Memphis, TN Rental Market Trends

Highlights

The average rent for an apartment in Memphis is $765, a 2% increase compared to the previous year, when the average rent was $753.

Studio apartments in Memphis rent for $626 a month, while 1-bedroom apartments ask on average $714 a month; the average rent for a 2-bedroom apartment is $769.

Average Rent in Memphis, TN

Last updated Jul 2018
All rentals Studio 1 Bed 2 Beds 3 Beds
Average Rent $765 $626 $714 $769 $920
Y-o-Y Change 2% 6% 2% 2% 1%
Average Apartment Size 892 sq. ft. 460 sq. ft. 699 sq. ft. 949 sq. ft. 1,277 sq. ft.

The average size for a Memphis apartment is 892 square feet, but this number varies greatly depending on apartment type. A studio averages 460 sq. ft., while a one-bedroom apartment offers a more generous square footage: 699. 2-bedroom apartments in Memphis have an average size of 949 sq. ft.

Memphis, TN Apartment Rent Ranges

  • < $50015%
  • $501-$70057%
  • $701-$1,00025%
  • $1,001-$1,5003%

Memphis, TN Rent Trends

Average Rent All rentals Studio 1 Bed 2 Beds 3 Beds
Jul / 2018 $765 $626 $714 $769 $920
Sept / 2017 $767 $633 $713 $772 $921
May / 2017 $767 $624 $715 $772 $914
Jan / 2017 $753 $593 $701 $757 $910
Sept / 2016 $752 $576 $699 $757 $903
May / 2016 $743 $589 $692 $747 $894
Jan / 2016 $733 $547 $678 $740 $884
Sept / 2015 $728 $575 $675 $733 $873
May / 2015 $716 $571 $662 $720 $869
Jan / 2015 $704 $558 $651 $707 $858
/

Average Rent in Memphis, TN By Neighborhood

Mud Island
$1,251
Downtown Memphis
$1,116
Brennan
$978
South Riverdale
$954
Cordova
$907
Audubon
$879
Belle Meade
$879
Galloway
$873
Normal Station
$873
Chickasaw Gardens
$871
East Memphis Park
$871
O'brien
$871
Sherwood Forest
$871
Central Gardens
$848
Lenox
$842
Eastgate
$839
Bal - Moral
$831
Evergreen
$817
Midtown Memphis
$817
High Point Terrace
$799
Hickory Hill
$785
Chickasaw Oaks
$779
North Goodlett
$713
New Chicago
$707
Uptown Memphis
$707
Bethel Grove
$699
Cooper - Young
$687
Colonial
$674
Med District
$668
Fox Meadows
$662
Raleigh
$657
Gragg
$613
Douglass
$607
Frayser
$586
Parkway Village
$556
Whitehaven
$555
Memphis International Airport
$552
Oakhaven
$550
Oakville
$550
/
/

The most affordable neighborhoods in Memphis are Oakhaven, where the average rent goes for $550/month, Oakville, where renters pay $550/mo on average, and Memphis International Airport, where the average rent goes for $552/mo. If you’re looking for other great deals, check out the listings from Whitehaven ($555), Parkway Village ($556), and Frayser ($586), where the asking prices are below the average Memphis rent of $765/mo.

The most expensive neighborhoods in Memphis are Brennan ($978), Downtown Memphis ($1,116) and Mud Island ($1,251).

Memphis | Rent Comparison by Neighborhood

Neighborhood
vs.
Neighborhood

Rent in Audubon is 6% higher than in Bal - Moral

$879

Audubon rent is 15% higher than Memphis average

All rentals $879
Studio $760
1 Bed $775
2 Beds $949
3 Beds $885
$831

Bal - Moral rent is 9% higher than Memphis average

All rentals $831
Studio $1,018
1 Bed $725
2 Beds $831
3 Beds $1,052

How Does Memphis Compare to Nearby Cities

Average Rent Y-o-Y Change
Memphis $765 2%
Bartlett $792 1%
Collierville $1,188 1%
Lakeland $1,061 5%
Arlington $1,061 5%
Germantown $1,381 18%
Millington $684 4%

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.

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