Memphis, TN Rental Market Trends
What is the average rent in Memphis?
The average rent for an apartment in Memphis is $882, a 7% increase compared to the previous year.
Average Rent in Memphis, TN
| Average Rent | Y-o-Y Change | Average Apartment Size |
|---|---|---|
| $882 | 7% | 911 sq. ft. |
What is the average apartment size in Memphis?
The average size for a Memphis, TN apartment is 911 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
- < $5004%
- $501-$70034%
- $701-$1,00035%
- $1,001-$1,50021%
- $1,501-$2,0005%
- > $2,0001%
Memphis, TN Occupied Housing Units
- Renter-occupied Households43%
- Owner-occupied Households56%
109,299 or 43% of the households in Memphis, TN are renter-occupied while 142,433 or 56% are owner-occupied.
Memphis, TN Rent Trends
| Average Rent | Nov / 2017 | Mar / 2018 | Jul / 2018 | Nov / 2018 | Mar / 2019 | Jul / 2019 | Nov / 2019 | Mar / 2020 | Jul / 2020 | Nov / 2020 | Feb / 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Memphis, TN | $743 | $747 | $772 | $785 | $787 | $806 | $815 | $825 | $845 | $863 | $882 |
| National | $1,317 | $1,348 | $1,357 | $1,361 | $1,393 | $1,400 | $1,401 | $1,391 | $1,393 | $1,399 |
Average Rent in Memphis, TN By Neighborhood
| Neighborhood | Average Rent |
|---|---|
| Mud Island | $1,362 |
| River Oaks | $1,330 |
| Downtown Memphis | $1,251 |
| Windyke - Southwind | $1,250 |
| Brennan | $1,223 |
| South Riverdale | $1,161 |
| Cordova | $1,106 |
| Central Gardens | $1,023 |
| Chickasaw Gardens | $1,018 |
| East Memphis Park | $1,018 |
| O'brien | $1,018 |
| Sherwood Forest | $1,018 |
| Bal - Moral | $1,013 |
| Galloway | $1,011 |
| Normal Station | $1,011 |
| Eastgate | $1,008 |
| Lenox | $1,006 |
| Evergreen | $995 |
| Midtown Memphis | $995 |
| Audubon | $982 |
| Belle Meade | $982 |
| High Point Terrace | $949 |
| Shelby Farms Park | $946 |
| Hickory Hill | $942 |
| Chickasaw Oaks | $932 |
| Meadow Brook | $852 |
| Cooper - Young | $847 |
| North Goodlett | $841 |
| Bethel Grove | $834 |
| Med District | $822 |
| Colonial | $792 |
| Fox Meadows | $782 |
| Raleigh | $773 |
| Binghampton | $761 |
| Howzye | $761 |
| New Chicago | $758 |
| Uptown Memphis | $758 |
| Southside Memphis | $740 |
| Highland Heights | $734 |
| Jackson | $722 |
| Berclair | $714 |
| Nutbush | $714 |
| Douglass | $692 |
| Gragg | $687 |
| Frayser | $668 |
| Parkway Village | $640 |
| University Area | $637 |
| Oakhaven | $634 |
| Oakville | $634 |
| Memphis International Airport | $623 |
| Whitehaven | $613 |
| Coro Lake | $590 |
| Riverside | $590 |
| Hollywood | $587 |
| Vollintine | $583 |
| Industrial Area | $582 |
| Bickford Washington | $576 |
| Alcy - Dunn | $573 |
| Orange Mound | $573 |
| Southgate | $570 |
What are the most affordable neighborhoods in Memphis?
The most affordable neighborhoods in Memphis are Southgate, where the average rent goes for $570/month, Alcy - Dunn, where renters pay $573/mo on average, and Orange Mound, where the average rent goes for $573/mo. If you’re looking for other great deals, check out the listings from Bickford Washington ($576), Industrial Area ($582), and Vollintine ($583), where the asking prices are below the average Memphis rent of $882/mo.
What are the most expensive neighborhoods in Memphis?
The most expensive neighborhoods in Memphis are Downtown Memphis ($1,251), River Oaks ($1,330) and Mud Island ($1,362).
What are the most popular neighborhoods in Memphis?
The most popular neighborhood in Memphis is Cordova, where there are 30 verified RENTCafé listings with an average rent of $1,106. Next up is Hickory Hill, where apartments go for $942/month, followed by Raleigh with $773 If you’re looking to rent in Memphis’s most popular neighborhoods, make sure to also check out Whitehaven, where renters pay $613 on average, and Downtown Memphis, where the average monthly rent is $1,251.
Memphis | Rent Comparison by Neighborhood
Rent in Alcy - Dunn is 42% lower than in Audubon
Alcy - Dunn rent is 35% lower than Memphis average
| Average Rent | $573 |
|---|
Audubon rent is 11% higher than Memphis average
| Average Rent | $982 |
|---|
How Memphis Compares to Other Cities
| Average Rent | Y-o-Y Change | |
|---|---|---|
| Memphis | $882 | 7% |
| Nashville | $1,397 | -2% |
| Murfreesboro | $1,184 | 3% |
| Antioch | $1,073 | 1% |
| Knoxville | $1,139 | 5% |
| Chattanooga | $1,073 | 6% |
| Southaven | $1,098 | 17% |
| Collierville | $1,376 | 11% |
| Horn Lake | $1,083 | 11% |
| Marion | $734 | 1% |
| Olive Branch | $1,017 | 3% |