Memphis, TN Rental Market Trends

Highlights

The average rent for an apartment in Memphis is $812, a 6% increase compared to the previous year, when the average rent was $767.

Average Rent in Memphis, TN

Last updated May 2019

Average Rent	Y-o-Y Change	Average Apartment Size
$812	6%	891 sq. ft.

The average size for a Memphis, TN apartment is 891 square feet, but this number varies greatly depending on apartment type. 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

< $50010%
$501-$70036%
$701-$1,00033%
$1,001-$1,50018%
$1,501-$2,0003%
> $2,0001%

Memphis, TN Rent Trends

Average Rent	Jan / 2016	May / 2016	Sept / 2016	Jan / 2017	May / 2017	Sept / 2017	Jan / 2018	May / 2018	May / 2019
Memphis, TN	$733	$743	$752	$753	$767	$767	$765	$769	$812
National	$1,290	$1,319	$1,334	$1,329	$1,354	$1,366	$1,366	$1,381	$1,396

Average Rent in Memphis, TN By Neighborhood

Average Rent
Neighborhood	Average Rent
Orange Mound	$491
Alcy - Dunn	$491
Hollywood	$494
Vollintine	$530
Industrial Area	$530
Southgate	$534
Whitehaven	$563
Memphis International Airport	$564
Oakville	$566
Oakhaven	$566
Riverside	$567
Coro Lake	$567
Parkway Village	$573
Nutbush	$593
Berclair	$593
Frayser	$594
Howzye	$598
Binghampton	$598
Highland Heights	$599
Jackson	$599
University Area	$605
Bickford Washington	$616
Douglass	$620
Gragg	$623
Southside Memphis	$633
Raleigh	$680
Med District	$685
Fox Meadows	$686
Colonial	$697
Cooper - Young	$705
Uptown Memphis	$715
New Chicago	$715
North Goodlett	$731
Meadow Brook	$739
Bethel Grove	$762
Shelby Farms Park	$820
Hickory Hill	$832
Midtown Memphis	$845
Evergreen	$845
Chickasaw Oaks	$857
Central Gardens	$879
High Point Terrace	$882
Belle Meade	$886
Audubon	$886
Eastgate	$893
Bal - Moral	$894
Lenox	$905
Normal Station	$951
Galloway	$951
Sherwood Forest	$968
O'brien	$968
East Memphis Park	$968
Chickasaw Gardens	$968
Cordova	$984
South Riverdale	$1,028
Brennan	$1,069
Windyke - Southwind	$1,102
River Oaks	$1,150
Downtown Memphis	$1,179
Mud Island	$1,329

The most affordable neighborhoods in Memphis are Alcy - Dunn, where the average rent goes for $491/month, Orange Mound, where renters pay $491/mo on average, and Hollywood, where the average rent goes for $494/mo. If you’re looking for other great deals, check out the listings from Vollintine ($530), Industrial Area ($530), and Southgate ($534), where the asking prices are below the average Memphis rent of $812/mo.

The most expensive neighborhoods in Memphis are River Oaks ($1,150), Downtown Memphis ($1,179) and Mud Island ($1,329).

Memphis | Rent Comparison by Neighborhood

Rent in Alcy - Dunn is 45% lower than in Audubon

$491

Alcy - Dunn rent is 39% lower than Memphis average

Average Rent	$491

$886

Audubon rent is 9% higher than Memphis average

Average Rent	$886

How Does Memphis Compare to Nearby Cities

	Average Rent	Y-o-Y Change
Memphis	$812	6%
Bartlett	$822	6%
Germantown	$1,498	17%
Arlington	$1,078	2%
Collierville	$1,252	5%
Millington	$704	6%
Lakeland	$1,078	2%

For more information about the Memphis rental trends, check out our monthly rent report

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The rental statistics on this page were compiled using data provided by our sister company, Yardi Matrix, an apartment market intelligence solution which offers comprehensive information on all Memphis apartment buildings 50 units or larger. Yardi Matrix covers ~80% of the U.S. metro area population, including over 80,000 properties and 15.2 million apartments across 124 U.S. markets.