Apartments for Rent in Memphis, TN

Prices and availability in Memphis, TN were last updated on 19 Aug 2026.

The best apartments in Memphis, TN are: The Summit Apartments, Metro67, The Tennessee Brewery Apartments, Grand Island Apartments and Parcels at Concourse.

The average rent in Memphis, TN is $1,096.

The price range for a studio apartment in Memphis, TN is between $550 and $2,775.

The price range for a 1-bedroom apartment in Memphis, TN is between $300 and $4,082.

The price range for a 2-bedroom apartment in Memphis, TN is between $450 and $6,534.

The price range for a 3-bedroom apartment in Memphis, TN is between $650 and $5,993.

In Memphis, 55% of the residents are renting compared to 45% owning a home, according to data from the U.S. Census Bureau. Large-scale apartment buildings with more than 50 units represent 10% of Memphis's rentals, 50% are small-scale complexes with under 50 units, and 39% are single-family rentals.

The average age of rental buildings in Memphis is 39 years old, with 27% being newer apartment buildings completed since 2000. The average height of apartment buildings in the city is 3 stories, of which 93% are garden-style apartment communities, 4% are mid-sized buildings, and 5% are high-rises. These characteristics describe large-scale apartment communities of 50 apartments or more.

Rental apartments in Memphis come in a range of sizes and floorplans. Studio apartments represent 3% of units for rent, ideal for singles, renters on a budget and people who value central locations more than space. Rentals with 1-bedroom floorplans make up 36% of the total apartments in the city, while 2-bedroom floorplans represent around 50% of all rentals in Memphis. The rest are larger floorplans with 3 bedrooms or more, typically preferred by families, larger households or roommates sharing space.