Rental market trends in Memphis, TN
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Average Apartment Cost in Memphis, TN
Apartment Rent Ranges in Memphis, TN
| Apartment Prices | Proportion | |||
|---|---|---|---|---|
3% | 20% | 35% | 29% | 13% |
Neighborhood Apartment Rent Trends in Memphis, TN
| Neighborhood | Studio Avg Rent | Annual Change |
|---|---|---|
| Southwind | $1,347 | -17% |
| East Memphis | $1,319 | -17% |
| River Oaks | $1,319 | -17% |
| South Main | $1,234 | -- |
| The Core | $1,211 | -7% |
| Downtown Memphis | $1,152 | -9% |
| Central Gardens | $1,150 | +24% |
| North Memphis | $975 | -- |
| Vollintine - Evergreen | $975 | -16% |
| Midtown | $930 | 0% |
| Medical District | $863 | -- |
| Hickory Hill | $825 | 0% |
| Southeast Memphis | $825 | -- |
| Evergreen Historic District | $800 | +7% |
| Uptown | $760 | 0% |
| University District | $650 | -- |
| Normal Station | $650 | -- |
| Whitehaven | $619 | -- |
| Parkway Village | $599 | -56% |
| Oakhaven | $599 | -- |
| Fox Meadows | $581 | -- |
| Neighborhood | 1 Bed Avg Rent | Annual Change |
|---|---|---|
| Richwood | $1,664 | +27% |
| Southwind | $1,540 | -4% |
| The Core | $1,469 | +21% |
| Mud Island | $1,435 | -- |
| Harbor Town | $1,396 | -- |
| River Oaks | $1,393 | -21% |
| North Memphis | $1,374 | -- |
| Bridgewater | $1,367 | -- |
| Central Gardens | $1,350 | +20% |
| South Main | $1,314 | +1% |
| Downtown Memphis | $1,289 | +18% |
| Midtown | $1,270 | +4% |
| Vollintine - Evergreen | $1,255 | +4% |
| Medical District | $1,161 | +11% |
| East Memphis | $1,095 | +1% |
| Countrywood | $1,015 | -28% |
| Annesdale Park | $994 | -- |
| University District | $991 | -21% |
| Binghampton | $991 | -- |
| Walnut Grove | $975 | -- |
| Hickory Hill | $957 | +7% |
| Southeast Memphis | $957 | -- |
| Frayser | $950 | -- |
| Rangeline | $950 | -- |
| Uptown | $887 | -3% |
| Evergreen Historic District | $875 | -3% |
| High Point Terrace | $850 | -32% |
| Victorian Village | $840 | -6% |
| Autumn Ridge | $840 | +17% |
| Lamar | $802 | +17% |
| Normal Station | $800 | -- |
| Whitehaven | $796 | +17% |
| Fox Meadows | $790 | -11% |
| Colonial Willow | $775 | +15% |
| Raleigh | $767 | -4% |
| Berclair | $755 | -- |
| Oakhaven | $750 | -- |
| Parkway Village | $749 | -15% |
| South Memphis | $700 | -- |
| Riverside | $700 | -- |
| North Parkway Village | $550 | 0% |
| Neighborhood | 2 Beds Avg Rent | Annual Change |
|---|---|---|
| The Core | $1,840 | +12% |
| Mud Island | $1,745 | -- |
| Southwind | $1,729 | -5% |
| South Main | $1,685 | -18% |
| Harbor Town | $1,667 | -- |
| Midtown | $1,650 | +6% |
| Central Gardens | $1,625 | +5% |
| Bridgewater | $1,554 | -- |
| Downtown Memphis | $1,517 | +21% |
| North Memphis | $1,495 | +139% |
| River Oaks | $1,462 | -31% |
| Vollintine - Evergreen | $1,450 | +4% |
| Cooper Young | $1,350 | -- |
| High Point Terrace | $1,350 | +5% |
| East Memphis | $1,285 | +34% |
| Medical District | $1,258 | +20% |
| Walnut Grove | $1,249 | -- |
| University District | $1,184 | -8% |
| Binghampton | $1,184 | -- |
| Hickory Hill | $1,165 | +13% |
| Southeast Memphis | $1,165 | -- |
| Countrywood | $1,108 | -36% |
| Annesdale Park | $1,085 | -- |
| Uptown | $1,059 | -11% |
| Frayser | $1,025 | +21% |
| Evergreen Historic District | $999 | -- |
| Fox Meadows | $965 | -3% |
| Rangeline | $962 | +13% |
| Raleigh | $950 | 0% |
| Lamar | $950 | +11% |
| Normal Station | $950 | -- |
| Victorian Village | $944 | -5% |
| Autumn Ridge | $922 | +6% |
| Whitehaven | $885 | +3% |
| Colonial Willow | $875 | +13% |
| Parkway Village | $845 | -14% |
| Berclair | $845 | +2% |
| Oakhaven | $845 | -- |
| South Memphis | $694 | +51% |
| North Parkway Village | $665 | -11% |
How Other Cities Compare to Memphis, TN
| City | 1 Bed Avg Rent | Annual Change |
|---|---|---|
| Olive Branch | $1,637 | +26% |
| Germantown | $1,625 | +8% |
| Bartlett | $1,612 | -- |
| Hernando | $1,435 | -- |
| Collierville | $1,433 | -15% |
| Horn Lake | $1,358 | +2% |
| Southaven | $1,317 | 0% |
| Cordova | $1,284 | -11% |
| Millington | $1,179 | -- |
| Lakeland | $1,171 | -14% |
| Atoka | $1,145 | +3% |
| Walls | $1,000 | -7% |
| Robinsonville | $899 | -9% |
| Marion | $825 | -20% |
| City | 2 Beds Avg Rent | Annual Change |
|---|---|---|
| Germantown | $1,905 | +4% |
| Bartlett | $1,825 | -- |
| Olive Branch | $1,793 | +12% |
| Hernando | $1,768 | -- |
| Collierville | $1,752 | -4% |
| Millington | $1,549 | -- |
| Cordova | $1,545 | -8% |
| Horn Lake | $1,504 | +1% |
| Southaven | $1,455 | +4% |
| Lakeland | $1,368 | -7% |
| Senatobia | $1,260 | -- |
| Walls | $1,250 | +4% |
| Atoka | $1,240 | +2% |
| Munford | $1,225 | +1% |
| Marion | $1,150 | -4% |
| Robinsonville | $1,090 | 0% |
Memphis, TN Rent Trends
| Studio | 1 Bed | 2 Beds | ||||||||||
| Dec 2023 | Jan 2024 | Feb 2024 | Mar 2024 | Apr 2024 | May 2024 | Jun 2024 | Jul 2024 | Aug 2024 | Sep 2024 | Oct 2024 | Nov 2024 | Dec 2024 |
| $1257 | $1238 | $1228 | $1221 | $1256 | $1256 | $1152 | $1077 | $1192 | $1189 | $1160 | $1152 | $1164 |
| $1062 | $1075 | $1066 | $1065 | $1050 | $991 | $983 | $991 | $1147 | $1184 | $1177 | $1171 | $1189 |
| $1110 | $1105 | $1092 | $1097 | $1122 | $1087 | $1096 | $1120 | $1274 | $1299 | $1312 | $1327 | $1324 |
| $1262 | $1297 | $1297 | $1262 | $1344 | $1325 | $1285 | $1355 | $1512 | $1487 | $1517 | $1539 | $1561 |
Neighborhood Information for Memphis, TN
What are the most affordable neighborhoods in Memphis, TN?
The most affordable neighborhoods in Memphis are North Parkway Village, where the average 1-bedroom apartment rent goes for $550, South Memphis, where renters pay $700 on average for a 1-bedroom apartment, and Riverside, where the average 1-bedroom apartment rent goes for $700. If you're looking for other great deals, check out the listings in Parkway Village ($749 for a 1-bedroom apartment) or Oakhaven ($750 for a 1-bedroom apartment), compared to the $1,169 average for an Memphis 1-bedroom apartment.
What are the most expensive neighborhoods in Memphis, TN?
The most expensive neighborhoods in Memphis are Richwood, where the average rent for a 1-bedroom apartment is just $1,664. offering similar apartments at an average of Southwind, $1,540, and The Core, $1,469. For additional value-for-money options, consider Mud Island ($1,435 for a 1-bedroom apartment) or Harbor Town ($1,396 for a 1-bedroom apartment). These prices represent a significant saving when compared to the Memphis average for a 1-bedroom apartment, which stands at $1,169.
What are the most popular neighborhoods in Memphis, TN?
The most popular neighborhoods in Memphis are Evergreen Historic District, where the average 1-bedroom apartment rent goes for $875, Binghampton, where renters pay $991 on average for a 1-bedroom apartment, and Vollintine - Evergreen, where the average 1-bedroom apartment rent goes for $1,255. If you're looking for other popular neighborhoods, check out the listings in Midtown ($1,270 for a 1-bedroom apartment) or Central Gardens ($1,350 for a 1-bedroom apartment), compared to the $1,169 average for an Memphis 1-bedroom apartment.
