Raleigh, Memphis, TN Rental Market Trends
Last updated: August 01, 2026 | Source: RentCafe Market Analysis, Yardi Matrix, U.S. Census Bureau
Highlights
The average rent for an apartment in Raleigh is $889, a 0.91% decrease compared to the previous year, when the average rent was $897.
One-bedroom apartments provide 710 square feet for $770, balancing privacy and affordability.
Two-bedroom units at $904 offer 950 square feet, perfect for roommates or small families.
Three-bedroom apartments deliver maximum space (1,286 sq ft) for $1,068, suitable for larger households.
Average rent in Raleigh, Memphis, TN
Last updated: August 01, 2026
| Average Rent | Average Apartment Size | |
|---|---|---|
| All Rentals | $889 | 929 sq. ft. |
| Studio | n/a | n/a |
| 1 Bed | $770 | 710 sq. ft. |
| 2 Beds | $904 | 950 sq. ft. |
| 3 Beds | $1,068 | 1,286 sq. ft. |
Raleigh, Memphis, TN rent trends
Rental prices in Raleigh, Memphis, TN have decreased by 0.91% over the past year. The average rent moved from $897 to $889.
What's the typical rent budget in Raleigh, Memphis, TN?
The largest share of rentals in Raleigh, Memphis, TN (85%) fall between - per month. This suggests that most people succesfully find suitable apartments within this price.
Do most people rent or own in Raleigh, Memphis, TN?
7,132 or 56% of the households in Raleigh, Memphis, TN are renter-occupied while 5,630 or 44% are owner-occupied.
Most affordable neighborhoods in Raleigh?
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 Raleigh?
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 |
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Memphis | Rent Comparison by Neighborhood
Rent in Raleigh is 11% higher than in Alcy - Dunn
$889
Raleigh rent is the same as Memphis average
Average Rent
$889
$800
Alcy - Dunn rent is 10% 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 Raleigh 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.