income tenant in Memphis, Tennessee for a two-bedroom apartment is between $1,168 and $1,428.

Sourced from federal housing data and AffordableHousingOnline.com research.