1 Day Ago
Highlights
Pet Friendly
Location
240 Madison Ave, Memphis, TN 38103, USA
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Property Overview
The Commonwealth Apartments receives a robust Zumper expert rating of 8.5, supported by a perfect price rating of 10 and high marks for amenities and location at 9 each, reflecting its competitive pricing and impressive features. Notable attributes include excellent disability accessibility and proximity to top-rated schools, while renters will appreciate the high-speed internet and amenities conducive to remote work and an active social life. Additionally, the property ensures transparency with a trustworthiness rating of 7.
This summary uses Zumper’s proprietary data. “Zumper Expert Ratings,” “Things you’ll love,” and “Great for” are based on our internal analyses of market trends and renter insights.
Things you’ll love
Elementary school nearby- Middle school nearby
- High school nearby
Great for
Social life
Wellness
Work-from-home
Floor plans
| The Commonwealth Apartments - 203 | 1 bed | 1 bath | 621 sqft | $1,195 /mo | The Lee | ||
| The Commonwealth Apartments - 305 | 1 bed | 1 bath | 621 sqft | $1,295 /mo | A1 | ||
| The Commonwealth Apartments - 404 | 1 bed | 1 bath | 662 sqft | $1,395 /mo |
Let's explore this property.
Amenities for The Commonwealth Apartments
Tech
| High-Speed Internet |
Building
| Cats OK | Clubhouse |
| Dogs OK | Elevator |
| Fitness Center | Residents Lounge |
Grounds
| Storage |
Services
| Door Attendant |
Units, floor plans, amenities, dimensions, details, availability, and prices may be approximate and subject to change. Please contact a community representative for more information.
Policies and fees
Applicants
Application Fee
One-time. Agent application fee.
Contact Property
REQUIRED FEES
Security Deposit
One-time.
Contact Property
OPTIONAL FEES
Dog Policy
Allowed
Limit1
Cat Policy
Allowed
Limit1
Cat
Pet Rent
Monthly. 1 cat max.
Contact Property
Dog
Pet Rent
Monthly. 1 dog max.
Contact Property
Questions about this property’s policies and fees?
Building details
Property details
| Units | 1 |
|---|
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About The Commonwealth Apartments
The Lee
Zumper Expert Rating
Our expert rating is based on a weighted average score of property attributes that renters care about most: price, amenities, location, quality, and trust.
8.5
/10
Very GoodWith a solid 8.5 out of 10 overall, The Commonwealth Apartments is a great option for renters. While some aspects, like Quality, might not be as distinguished as other properties nearby, The Commonwealth Apartments has a number of attractive features—namely its Price— so you can be assured your rent will come with a high standard of living.
Price·10A score that weighs the cost and location of the property, which we calculate by comparing rent prices of recent units to the median price of nearby rentals, adjusting for overall quality and features.
The Commonwealth Apartments offers an excellent balance between price and value. It's priced competitively for its amenities, location, and other key features. Compared to the median price per bedroom in the area, this property is less than, or about the same as, nearby rentals, so residents can expect great value without too many compromises on their desired standard of living.
Amenities·9A score based on the amenities offered at this property compared to other rentals in the area. We consider the quantity, quality, and popularity of features both on site and within the units.
The Commonwealth Apartments goes above and beyond to provide sought-after conveniences and desirable perks, including pets allowed. Renters looking for popular or luxurious features will find them here—and for that reason, The Commonwealth Apartments receives one of the highest amenities scores.
Location·9A score based on proximity and ease of access to shops, restaurants, schools, and public transportation while considering the desirability of the area.
The Commonwealth Apartments is exceptional when it comes to location and conveniences. Communication with management or leasing staff is usually quick and easy and they often use advanced scheduling and communication tools to streamline the process. The location of this property offers easy access to popular points of interest in the area and options for getting around.
Quality·6A score based on what makes the property stand out, such as luxury features, unique offerings, age of the building, and our ability to verify the accuracy of these details.
While The Commonwealth Apartments does not have many hallmark characteristics to highlight, it has some qualities and features that will resonate with a broad range of renters.
Trustworthiness·7A score based on the accuracy, completeness, recency, and usefulness of the information provided by this property, so you can trust that what you see is what you get.
The Commonwealth Apartments provides some information about the features available in the community and its apartments, making it a reliable option for prospective renters. Renters should ask additional questions about amenities and non-negotiable items they are looking for.
Reviews from the web
Showing 8 highest rated
My family is on our 3rd year of living at the Commonwealth and we have loved every second of it. The building itself is absolutely beautiful and very well kept. The management amd maintenance team truly care about the building and its occupants. The very few (unavoidable) issues we have had have been addressed promptly and professionally. For example, our AC wasn’t working very well at one point. Within a hour of submitting the ticket they not only had someone scheduled to come look at it but we opened our door to fans and ice pops from Robert, the building manager. I cannot say enough kind things about this team and the Commonwealth!
Alex Bateman
Apr 22, 2024
I love living at The Commonwealth. It’s like Fort Knox. I also appreciate the fact that when I submit a maintenance request, it gets done within three days. And Ward always does a great job!!!.
melany auricchio
Aug 17, 2024
We’re sharing just 8 of many, sorted highest to lowest. Visit the Google business profile to view all reviews.
The Commonwealth Apartments is great for:
Property highlights
We compared every listing in the surrounding area to determine which amenities are most common. If a building lacks an amenity that most others in the area have, it is a con. If a building has an amenity most others in the area do not, it is a pro. Similarly, price, schools, and size are calculated relative to the size, price, and distance to schools of the other properties nearby.How The Commonwealth Apartments compares to other nearby properties.
Positives
- Elementary school nearby
- There is an elementary school 0.0 mile away
- Middle school nearby
- There is a middle school 0.1 mile away
- High school nearby
- There is a high school 1 mile away
- Elevator
- Improved accessibility features
- Images Available
- There are at least 10 photos of this address
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Rent trends in Memphis
1-bedroom apartments here are priced 34% higher than 1-bedrooms in Memphis.
Median rents as of Dec 13 2025.
Memphis
| Month | Median Rent |
|---|---|
| December 2023 | $650 |
| January 2024 | $650 |
| February 2024 | $650 |
| March 2024 | $650 |
| April 2024 | $705 |
| May 2024 | $769 |
| June 2024 | $765 |
| July 2024 | $885 |
| August 2024 | $1,110 |
| September 2024 | $1,155 |
| October 2024 | $1,160 |
| November 2024 | $1,148 |
| December 2024 | $1,172 |
| January 2025 | $1,220 |
| February 2025 | $1,211 |
| March 2025 | $1,196 |
| April 2025 | $1,217 |
| May 2025 | $1,225 |
| June 2025 | $1,210 |
| July 2025 | $1,195 |
| August 2025 | $1,194 |
| September 2025 | $1,158 |
| October 2025 | $1,159 |
| November 2025 | $1,183 |
| December 2025 | $1,001 |
Affordability calculator
Can I afford to live at 240 Madison Ave?
Bedrooms
1 bedroomRent-to-income ratio
30%
Slide to adjust the percentage of your monthly income you are willing to spend on rent.
The general rule of thumb is to spend around 30% or less of your income on rent.
Recommended income
$51,800/yr
With your selected rent-to-income ratio, you'd ideally want to make $51,800 annually to afford this 1-bedroom median monthly rent price of $1,295.
For more information on rent affordability, visit our rent calculator.
Schools near The Commonwealth Apartments
Downtown Elementary School
10 n 4th st
memphis, TN, 38103
PK, K-5Public
C
Ida B. Wells Academy
995 s lauderdale st
memphis, TN, 38126
K-8Public
C-
University of Memphis - University Campus School
535 zach curlin
memphis, TN, 38152
K-5Public
A-
Early Childhood Program Partnering Centers
330 jackson ave
memphis, TN, 38112
PK, KPublic
Avon School
310 avon rd
memphis, TN, 38117
K-12Public
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Internet available near The Commonwealth Apartments
Getting around Memphis near 240 Madison Ave
Walking
8/10
Grab your reusable bags–many shops and stores are within walking distance.
Driving
7/10
This area is close to freeways and has adequate parking options.
Points of interest for 240 Madison Ave, Memphis
Groceries
8/10
At least one grocery store within a few minutes' walk
Shopping
5/10
Variety of shops within walking distance
Cafes
5/10
Some cafés within walking distance
Restaurants
7/10
Variety of restaurants within walking distance
Primary schools
10/10
At least one elementary school within a 5-minute walk
High schools
9/10
At least one high school within a 10-minute walk
Parks
6/10
Moderate amount of park space nearby
Nightlife
5/10
Some bars within walking distance
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