I'm also interested in any input on this question -- I'm also OOS with ties to the state. So far, all I've heard about suggestions is that most people live in Midtown (close to campus, relatively safe and abundant housing) or on Mud island (more expensive, somewhat nicer, not a lot of grocery etc. options). Please correct me if I'm wrong; I've been to memphis once for interview.
If anyone knows if there are major move-in/move-out times that make it easier to lease an apartment starting in that month, that would also be helpful. I lived in a city for undergrad where everyone moved at the beginning of August, and it was next to impossible to get a move-in date other than that first week of August...