Memphis, TN Rental Market Trends

Highlights

The average rent for an apartment in Memphis is $813, a 6% increase compared to the previous year, when the average rent was $765.

Average Rent in Memphis, TN

Last updated Jul 2019

Average Rent	Y-o-Y Change	Average Apartment Size
$813	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

< $5009%
$501-$70037%
$701-$1,00032%
$1,001-$1,50019%
$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	Sept / 2018	Jul / 2019
Memphis, TN	$733	$743	$752	$753	$767	$767	$765	$769	$812	$813
National	$1,313	$1,342	$1,344	$1,348	$1,377	$1,378	$1,386	$1,420	$1,425	$1,432

Average Rent in Memphis, TN By Neighborhood

Average Rent
Neighborhood	Average Rent
Orange Mound	$495
Alcy - Dunn	$495
Hollywood	$501
Industrial Area	$513
Vollintine	$513
Southgate	$536
Bickford Washington	$542
University Area	$559
Whitehaven	$565
Memphis International Airport	$569
Riverside	$569
Coro Lake	$569
Oakville	$574
Oakhaven	$574
Parkway Village	$581
Howzye	$601
Binghampton	$601
Frayser	$603
Southside Memphis	$609
Highland Heights	$626
Nutbush	$627
Berclair	$627
Gragg	$632
Douglass	$632
Jackson	$636
Fox Meadows	$695
Raleigh	$701
Uptown Memphis	$705
New Chicago	$705
Colonial	$707
Med District	$716
Cooper - Young	$737
Bethel Grove	$760
North Goodlett	$764
Meadow Brook	$767
Hickory Hill	$835
Shelby Farms Park	$839
Chickasaw Oaks	$860
Bal - Moral	$863
Eastgate	$871
Midtown Memphis	$885
Evergreen	$885
High Point Terrace	$886
Belle Meade	$915
Audubon	$915
Lenox	$921
Central Gardens	$921
Normal Station	$952
Galloway	$952
Sherwood Forest	$961
O'brien	$961
East Memphis Park	$961
Chickasaw Gardens	$961
Cordova	$975
South Riverdale	$1,015
Brennan	$1,068
Windyke - Southwind	$1,099
River Oaks	$1,135
Downtown Memphis	$1,153
Mud Island	$1,287

The most affordable neighborhoods in Memphis are Alcy - Dunn, where the average rent goes for $495/month, Orange Mound, where renters pay $495/mo on average, and Hollywood, where the average rent goes for $501/mo. If you’re looking for other great deals, check out the listings from Industrial Area ($513), Vollintine ($513), and Southgate ($536), where the asking prices are below the average Memphis rent of $813/mo.

The most expensive neighborhoods in Memphis are River Oaks ($1,135), Downtown Memphis ($1,153) and Mud Island ($1,287).

Memphis | Rent Comparison by Neighborhood

Rent in Alcy - Dunn is 46% lower than in Audubon

$495

Alcy - Dunn rent is 39% lower than Memphis average

Average Rent	$495

$915

Audubon rent is 13% higher than Memphis average

Average Rent	$915

How Does Memphis Compare to Nearby Cities

	Average Rent	Y-o-Y Change
Memphis	$813	6%
Bartlett	$850	7%
Collierville	$1,253	5%
Arlington	$1,109	5%
Germantown	$1,491	8%
Lakeland	$1,109	5%
Millington	$699	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.