Let's look at a situation where someone had to rent out their home while moving to a new job in Memphis. When the timing of a job change doesn't align with selling a home, renting often becomes a realistic alternative. The first few months after a job change can be overwhelming just with adjusting to the new company, so it's better to have a plan in place for preparing to rent and tackle tasks one by one. Without a plan, it's easy to overlook important steps between moving and adapting to a new job.

Changing jobs involves a lot of paperwork and tight schedules. If you also have to worry about your home, the burden increases significantly. First, let's look at the numbers: as of June 2026, the average rent in Memphis is $1,285 per month (Zumper). For a one-bedroom, the average is around $975 per month. This is 34 percent lower than the national average. This figure indicates that Memphis is considered a relatively good market for rental yields nationwide. However, it's also important to note that rent prices have decreased by 3 percent over the past year. If you set the rent too high, you may end up with prolonged vacancies amid this downward trend.

Once you've determined the rent, the next step is to advertise the property. It's standard to post photos and details on platforms like Zillow Rental Manager or local rental sites. Recent market trends show that the more detailed the photos and conditions are, the quicker the inquiries come in. It's advisable to specify the number of rooms, parking availability, pet policies, and nearby school information. Photos taken during the day with natural light tend to get better responses, and having a few time slots pre-scheduled for showings makes it easier to arrange appointments.

After inquiries, screening takes place. This involves checking credit scores, income verification, and previous rental history. Many landlords use a guideline where income should be around three times the rent. It's also common to directly ask previous landlords about the tenant's payment history. Recent market trends indicate that skipping these verification steps can lead to issues with late payments. If there are multiple applicants, it's important to apply the same criteria to everyone and keep records of the results and reasons for decisions, as this can be helpful later.

The lease should clearly outline the rent amount, due date, security deposit, pet regulations, and repair responsibilities. Including details about utility responsibilities, notice periods for landlord access, and renewal conditions can reduce the chances of disputes later. It's also wise to clarify whether the lease automatically converts to a month-to-month agreement after expiration or if a new lease needs to be signed. Verbal agreements alone won't hold up as evidence in case of disputes.

Regarding security deposits, Tennessee state law does not set a maximum amount. However, landlords must return the deposit or provide a written account of deductions within 30 days after the tenant moves out and provides a forwarding address. If the tenant does not respond to the written notice within 10 days, the landlord can retain the deposit as long as there are valid reasons for the deductions. It's also important to remember that deductions are limited to unpaid rent and repair costs for damages beyond normal wear and tear.

If rent is overdue, the process is as follows: there is a 5-day grace period, and if payment is not made, a 14-day pay-or-quit notice is sent. If the overdue amount is paid within this notice period, the lease remains in effect. If the notice period passes without payment, legal proceedings may need to be initiated.

It's also crucial to document the condition of the home with photos on the day the tenant moves in. Recent market trends show that disputes often arise during the security deposit settlement phase when such records are missing. Additionally, it's advisable to look into rental insurance separate from standard homeowners insurance, as personal insurance may not cover damages caused by tenant mistakes.

Tax and rental laws can vary by county. This article does not constitute investment or legal advice, and it's recommended to consult a professional before entering into any contracts.