RentCafe analyzed national rental data to explore how much apartment space $1,500 can secure. Using Yardi Matrix apartment data, RentCafe ranked 200 cities based on how much space $1,500 can rent.
Highlights
- RentCafe examined how much apartment space $1,500 can rent nationwide.
- Memphis secured the sixth position, offering the most square footage for this price point in Tennessee.
- Apartment sizes vary by city, reflecting differences in housing demand and market conditions.
Memphis Offers Maximum Space for a Monthly Rent of $1,500 in Tennessee
According to RentCafe, Memphis offers the most apartment space in Tennessee for a $1,500 monthly budget. Memphis apartments are larger than those in other Tennessee cities, giving renters more space for their money.
Nationwide, Memphis ranks sixth for the most apartment space available at $1,500 per month. But for Tennessee, it is one of the best rental markets with an apartment size of 1,229 square feet for $1,500. This means a two to three-bedroom unit can be rented for this budget. The average apartment in Memphis is 909 square feet and rents for about $1,109.
In high-demand cities, the same $1,500 typically rents a smaller apartment, showing how location affects affordability and space. For example, in Manhattan, $1,500 rents just 216 square feet, reflecting the city’s high demand.
Methodology Used by RentCafe
The analysis calculated price per square foot to show how much living space $1,500 rents in each city.
The study was based on multifamily properties of 50 or more units using the Yardi Matrix data as of March 2025. National values were generated by using the entire portfolio of markets that Yardi Matrix monitored.
The 200 largest cities, based on U.S. Census Bureau population estimates, are covered in the report. In the study, the large cities refer to the cities with a population of above 225,000, and small cities refer to those with a population of less than 225,000. The complete data about all cities can be found here for renters to make an informed decision.
Memphis is the city where renters with a $1,500 monthly budget can get the most living space in Tennessee. The analysis shows how market dynamics and rent demand across different regions affect the value of rent.
