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Rental market trends in Memphis, TN

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Average Rent in Memphis, TN

Average Rent in Memphis, TN

Avg. RentAnnual Change
Studio - $1,228-2%
1 Bed - $1,080+9%
2 Beds - $1,093-1%
Last updated 2/28/2024

Average Apartment Cost in Memphis, TN

The average rent for apartments in Memphis, TN, is between $1,080 and $1,228 in 2024. For a studio apartment in Memphis, TN, the average rent is $1,228. When it comes to 1-bedroom apartments, the average rent in Memphis, TN, is $1,080. For a 2-bedroom apartment, the average rent is $1,093.

Apartment Rent Ranges in Memphis, TN

Apartment PricesProportion
3%
24%
34%
29%
11%

Neighborhood Apartment Rent Trends in Memphis, TN

NeighborhoodStudio Avg RentAnnual Change
East Memphis$1,5290%
River Oaks$1,5290%
Medical District$1,422--
Southwind$1,419-16%
The Core$1,312-24%
Downtown$1,256-3%
Central Gardens$1,100+17%
Midtown$975-2%
Voillintine - Evergreen$975--
South Main$925-24%
Idlewild Historic District$900-14%
Parkway Village$825-41%
Hickory Hill$825-41%
Evergreen Historic District$800--
Uptown$7600%
Neighborhood1 Bed Avg RentAnnual Change
River Oaks$1,717--
Southwind$1,635+5%
Countrywood$1,610+40%
Gray's Creek$1,519-7%
East Central Shelby$1,519-7%
Richwood$1,3090%
High Point Terrace$1,250--
Midtown$1,240-3%
The Core$1,232-36%
Voillintine - Evergreen$1,205--
Central Gardens$1,125-6%
Normal Station$1,100+22%
East Memphis$1,0800%
Downtown$1,072-18%
Medical District$1,050+68%
Idlewild Historic District$1,050-16%
South Main$1,025-14%
Uptown$927+7%
Hickory Hill$905+3%
Evergreen Historic District$900+3%
Parkway Village$890+6%
Frayser$875+10%
North Memphis$875--
UDistrict$850-6%
Fox Meadows$830+19%
Southeast Memphis$806+9%
Binghampton$7990%
Raleigh$794+5%
Whitehaven$774+14%
Colonial Willow$745+19%
Autumn Ridge$7170%
Kimball$660--
Capleville$5890%
Walnut Grove$5590%
North Parkway Village$550-15%
Neighborhood2 Beds Avg RentAnnual Change
River Oaks$2,340--
Walnut Grove$1,950+196%
Southwind$1,849+3%
Countrywood$1,775+45%
The Core$1,657+1%
Richwood$1,5190%
Midtown$1,500-3%
Central Gardens$1,500-7%
Voillintine - Evergreen$1,500--
Gray's Creek$1,448-25%
East Central Shelby$1,448-25%
South Main$1,400-32%
Cooper Young$1,295-22%
Downtown$1,250-18%
Uptown$1,195+5%
Idlewild Historic District$1,195-20%
High Point Terrace$1,175+2%
Bridgewater$1,150--
UDistrict$1,100+11%
Sherwood Forest$1,095--
Medical District$1,050-53%
Hickory Hill$1,047+2%
Southeast Memphis$1,040+25%
Parkway Village$985+3%
Raleigh$950+14%
Normal Station$950+19%
Fox Meadows$932+5%
Crosstown$9250%
Whitehaven$910+1%
Frayser$895+13%
Evergreen Historic District$895-44%
Autumn Ridge$8720%
East Memphis$845-11%
Colonial Willow$845+17%
Northeast Memphis$825--
North Parkway Village$7490%
Binghampton$725-3%
South Memphis$699+52%
Capleville$6890%
North Memphis$6250%

How Other Cities Compare to Memphis, TN

City1 Bed Avg RentAnnual Change
Collierville$1,544+7%
Cordova$1,517+25%
Germantown$1,5090%
Horn Lake$1,386+4%
Lakeland$1,361-3%
Southaven$1,313+2%
Olive Branch$1,299-11%
Atoka$1,110+3%
Walls$1,070--
Marion$1,032+12%
Robinsonville$990+14%
Millington$675-13%
City2 Beds Avg RentAnnual Change
Collierville$1,965+17%
Olive Branch$1,935+25%
Germantown$1,829+9%
Cordova$1,597+18%
Arlington$1,5690%
Horn Lake$1,532+3%
Lakeland$1,476-24%
Southaven$1,376-4%
Atoka$1,210+5%
Munford$1,210--
Walls$1,205--
Marion$1,150+10%
Robinsonville$1,090+18%
Millington$1,087+40%

Memphis, TN Rent Trends

Studio1 Bed2 Beds
Feb 2023Mar 2023Apr 2023May 2023Jun 2023Jul 2023Aug 2023Sep 2023Oct 2023Nov 2023Dec 2023Jan 2024Feb 2024
$1255$1362$1374$1299$1349$1372$1365$1409$1367$1346$1257$1238$1228
$990$998$980$992$1037$1038$995$976$1040$1065$1062$1075$1066
$1106$1085$1097$1102$1110$1118$1125$1085$1105$1105$1110$1105$1090
$1140$1122$1097$1097$1375$1360$1300$1230$1225$1225$1262$1297$1297

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, Walnut Grove, where renters pay $559 on average for a 1-bedroom apartment, and Capleville, where the average 1-bedroom apartment rent goes for $589. If you're looking for other great deals, check out the listings in Kimball ($660 for a 1-bedroom apartment) or Autumn Ridge ($717 for a 1-bedroom apartment), compared to the $1,080 average for a Memphis 1-bedroom apartment.

What are the most expensive neighborhoods in Memphis, TN?

The most affordable neighborhoods in Memphis are Mud Island, where the average 1-bedroom apartment rent goes for $2,225, River Oaks, where renters pay $1,717 on average for a 1-bedroom apartment, and Southwind, where the average 1-bedroom apartment rent goes for $1,635. If you're looking for other great deals, check out the listings in Countrywood ($1,610 for a 1-bedroom apartment) or Gray's Creek ($1,519 for a 1-bedroom apartment), compared to the $1,080 average for a Memphis 1-bedroom apartment.

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 $900, Midtown, where renters pay $1,240 on average for a 1-bedroom apartment, and Idlewild Historic District, where the average 1-bedroom apartment rent goes for $1,050. If you're looking for other popular neighborhoods, check out the listings in Southeast Memphis ($806 for a 1-bedroom apartment) or Binghampton ($799 for a 1-bedroom apartment), compared to the $1,080 average for a Memphis 1-bedroom apartment.

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