What’s the average rent in Memphis, TN?

The average rent in Memphis, TN is $1,096. Start your search for apartments in Memphis, TN now.

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Average rent in Memphis, TN

$1,096/mo Memphis, TN average rental price, November 2024

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

Memphis, TN apartment rent ranges

About 37% of apartment rents in Memphis, TN range between $1,001-$1,500. Meanwhile, apartments priced over $1,501-$2,000 represent 11% of apartments. Around 44% of Memphis’s apartments are in the $701-$1,000 price range. 6% of apartments are priced between $501-$700.

Memphis, TN rent trends

Check out the average rent prices in Memphis by neighborhood.

Compared to the national average rent of $1,748, the average rent in Memphis, TN is $1,096.

Getting around in Memphis, TN

54 /100

Somewhat Walkable

34 /100

Some Transit

43 /100

Somewhat Bikeable

Walk Score®: 54, Transit Score®: 34, Bike Score®: 43

Frequently asked questions

When were prices and availability in Memphis, TN last updated?

Prices and availability in Memphis, TN were last updated on 19 Jan 2025.

What are the best apartments in Memphis, TN?

The best apartments in Memphis, TN are: City Place at Germantown Apartments, Azure Place, The Junction, Appling Lakes and Madison Shelby Farms.

What is the average rent in Memphis, TN?

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

What is the price range for a studio apartment in Memphis, TN?

The price range for a studio apartment in Memphis, TN is between $600 and $3,272.

What is the price range for a 1-bedroom apartment in Memphis, TN?

The price range for a 1-bedroom apartment in Memphis, TN is between $584 and $4,465.

What is the price range for a 2-bedroom apartment in Memphis, TN?

The price range for a 2-bedroom apartment in Memphis, TN is between $495 and $7,455.

What is the price range for a 3-bedroom apartment in Memphis, TN?

The price range for a 3-bedroom apartment in Memphis, TN is between $750 and $7,107.

What type of rental buildings are in Memphis, TN?

In Memphis 53% of the housing is rented out compared to 47% 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.

What do typical apartment communities look like in Memphis, TN?

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, 24% 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 92% 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.

What apartment floorplans are common in Memphis, TN?

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 35% of the total apartments in the city, while 2-bedroom floorplans represent around 51% 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.

Memphis, TN in the news

How Much Apartment Space Does $1,500 Get You in 200 U.S. Cities?

Further east, soulful Memphis, TN, was fifth on our list of cities offering the most space for $1,500 with a spacious 1,257 square feet.

Chicago, Silicon Valley Challenge Miami as Hottest Rental Markets

Next up is Memphis, TN (the 26th hottest rental market), although it didn't break the top 20. Here, too, more renters renewed their leases (63.4%, up 6.1% compared to the same time last year) as the moving rush started to unfold after no new apartments were opened recently.

Location vs. Space: How Much Does the National Average Rent of $1,700 Stretch in Apartment Size by Zip Code

Memphis, with its mix of urban and suburban landscapes — illustrates an urban-to-rural gradient where city living comes at the cost of space, while the outskirts offer more breathing room. Specifically, zip code 38109, which encompasses the McKeller neighborhood in Memphis, TN offers the most space in the nation.

1 in 5 Millennials & Two-Thirds of Gen Z Struggle to Leave the Nest

Not to be outdone, Memphis, TN and Las Vegas, NV are two other metros where the shares of Millennials and Zoomers living with family members significantly decreased. Compared to 2018, Memphis experienced a 58% decrease for Millennials and Las Vegas had a 47% decrease for Zoomers.

How Much Apartment Space Does $1,500 Get You in 200 U.S. Cities?

The heart of Tennessee’s media and entertainment and one of the most populous cities in the Southeast, Memphis offers an average of 1,293 square feet of living space for a monthly rent of $1,500.

April Rental Activity Report: Atlanta Leads as the Most In-Demand City, Manhattan Makes Top 5

Renters’ increased interest in this artsy city on the Mississippi River led to Memphis grabbing the eighth place in our April ranking. More precisely, the number of apartments in Memphis favorited by renters quadrupled year-over-year, as views of listings in the city rose by 30%.

Living in Memphis, TN

Within the rolling valleys of Chickasaw bluffs and immediately east of the Mississippi River is Memphis, the second-largest city in Tennessee. Memphis renters are largely musicians, students, and health care professionals who are 160 miles east of Little Rock, AR, and 210 miles southwest of Nashville, TN. As the "home of the blues and birthplace of rock and roll," renting in Memphis celebrates a deep cultural heritage rooted in music. For instance, renters can visit Elvis Presley's Graceland, the Stax Museum of American Soul, and Sun Studio (where Elvis Presley and Johnny Cash were first recorded) - just to name a few places. Meanwhile, renters with children enjoy the Children's Museum of Memphis, the Memphis Zoo, and the Fire Museum of Memphis, while public education is provided to renters by Memphis Shelby County Schools. The biggest industries when renting in Memphis are transportation and warehousing health care; retail; and manufacturing (FedEx and AutoZone are both headquartered in the city).

Memphis also offers a vibrant culinary scene, boasting a diverse array of dining options from traditional Southern comfort food to modern fusion cuisine. The city's barbecue is renowned, with many establishments claiming the title of "best ribs in the city." Additionally, the city's location along the Mississippi River contributes to its rich agricultural heritage, reflected in the locally sourced menus of many farm-to-table restaurants.

Renting in Memphis, TN

Within Memphis, Cordova is a suburban neighborhood with single-family houses, townhouses, and apartments for rent near Shelby Farms Park and Wolfchase Galleria, whereas East Memphis has Mid-Century Modern, Colonial, Tudor, and ranch-style houses for rent along with apartments, and condominiums that are close to Dixon Gallery and The Pink Palace Museum. Similarly, renters in Midtown Memphis have Victorian, Craftsman, Colonial Revival, Tudor, and bungalow-style houses for rent, as well as modern apartment rentals - all of which are close to the Memphis Zoo and Overton Park. For comparison, Whitehaven features predominantly single-family houses for rent and apartment rentals with ranch-style, traditional brick exteriors and mid-century designs. Whitehaven rentals are also close to Graceland and Stax Museum of American Soul Music. Of course, some of the most luxurious mid-rise and high-rise apartments are in the downtown area.

Shopping in Memphis, TN

Wolfchase Galleria in Cordova is the most popular shopping mall among renters, featuring department stores like Vans, Buckle, Dillard's and Express. Likewise, Oak Court Mall is another indoor shopping mall frequented by renters looking for Macy's, Dillard's, Aéropostale and H&M. Renters especially enjoy Carriage Crossing - an open-air mall with Forever 21 and more. Or, the Laurelwood Shopping Center is where renters browse J McLaughlin, J. Jill and Joseph. Additionally, the Shops of Saddle Creek feature well-known brands, like Apple, Fabletics and Anthropologie, while in the Broad Avenue Arts District, renters discover new fashions at Mbabzi House of Style, Falling Into Place and T. Clifton Art. Or, Overton Square is where renters find Breakaway Running, Sweet Noshings, The Ivory Closet and The Art Project. Also, in East Memphis, renters have a mixed selection of boutiques, antiques and Oak Court Mall. Popular grocery stores when renting in Memphis include Whole Foods Market, The Fresh Market, Kroger and Sprouts Farmers' Market.

Transportation in Memphis, TN

The Memphis Area Transit Authority (MATA) operates 47 bus routes and three trolley lines: The Main Street trolley takes renters throughout downtown Memphis, stopping on Beale Street and at the National Civil Rights Museum; the Riverfront trolley also takes renters throughout downtown, making 18 stops along the Mississippi River; and the Madison trolley takes renters to Midtown. Alternatively, MATA bus routes take renters downtown and throughout suburbs and past other neighborhood rentals: Route 1 bus takes renters downtown to Graceland; Route 100 extensively covers the downtown area; and Route 39 takes renters downtown to Memphis International Airport. The Sun Studio Shuttle also offers free transportation between music attractions, and bicycle rentals are available through the "BYcycle" app. Finally, when in need of a flight, renters travel through the Memphis International Airport.

Look for apartments near me

Are you looking to land that one apartment near you that ticks all the boxes? Now you can browse through available RentCafe apartment listings in your area, rated and reviewed by verified residents. Comparing the size, price, amenities and location of apartments for rent near you is easier than ever. Do you feel like expanding the search beyond your neighborhood and ZIP code? Browse apartments for rent in your city and state to find the best fit, wherever you are in the U.S. Somewhere out there is the perfect apartment just waiting for you.

Whether you're looking for a studio, an apartment with one or more bedrooms, or maybe you're upgrading to a luxury apartment or need to acommodate a pet, RentCafe allows you to easily search for a rental near you based on your criteria, anywhere in the U.S. So, let's find your new home today!

RentCafe is your one-stop shop for finding a great new apartment in Memphis, TN. Easily search through a wide selection of apartments for rent in Memphis, TN, and view detailed information about available rentals including floor plans, pricing, photos, amenities, interactive maps, and thorough property descriptions. Property owners and managers are one click away, so feel free to contact them and find out all you need to know about the apartment you’re interested in. Browse Memphis, TN apartments with rents starting from $495 and submit your rental application today!

Finding a home nearby is easier than you think. Check out our Apartments Near Me page and take your pick!

STUDIO	$952
1 BED	$1,507
2 BEDS	$1,650

1 BED	$700+
2 BEDS	$1,100+

1 BED	$584+
2 BEDS	$638+

1 BED	$1,281+
2 BEDS	$1,290+
3 BEDS	$1,869+

2 BEDS	$1,175+
3 BEDS	$1,375+

1 BED	$1,150+
2 BEDS	$1,532+
3 BEDS	$1,894+

1 BED	$1,216+
2 BEDS	$1,311+

2 BEDS	$1,350
3 BEDS	$1,395+
4 BEDS	$1,695+

STUDIO	$942+
1 BED	$950+
2+ BEDS	$1,301+

Apartments for Rent in Memphis, TN 1,569 Rentals Available

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