Elvis Presley lived at the apartment with his mother and father

The owners of the former Lauderdale Courts housing project has restored the home shared by Presley and his parents between 1949 and 1953.

The apartment will be open two weeks a year for tours, while the rest of the time it will be available to rent.

"Nowhere else in the world can you stay where Elvis lived," said operations manager Alexandra Mobley.

The building is now a public-private venture, run by and renamed Uptown Memphis, and has undergone a $36m (�19.5m) renovation to create 347 apartments.

The dwelling once lived in by Vernon and Gladys Presley and their teenage son Elvis has been designed with appliances and fixtures reminiscent of their time, as suggested by Elvis fans.

But to make it more a attractive prospect to live in it has been fitted with air conditioning and a television hidden in a cabinet.

Demolition fears

The apartment has opened to the public for the first time to co-incide with the anniversary of Elvis' death on 16 August 1977.

Other than the two open house weeks, the two-bedroom apartment can be rented on a short-term basis, although no prices have yet been released.

"It's a one-of-a-kind-in-the-world thing, so I think people will pay what they think is appropriate to stay here," said Ms Mobley said.

The entire complex was closed in 2000 and was in danger of being demolished until local people and Presley fans united to save it.

The staff of Presley's Graceland home helped decorate the apartment and it has the full backing of Elvis Presley Enterprises.