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Memphis, TN Rental Market Trends

What is the average rent in Memphis?

The average rent for an apartment in Memphis is $1,080. The cost of rent varies depending on several factors, including location, size, and quality.

Average rent in Memphis, TN

Last updated July 2023
Average Rent Average Apartment Size
$1,080 910 sq. ft.

What is the average apartment size in Memphis?

The average size for a Memphis, TN apartment is 910 square feet, but this number varies greatly depending on unit type, with cheap and luxury alternatives for houses and apartments alike. Studio apartments are the smallest and most affordable, 1-bedroom apartments are closer to the average, while 2-bedroom apartments and 3-bedroom apartments offer a more generous square footage.

Memphis, TN apartment rent ranges

Memphis, TN Occupied Housing Units

132,817 or 53% of the households in Memphis, TN are renter-occupied while 116,737 or 47% are owner-occupied.

Memphis, TN rent trends

Access comprehensive real estate data and information on Yardi Matrix

Average Rent in Memphis, TN By Neighborhood

Mud Island
$1,565
River Oaks
$1,530
Windyke - Southwind
$1,454
Brennan
$1,440
Downtown Memphis
$1,431
South Riverdale
$1,360
Cordova
$1,341
Central Gardens
$1,288
Evergreen
$1,243
Midtown Memphis
$1,243
Lenox
$1,243
Chickasaw Gardens
$1,243
East Memphis Park
$1,243
O'brien
$1,243
Sherwood Forest
$1,243
Galloway
$1,218
Normal Station
$1,218
Bal - Moral
$1,186
Eastgate
$1,172
Hickory Hill
$1,169
High Point Terrace
$1,138
Chickasaw Oaks
$1,113
Shelby Farms Park
$1,082
Cooper - Young
$1,070
Med District
$1,042
Bethel Grove
$1,035
Fox Meadows
$991
Colonial
$991
Audubon
$982
Belle Meade
$982
Meadow Brook
$974
New Chicago
$967
Uptown Memphis
$967
Southside Memphis
$922
Raleigh
$900
North Goodlett
$868
Parkway Village
$866
Oakhaven
$850
Oakville
$850
Gragg
$837
Douglass
$837
Berclair
$836
Nutbush
$836
Jackson
$833
Highland Heights
$829
Frayser
$825
Binghampton
$815
Howzye
$815
Memphis International Airport
$806
Whitehaven
$776
Southgate
$773
Coro Lake
$772
Riverside
$772
Hollywood
$765
University Area
$745
Alcy - Dunn
$744
Orange Mound
$744
Vollintine
$740
Industrial Area
$734
Bickford Washington
$703
/
Neighborhood Average Rent
Mud Island $1,565
River Oaks $1,530
Windyke - Southwind $1,454
Brennan $1,440
Downtown Memphis $1,431
South Riverdale $1,360
Cordova $1,341
Central Gardens $1,288
Evergreen $1,243
Midtown Memphis $1,243
Lenox $1,243
Chickasaw Gardens $1,243
East Memphis Park $1,243
O'brien $1,243
Sherwood Forest $1,243
Galloway $1,218
Normal Station $1,218
Bal - Moral $1,186
Eastgate $1,172
Hickory Hill $1,169
High Point Terrace $1,138
Chickasaw Oaks $1,113
Shelby Farms Park $1,082
Cooper - Young $1,070
Med District $1,042
Bethel Grove $1,035
Fox Meadows $991
Colonial $991
Audubon $982
Belle Meade $982
Meadow Brook $974
New Chicago $967
Uptown Memphis $967
Southside Memphis $922
Raleigh $900
North Goodlett $868
Parkway Village $866
Oakhaven $850
Oakville $850
Gragg $837
Douglass $837
Berclair $836
Nutbush $836
Jackson $833
Highland Heights $829
Frayser $825
Binghampton $815
Howzye $815
Memphis International Airport $806
Whitehaven $776
Southgate $773
Coro Lake $772
Riverside $772
Hollywood $765
University Area $745
Alcy - Dunn $744
Orange Mound $744
Vollintine $740
Industrial Area $734
Bickford Washington $703
/
/

What are the most affordable neighborhoods in Memphis?

The most affordable neighborhoods in Memphis are Bickford Washington, where the average rent goes for $703/month, Industrial Area, where renters pay $734/mo on average, and Vollintine, where the average rent goes for $740/mo. If you’re looking for other great deals, check out the listings from Alcy - Dunn ($744), Orange Mound ($744), and University Area ($745), where the asking prices are below the average Memphis rent of $1,080/mo.

What are the most expensive neighborhoods in Memphis?

The most expensive neighborhoods in Memphis are Windyke - Southwind ($1,454), River Oaks ($1,530) and Mud Island ($1,565).

What are the most popular neighborhoods in Memphis?

The most popular neighborhood in Memphis is Cordova, where there are 48 listings with an average rent of $1,341. Next up is Hickory Hill, where apartments go for $1,169/month, followed by Frayser with $825 If you’re looking to rent in Memphis’s most popular neighborhoods, make sure to also check out Downtown Memphis, where renters pay $1,431 on average, and Raleigh, where the average monthly rent is $900.

Memphis | Rent Comparison by Neighborhood

Neighborhood
vs.

Rent in Alcy - Dunn is 24% lower than in Audubon

$744

Alcy - Dunn rent is 31% lower than Memphis average

Average Rent $744
$982

Audubon rent is 9% lower than Memphis average

Average Rent $982

How Memphis Compares to Other Cities

City Average Rent
Memphis $1,080
Nashville $1,809
Knoxville $1,660
Murfreesboro $1,553
Chattanooga $1,400
Hendersonville $1,588
Antioch $1,472
Madison $1,354
Bartlett $1,124
Franklin $2,031
Gallatin $1,552
Olive Branch $1,539
Southaven $1,353
West Memphis $696
Oxford $1,535
Germantown $1,889
Lakeland $1,515
Marion $922
Horn Lake $1,421
Munford $1,244

What is the average price for a storage unit in Memphis?

The average rent for a non-climate-controlled 10'x10' storage unit in Memphis is $121.81. Rental costs vary depending on several factors, including unit size and the storage facility's location and amenities.

Most Popular Apartments in Memphis

Kitchen and Dining at The Edge of Germantown, Memphis, 38120
Today

The Edge Of Germantown

1730 Hunters Trace Dr, Memphis, TN 38120
13 Units available
1 BED $1,151+
2 BEDS $1,485+
Spacious Kitchen at Harbor Island located in Memphis, TN 38103
Today

Harbor Island Apartments

444 Island Drive, Memphis, TN 38103
8 Units available
1 BED $1,434+
2 BEDS $2,002+
3+ BEDS $2,983+
Kitchen with Stainless Steel Appliances at Grand Island Apartments in Memphis TN 38103
Today

Grand Island Apartments

300 Grand Island Dr, Memphis, TN 38103
12 Units available
1 BED $1,632+
2 BEDS $1,681+
3 BEDS $2,200+
Lush Green Courtyard Wit Walking Paths at The Stella, Memphis, 38134
Today

The Stella

2165 E. River Trace Dr., Memphis, TN 38134
14 Units available
1 BED $925
2 BEDS $955+
3 BEDS $1,350
Front main sign The Local Memphis, Tennessee
Today

The Local

3251 Knight Trails Circle, Memphis, TN 38115
5 Units available
1 BED $825+
2 BEDS $1,005+
our apartments offer a swimming pool
Today

The Nova

6355 Briar Patch Lane, Memphis, TN 38115
20 Units available
1 BED $882+
2 BEDS $1,028+
a kitchen with white cabinets and black appliances
Today

Appling Lakes

1392 Equestrian Drive, Cordova, TN 38016
33 Units available
1 BED $1,105+
2 BEDS $1,335+
3 BEDS $1,647+
a kitchen with an island in front of a living room with a couch and chair
Today

City Place At Germantown Apartments

8993 Crestwyn Hills Drive, Memphis, TN 38125
29 Units available
1 BED $1,565+
2 BEDS $1,710+
3 BEDS $2,530
Mini Swimming Pool And Relaxing Area at The District, Tennessee
Today

The District

6420 Knight Arnold Rd, Memphis, TN 38115
50 Units available
1 BED $825+
2 BEDS $930+
a swimming pool with chaise lounge chairs in front of an apartment building
Today

Bristol On Union

205 Pasadena Place, Memphis, TN 38104
32 Units available
1 BED $1,430+
2 BEDS $1,910+
3 BEDS $2,410
Exterior Water Tower at Link Apartments® Broad Ave, Memphis, 38112
Today

Link Apartments® Broad Ave

2540 Broad Ave, Memphis, TN 38112
Available
Studio $1,134
1 BED $1,375+
2 BEDS $1,974+
125 Gayoso Ave Studio-2 Beds Apartment for Rent
Today

Pembroke Square At Peabody Place

125 Gayoso Ave, Memphis, TN 38103
Available
Studio $1,169
1 BED Ask for Pricing
2 BEDS Ask for Pricing
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