Memphis Rent Scene: Roommates Become a Must for Many

If you’ve been keeping an eye on the rental scene in Memphis, you might’ve noticed a surprising trend: many people are saying it’s getting tougher to afford an apartment alone. As rental prices shoot through the roof, young renters find themselves needing a roommate for that extra financial cushion.

Take, for example, 22-year-old Aidan Sutcliffe. When the pandemic rolled around, he temporarily moved back in with his dad, thinking it would only be for a little while. But fast forward four years, and he’s still crashing in the spare bedroom, stating, “It’s expensive right now, really expensive. I’m 22, and I’m still living with my dad because I really can’t afford to move out by myself.”

Aidan works as a barista at Hustle & Dough Bakery and Cafe and realizes he will probably need to find a roommate if he ever wants to have his own space—like many others in Memphis. As the city’s rental market grapples with the aftershocks of COVID-19, many locals are facing the same dilemma.

High Costs Creating Shared Living Situations

Memphis is seeing a spike in rent costs that makes you second-guess moving out. In areas like Downtown at South Bluffs, a one-bedroom apartment that’s a decent size (945 square feet) will set you back $1,425, and that’s before even thinking about utilities! Want to share a space? The two-bedroom option in the same complex will cost you $1,699.

Over at The Rise in the Edge District, prices keep climbing. A one-bedroom apartment that’s just shy of 900 square feet runs for $1,899 without the added burden of utilities. If you’re looking to share that space with a friend, the two-bedroom apartments are even pricier at $2,253. It’s no wonder many residents are finding themselves forced to reconsider living alone in favor of splitting rent with roommates.

Living with Parents: A Common Solution

Renters in Memphis aren’t just looking for roommates though; many are opting to stay with parents longer than they ever imagined. The current economic climate is causing a noticeable shift in living arrangements—less independence for some, but more family time for others. Sutcliffe, along with countless others, speaks to the tough reality of the housing market and the impact on lifestyle choices.

Compromises in the Name of Affordability

With prices on the rise, many are finding it necessary to compromise. Whether it’s sacrificing space or amenities, renters are making tough choices just to secure a roof over their heads. Aidan noted that even if he were to find a roommate, it didn’t guarantee that it would be the ideal living situation.

For young professionals and recent graduates, the landscape can feel pretty bleak. The balance between decent living arrangements and affordable rent requires far more effort than it used to. Some are even exploring options in nearby suburbs, where rates may be a bit lower without being too far from the vibrancy of the city.

The Bigger Picture

This situation is more than just a trend; it reflects a larger with housing affordability, especially in cities like Memphis that have previously been known for their relatively low-cost living. While the rental market balances out post-COVID, the disparity between wages and rising rent prices continues to burden many residents.

But the question still hangs in the air: How many more renters will find themselves needing to room with a buddy or stay under their parents’ roof? It seems as if this may become a common trend, especially for young adults just starting their careers.

As the Memphis rental market continues to evolve, we’ll need to keep an eye on how this affects residents and local culture. Whether it’s means for short-term financial relief, or a longer-term shift in living arrangements, one thing is clear: the days of easy, affordable living are not what they used to be.

So, if you’re in the market for a new apartment or thinking of branching out on your own, it might just be time to start that roommate search—because in Memphis, that might be the ticket to a manageable rent!