Downtown Memphis · Leasing Guide
How to Lease an Apartment in Downtown Memphis: Step-by-Step
Signing a lease should be the easy part of moving downtown. This guide walks you through exactly how to lease an apartment in downtown Memphis — what to search for, how touring and applications work, what screening involves, and what happens on move-in day. At The Exchange Building, a 1910 landmark on Court Square Park, the whole process runs through a modern portal and is leased direct, so there are no broker fees standing between you and the keys.
A local leasing guide from The Exchange Building · 9 N 2nd Street, Memphis, TN 38103
The step-by-step: from search to move-in
Most downtown Memphis leases follow the same six steps. Knowing the sequence ahead of time makes the whole thing faster and far less stressful:
- Search. Decide on your budget, the size you need, and the pocket of downtown you want to live in — the Core around Court Square, South Main, the riverfront, or the medical-district edge. Our downtown apartments guide maps out each area.
- Tour. Visit in person or take a self-guided tour. Walk the unit, the common areas, and the block — at an apartment downtown, the neighborhood is half of what you're renting.
- Apply. Submit an application with your ID, income, and rental history. Online applications take about fifteen to twenty minutes.
- Screening. The leasing team runs a standard background and credit check and verifies your income. This usually takes one to three business days.
- Sign. Once you're approved, review and e-sign the lease, then pay your deposit and any first-month charges to hold the unit.
- Move in. Set up utilities, schedule your move, pick up keys or access codes, and you're home.
That's the entire arc. The rest of this guide drills into what each step actually requires so nothing catches you off guard.
What you need to qualify
Downtown communities, including The Exchange, generally screen for the same handful of things. Meet these and approval is usually quick:
- Income around 3.5× the monthly rent — combined household income, and it needs to be verifiable.
- A standard background and credit check — most buildings look for a reasonable rental and payment history rather than a perfect score.
- Renters insurance — an active policy covering the full lease term, typically arranged before move-in.
- Utilities in your name — downtown, electricity and gas are set up through MLGW rather than bundled into rent.
- A parking plan — many historic buildings use nearby garages or monthly lots, so confirm where you'll park before you sign.
If your income is close to the line, a co-signer or proof of savings can help. And if you're moving from out of state, line up your documents before you arrive — our Memphis relocation guide covers the rest of the checklist.
Most downtown buildings want gross monthly income near 3.5 times the rent. On a typical one-bedroom in the $1,200–$1,800 range, that's roughly $4,200–$6,300 a month in combined, verifiable income. Splitting a two-bedroom with a roommate spreads that requirement across both leaseholders.
Documents to have ready
The single biggest thing that slows a lease down is missing paperwork. Gather these before you apply and you can often go from application to approval in a day or two:
- Government-issued photo ID — a driver's license, state ID, or passport.
- Proof of income — your two or three most recent pay stubs, or an offer letter if you're starting a new job. Self-employed renters can use recent tax returns and bank statements.
- Recent bank statements — to confirm steady deposits and savings.
- Rental history and references — previous addresses and a contact for a prior landlord, if you have one.
- Pet information — breed, weight, and vaccination records if you're renting with a pet (see our pet-friendly downtown guide).
- Vehicle details — make, model, and plate if the building assigns parking.
Leasing direct vs. through a broker
In some cities, renting an apartment means paying a broker a fee equal to a month's rent — or more — just to hand you keys. Downtown Memphis doesn't generally work that way, and the buildings worth your money lease direct.
When you lease direct, you deal with the building's own on-site team. Pricing is transparent, the people showing you the unit are the people who manage it, and there's no third-party markup. When you go through a broker or a listing middleman, you may pay finder's fees, application surcharges, or inflated "convenience" costs that never reach the building. For renting in downtown Memphis, leasing direct is almost always the better deal — and it's exactly how The Exchange operates, with zero broker fees. Compare the full picture in our cost of renting downtown guide.
The Exchange's modern portal process
The Exchange Building pairs a 1910 Beaux-Arts address with a leasing process that feels like 2026. Instead of phone tag and paper forms, everything runs through a private online portal:
- Submit a quick inquiry from the home page with what you're looking for.
- Get a private portal link in minutes, with availability and pricing.
- Tour the building on Court Square — in person with the on-site team or on your own schedule.
- Apply online and upload your documents securely.
- E-sign your lease and handle deposits digitally once you're approved.
- Message the office any time from your phone, before and after you move in.
Because the building leases direct, the person you message is the person who runs the building — and you never pay a broker fee to get in the door. It's the same walk-to-everything location that makes downtown special, with none of the friction. Read more in the Exchange Building apartments guide.
Find your place in the heart of downtown
Tell us what you're looking for and we'll send you a private portal in minutes — tour, apply, and chat with the on-site leasing office. Leased direct on Court Square, no broker fees.
A typical leasing timeline
How fast can you actually get keys? When your documents are ready, a downtown lease can move quickly:
- Day 0: Submit an inquiry and receive your portal; browse available units.
- Days 1–3: Tour the building and pick your unit.
- Day of application: Apply online in about twenty minutes.
- 1–3 business days: Screening and income verification.
- On approval: Sign the lease and pay your deposit, often the same day.
- Move-in date: Set up MLGW, get renters insurance, collect keys.
Start to finish, that's anywhere from a few days to two weeks, depending mostly on how soon you want to move and how quickly you return paperwork. If you need something faster or more flexible, look at furnished apartments and extended stays.
Insider tips for leasing downtown
- Have your documents ready first. Approval moves at the speed of your paperwork.
- Ask about parking up front. Historic buildings often use nearby garages — know the cost and the walk before you sign.
- Set up MLGW early. Schedule electricity and gas a few days ahead of move-in so nothing's off when you arrive.
- Get a renters insurance quote before you apply. It's inexpensive and you'll need proof of it anyway.
- Tour the block, not just the unit. Walk to the trolley, the grocery, and your commute — our getting around downtown guide helps.
- Ask what's included. Clarify which utilities, amenities, and fees are part of the rent so you're comparing real numbers.
- Lease direct. Skip the broker and you skip the fee — full stop.
Do those seven things and leasing downtown is genuinely simple. When you're ready, The Exchange makes it simpler still: a historic home on Court Square, leased direct, with the whole process in your pocket.