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Disclaimer: Covid-19 may have impacted rent prices in a way that is not yet reflected in our reports. When referencing the data published on this page, please keep in mind that the data provided here may not accurately depict the current reality of the market.

Memphis, TN Rental Market Trends

Highlights

The average rent for an apartment in Memphis is $825, a 5% increase compared to the previous year.

Average Rent in Memphis, TN

Last updated February 2020
Average Rent Y-o-Y Change Average Apartment Size
$825 5% 910 sq. ft.

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

  • < $5007%
  • $501-$70036%
  • $701-$1,00036%
  • $1,001-$1,50017%
  • $1,501-$2,0003%
  • > $2,0001%

Memphis, TN Occupied Housing Units

  • Renter-occupied Households42%
  • Owner-occupied Households57%

107,623 or 42% of the households in Memphis, TN are renter-occupied while 143,189 or 57% are owner-occupied.

Memphis, TN Rent Trends

Average Rent Nov / 2016 Mar / 2017 Jul / 2017 Nov / 2017 Mar / 2018 Jul / 2018 Nov / 2018 Mar / 2019 Jul / 2019 Nov / 2019 Feb / 2020
Memphis, TN $721 $726 $744 $743 $747 $772 $785 $787 $806 $815 $825
National $1,340 $1,337 $1,368 $1,371 $1,374 $1,408 $1,417 $1,422 $1,458 $1,466 $1,468
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How Memphis Compares to Other Cities

Average Rent Y-o-Y Change
Nashville $1,428 6%
Memphis $825 5%
Chattanooga $1,003 2%
Knoxville $1,082 6%
Murfreesboro $1,154 4%
Antioch $1,066 6%

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

Check out Tennessee Cities, Tennessee Neighborhoods and Tennessee Zip Codes for more details on verified listings, including the Tennessee Average Rent.

Curious about listings in your area? Check out our apartments near you for more details!

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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.