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Prices and availability in Memphis, TN were last updated on 8 Nov 2026.
The best apartments in Memphis, TN are: Bristol On Union Apartment Homes, Madison Shelby Farms, The Vale Apartments and Townhomes, Appling Lakes and The Nova Apartments.
The average rent in Memphis, TN is $1,096.
The price range for a studio apartment in Memphis, TN is between $550 and $3,480.
The price range for a 1-bedroom apartment in Memphis, TN is between $55 and $3,418.
The price range for a 2-bedroom apartment in Memphis, TN is between $450 and $7,259.
The price range for a 3-bedroom apartment in Memphis, TN is between $650 and $7,120.
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.
