What is the average apartment size in Downtown Memphis, Memphis, TN?

The average size for a Downtown Memphis, Memphis, TN apartment is 808 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.

What is the average rent in Downtown Memphis?

As of Jun / 2026, the average rent in Downtown Memphis is $1,395 per month, a 1.31% increase from last years average of $1,377.

How much does rent cost by apartment size in Downtown Memphis?

In Downtown Memphis, studios rent for $1,116 per month, one-bedroom units average $1,307 per month, two-bedrooms cost around $1,666 per month, and three-bedroom apartments rent for about $1,426 per month

What is the average apartment size in Downtown Memphis?

The typical apartment in Downtown Memphis offers about 808 sq. ft. square feet of living space, though actual sizes vary depending on layout and amenities.

How large are apartments by bedroom count in Downtown Memphis?

Studio apartments in Downtown Memphis average 513 sq. ft., one-bedrooms offer 712 sq. ft., two-bedrooms are about 1,058 sq. ft., and three-bedroom apartments average 1,357 sq. ft.

Downtown Memphis, Memphis, TN Rental Market Trends

Q: What's the typical rent budget in Downtown Memphis?

The typical rent budget in Downtown Memphis ranges from $1,001 to $1,500 per month, with 51% of rentals in this range.

Q: Do most people rent or own in Downtown Memphis?

In Downtown Memphis, 75% of households rent while 25% own their homes, based on the latest U.S. Census data.

Last updated: August 01, 2026 | Source: RentCafe Market Analysis, Yardi Matrix, U.S. Census Bureau

Highlights

The average rent for an apartment in Downtown Memphis is $1,395, a 1.31% increase compared to the previous year, when the average rent was $1,377.

Studio Apartments at $1,116 offer the most budget-friendly option with 513 square feet, ideal for single renters prioritizing location over space.

One-bedroom apartments provide 712 square feet for $1,307, balancing privacy and affordability.

Two-bedroom units at $1,666 offer 1,058 square feet, perfect for roommates or small families.

Three-bedroom apartments deliver maximum space (1,357 sq ft) for $1,426, suitable for larger households.

Average rent in Downtown Memphis, Memphis, TN

Last updated: August 01, 2026

	Average Rent	Average Apartment Size
All Rentals	$1,395	808 sq. ft.
Studio	$1,116	513 sq. ft.
1 Bed	$1,307	712 sq. ft.
2 Beds	$1,666	1,058 sq. ft.
3 Beds	$1,426	1,357 sq. ft.

Downtown Memphis, Memphis, TN rent trends

Rental prices in Downtown Memphis, Memphis, TN have increased by 1.31% over the past year. The average rent moved from $1,377 to $1,395.

What's the typical rent budget in Downtown Memphis, Memphis, TN?

The largest share of rentals in Downtown Memphis, Memphis, TN (51%) fall between $1,001-$1,500 per month. This suggests that most people succesfully find suitable apartments within this price.

Do most people rent or own in Downtown Memphis, Memphis, TN?

4,598 or 75% of the households in Downtown Memphis, Memphis, TN are renter-occupied while 1,520 or 25% are owner-occupied.

Most affordable neighborhoods in Downtown Memphis?

Orange Mound $694/month

University Area $722/month

Frayser $765/month

All of these neighborhoods fall below the city wide average of $1,146/month.

Most expensive neighborhoods in Downtown Memphis?

Binghampton $1,531/month

Normal Station $1,539/month

Mud Island $1,643/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	$1,643
Normal Station	$1,539
Binghampton	$1,531
South Riverdale	$1,481
Central Gardens	$1,445
Med District	$1,444
Chickasaw Gardens	$1,436
Windyke - Southwind	$1,422
Brennan	$1,421
Downtown Memphis	$1,395
Uptown Memphis	$1,379
River Oaks	$1,371
Cordova	$1,328
Lenox	$1,249
Midtown Memphis	$1,211
Bal - Moral	$1,177
Shelby Farms Park	$1,118
Galloway	$1,091
New Chicago	$1,076
Hickory Hill	$1,031
Colonial	$982
Meadow Brook	$965
Southside Memphis	$962
Fox Meadows	$930
Parkway Village	$906
O'brien	$894
Raleigh	$889
Sherwood Forest	$870
Berclair	$858
Whitehaven	$829
Alcy - Dunn	$800
Oakhaven	$796
Bethel Grove	$781
Chickasaw Oaks	$767
Frayser	$765
University Area	$722
Orange Mound	$694

Memphis | Rent Comparison by Neighborhood

Rent in Downtown Memphis is 74% higher than in Alcy - Dunn

$1,395

Downtown Memphis rent is the same as Memphis average

Average Rent $1,395

$800

Alcy - Dunn rent is 43% lower than Memphis average

Average Rent $800

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.