Apartments for Rent in Memphis, TN

Prices and availability in Memphis, TN were last updated on 8 Aug 2026.

The best apartments in Memphis, TN are: City Place at Germantown Apartments, Metro67, Madison Shelby Farms, 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 $2,054.

The price range for a 1-bedroom apartment in Memphis, TN is between $300 and $3,672.

The price range for a 2-bedroom apartment in Memphis, TN is between $450 and $22,006.

The price range for a 3-bedroom apartment in Memphis, TN is between $550 and $5,379.

In Memphis 55% of the housing is rented out compared to 45% of homes are owned, according to the most recent Census Bureau estimates. 10% of Memphis's apartments are found in large buildings of 50 units or more, 50% are located in smaller apartment complexes with less than 50 units, and 39% are single-family rentals.

The age and size of multifamily buildings are among the most visible characteristics of the rental market in a city. In this case, the apartment buildings in Memphis are about 39 years old, on average. Of these, 27% have been built since 2000, representing the newer options on the market and typically offering more amenities. Rental buildings in the city have an average height of 3 stories. About 93% of the rental communities here are low-rise, garden-style communities, 4% are mid-rises, and 5% are high-rise buildings. These are true especially for large-scale multifamily buildings with over 50 apartments.

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.