Downtown Memphis, Memphis, TN Rental Market Trends
Last updated: August 31, 2026 | Source: RentCafe Market Analysis, Yardi Matrix, U.S. Census Bureau
Most affordable neighborhoods in Downtown Memphis?
Orange Mound $698/month
University Area $724/month
Frayser $768/month
All of these neighborhoods fall below the city wide average of /month.Most expensive neighborhoods in Downtown Memphis?
Normal Station $1,500/month
Binghampton $1,560/month
Mud Island $1,697/month
These neighborhoods typically command higher rents due to location, amenities, and demand.Average Rent in Memphis, TN By Neighborhood
| Neighborhood | Average Rent |
|---|---|
| Mud Island | $1,697 |
| Binghampton | $1,560 |
| Normal Station | $1,500 |
| Chickasaw Gardens | $1,479 |
| South Riverdale | $1,478 |
| Med District | $1,460 |
| Central Gardens | $1,445 |
| Brennan | $1,426 |
| Windyke - Southwind | $1,393 |
| Downtown Memphis | $1,386 |
| Uptown Memphis | $1,379 |
| River Oaks | $1,376 |
| Cordova | $1,321 |
| Midtown Memphis | $1,215 |
| Bal - Moral | $1,184 |
| Galloway | $1,134 |
| Shelby Farms Park | $1,121 |
| New Chicago | $1,078 |
| Hickory Hill | $1,038 |
| Colonial | $984 |
| Meadow Brook | $965 |
| Southside Memphis | $964 |
| Fox Meadows | $931 |
| Parkway Village | $902 |
| O'brien | $897 |
| Raleigh | $883 |
| Sherwood Forest | $873 |
| Berclair | $866 |
| Whitehaven | $831 |
| Oakhaven | $800 |
| Bethel Grove | $786 |
| Chickasaw Oaks | $770 |
| Frayser | $768 |
| University Area | $724 |
| Orange Mound | $698 |
Memphis | Rent Comparison by Neighborhood
Rent in Downtown Memphis is 17% higher than in Bal - Moral
Where this data comes from
The rental statistics on this page were compiled by RentCafe.com, a nationwide apartment search website trusted by millions of renters to find apartments and houses for rent throughout the U.S.
Rent prices, trends, and apartment sizes were calculated based on data from our sister company, Yardi Matrix, an apartment market intelligence solution that covers approximately 90% of the U.S. metro area population. The data includes comprehensive information on all Downtown Memphis apartment buildings with 50 or more units, totaling 23.5 million apartments across 181 U.S. markets.
Housing composition data was sourced from the U.S. Census Bureau, using the most recently available information by tenure.