Memphis, TN Rental Market Trends
What is the average rent in Memphis?
The average rent for an apartment in Memphis is $1,005. The cost of rent varies depending on several factors, including location, size, and quality.
Average Rent in Memphis, TN
| Average Rent | Average Apartment Size |
|---|---|
| $1,005 | 909 sq. ft. |
What is the average apartment size in Memphis?
The average size for a Memphis, TN apartment is 909 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
113,095 or 44% of the households in Memphis, TN are renter-occupied while 142,661 or 55% are owner-occupied.
Memphis, TN Rent Trends
| Average Rent | Nov / 2018 | Mar / 2019 | Jul / 2019 | Nov / 2019 | Mar / 2020 | Jul / 2020 | Nov / 2020 | Mar / 2021 | Jul / 2021 | Nov / 2021 | Feb / 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Memphis, TN | $785 | $787 | $806 | $815 | $825 | $845 | $863 | $887 | $953 | $984 | $1,005 |
| National | $1,362 | $1,367 | $1,399 | $1,407 | $1,409 | $1,399 | $1,403 | $1,412 | $1,495 | $1,591 | $1,628 |
Average Rent in Memphis, TN By Neighborhood
| Neighborhood | Average Rent |
|---|---|
| River Oaks | $1,537 |
| Mud Island | $1,516 |
| Windyke - Southwind | $1,440 |
| Brennan | $1,386 |
| Downtown Memphis | $1,384 |
| South Riverdale | $1,335 |
| Cordova | $1,270 |
| Bal - Moral | $1,156 |
| Eastgate | $1,139 |
| Chickasaw Gardens | $1,139 |
| East Memphis Park | $1,139 |
| O'brien | $1,139 |
| Sherwood Forest | $1,139 |
| Central Gardens | $1,135 |
| Galloway | $1,119 |
| Normal Station | $1,119 |
| Lenox | $1,119 |
| Evergreen | $1,102 |
| Midtown Memphis | $1,102 |
| Shelby Farms Park | $1,082 |
| Hickory Hill | $1,071 |
| High Point Terrace | $1,061 |
| Audubon | $1,043 |
| Belle Meade | $1,043 |
| Chickasaw Oaks | $1,038 |
| Meadow Brook | $970 |
| Cooper - Young | $943 |
| Bethel Grove | $935 |
| Med District | $918 |
| North Goodlett | $912 |
| New Chicago | $907 |
| Uptown Memphis | $907 |
| Colonial | $882 |
| Raleigh | $875 |
| Fox Meadows | $873 |
| Southside Memphis | $820 |
| Berclair | $803 |
| Nutbush | $803 |
| Jackson | $801 |
| Highland Heights | $790 |
| Douglass | $780 |
| Gragg | $777 |
| Binghampton | $758 |
| Howzye | $758 |
| Frayser | $752 |
| Parkway Village | $745 |
| Oakhaven | $743 |
| Oakville | $743 |
| University Area | $711 |
| Memphis International Airport | $707 |
| Bickford Washington | $681 |
| Whitehaven | $678 |
| Vollintine | $662 |
| Industrial Area | $657 |
| Hollywood | $653 |
| Alcy - Dunn | $650 |
| Orange Mound | $650 |
| Coro Lake | $627 |
| Riverside | $627 |
| Southgate | $626 |
What are the most affordable neighborhoods in Memphis?
The most affordable neighborhoods in Memphis are Southgate, where the average rent goes for $626/month, Coro Lake, where renters pay $627/mo on average, and Riverside, where the average rent goes for $627/mo. If you’re looking for other great deals, check out the listings from Alcy - Dunn ($650), Orange Mound ($650), and Hollywood ($653), where the asking prices are below the average Memphis rent of $1,005/mo.
What are the most expensive neighborhoods in Memphis?
The most expensive neighborhoods in Memphis are Windyke - Southwind ($1,440), Mud Island ($1,516) and River Oaks ($1,537).
What are the most popular neighborhoods in Memphis?
The most popular neighborhood in Memphis is Cordova, where there are 89 verified RentCafe listings with an average rent of $1,270. Next up is Hickory Hill, where apartments go for $1,071/month, followed by Raleigh with $875 If you’re looking to rent in Memphis’s most popular neighborhoods, make sure to also check out Whitehaven, where renters pay $678 on average, and Parkway Village, where the average monthly rent is $745.
Memphis | Rent Comparison by Neighborhood
Rent in Alcy - Dunn is 38% lower than in Audubon
Alcy - Dunn rent is 35% lower than Memphis average
| Average Rent | $650 |
|---|
Audubon rent is 4% higher than Memphis average
| Average Rent | $1,043 |
|---|
How Memphis Compares to Other Cities
| City | Average Rent |
|---|---|
| Memphis | $1,005 |
| Nashville | $1,694 |
| Murfreesboro | $1,406 |
| Knoxville | $1,393 |
| Bartlett | $1,069 |
| Chattanooga | $1,238 |
| Antioch | $1,316 |
| Southaven | $1,273 |
| Hendersonville | $1,457 |
| Hermitage | $1,404 |
| Franklin | $1,890 |
| La Vergne | $1,373 |
| Horn Lake | $1,269 |
| Olive Branch | $1,250 |
| Collierville | $1,557 |
| Handy Corner | $1,250 |
| Lakeland | $1,274 |
| Marion | $800 |
| Tunica Resorts | $945 |
| Walls | $1,147 |
| West Memphis | $671 |