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
| 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
Average Rent in Memphis, TN By Neighborhood
| 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
Rent in Alcy - Dunn is 24% lower than in Audubon
Alcy - Dunn rent is 31% lower than Memphis average
Audubon rent is 9% lower than Memphis average
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
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Harbor Island Apartments
444 Island Drive, Memphis, TN 38103| 1 BED | $1,434+ |
| 2 BEDS | $2,002+ |
| 3+ BEDS | $2,983+ |
Grand Island Apartments
300 Grand Island Dr, Memphis, TN 38103| 1 BED | $1,632+ |
| 2 BEDS | $1,681+ |
| 3 BEDS | $2,200+ |
City Place At Germantown Apartments
8993 Crestwyn Hills Drive, Memphis, TN 38125| 1 BED | $1,565+ |
| 2 BEDS | $1,710+ |
| 3 BEDS | $2,530 |
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Link Apartments® Broad Ave
2540 Broad Ave, Memphis, TN 38112| Studio | $1,134 |
| 1 BED | $1,375+ |
| 2 BEDS | $1,974+ |
Pembroke Square At Peabody Place
125 Gayoso Ave, Memphis, TN 38103| Studio | $1,169 |
| 1 BED | Ask for Pricing |
| 2 BEDS | Ask for Pricing |