Where Memphis’ new apartments are being built

With 9,024 new apartments completed during the past ten years, Memphis offers a unique mix of modern living and soul at a price point that’s hard to beat. Understanding where construction has concentrated can help apartment hunters find the best combination of location, value, and lifestyle fit.

Which Memphis neighborhoods added the most apartments?

Living in Memphis offers a balance between the energy of a major city and the affordability of a mid-sized one, with the cost of living here about 1% lower than the state average and 10% lower than the national average.

To help renters navigate this expanding market, we’ve identified the areas where new apartment development is most concentrated:

2,052 new apartments put zip code 38103 at the top of Memphis’s construction list

Zip code 38103 added 2,052 new apartments, making it Memphis’s most active area for new residential development. The zip code covers the Central Business District, the Beale Street entertainment district, and the South Main Arts District. Transit options include MATA bus service and the MATA Trolley replacement bus service, though the area is the city’s most walkable.

Major employers include AutoZone (headquartered downtown), FedEx (corporate offices), First Horizon Bank, and various government and professional services firms, with most downtown offices reachable in under 15 minutes.

Zip code 38104 added 1,255 new apartments

Zip code 38104 gained 1,255 new apartments, reflecting continued residential growth in the city’s cultural heart. The zip code covers Midtown, including the popular Cooper-Young and Overton Square districts, known for their independent shops and eclectic dining. The area is served by multiple MATA bus routes, offering crosstown connections to other parts of the city.

Downtown employment hubs are typically 10–20 minutes away, while nearby job centers include the University of Tennessee Health Science Center, Methodist Le Bonheur Healthcare, and the Memphis Zoo.

1,129 new apartments expand housing options in zip code 38125

Zip code 38125 added 1,129 new apartments, increasing rental options in the established eastern suburb of Cordova. The zip code offers a suburban lifestyle with proximity to Shelby Farms Park and major shopping corridors like Germantown Parkway. Transit access is limited, making the area heavily car-dependent for daily commutes.

Downtown jobs are about 20–30 minutes away via I-40, while major local employers — including FedEx operations at Memphis International Airport and various retail and distribution centers — are reachable in roughly 10–20 minutes.

Zip code 38126 delivers 1,052 new rentals

Zip code 38126 added 1,052 new rentals across several developments, bringing new housing to diverse neighborhoods in Southwest Memphis. The zip code includes areas near the airport and Whitehaven, serving as a transitional zone with affordable modern options. The area benefits from moderate MATA bus coverage connecting to downtown and the airport.

Local employment is dominated by the Memphis International Airport and FedEx logistics operations, allowing many residents a short 5–15 minute commute to the city’s primary economic engine.

942 new apartments grow zip code 38118’s inventory

Zip code 38118 added 942 new apartments, representing focused development in the residential sections of Southeast Memphis. The area caters to renters seeking suburban-style amenities and newer construction with easy highway access. Residents rely almost entirely on personal vehicles, as MATA bus service is sparse in this portion of the city.

Employment opportunities surround the zip code via the interstate system, with FedEx airport operations, Methodist hospitals, and various manufacturing and distribution hubs all reachable within a 15–25 minute drive.

Top 5 zip codes for new apartments in Memphis, TN

* Total new apartments completed between 2015 and 2025.

Source:
RentCafe.com analysis of Yardi data as of July 2025

Memphis’s apartment construction trend shows steady but selective growth, with most new projects concentrated in areas demonstrating strong urban revival. Development continues to cluster in downtown and Midtown, where interest from young professionals and creative workers supports new infill projects. Broader suburban and outlying neighborhoods remain largely stable, attracting minimal large-scale construction.

Future building activity is expected to favor targeted zones with proven demand, such as Cooper-Young, Overton Square, and certain corridors in Cordova. Limited public transit investment and city budget pressures may constrain denser projects elsewhere. Overall, the market is characterized by localized, demand-focused development that maintains the city’s affordability and measured expansion pace.

Methodology

RentCafe.com is a nationwide apartment search website that enables renters to easily find apartments and houses for rent throughout the U.S.

This study uses data from 2015–2025, with the ‘past decade’ referring to this period.