Rental market trends in Memphis, TN

Please reach out to press@rent.com for any media inquiries regarding this data.

Average Rent in Memphis, TN

Avg. Rent	Annual Change
Studio - $1,367	+10%
1 Bed - $987	+4%
2 Beds - $1,085	+3%

Last updated 3/22/2023

Average Apartment Cost in Memphis, TN

The average rent for apartments in Memphis, TN, is between $987 and $1,367 in 2023. For a studio apartment in Memphis, TN, the average rent is $1,367. When it comes to 1-bedroom apartments, the average rent in Memphis, TN, is $987. For a 2-bedroom apartment, the average rent is $1,085.

Apartment Rent Ranges in Memphis, TN

	Apartment Prices Proportion

		4%			24%			34%			28%			11%

Neighborhood Apartment Rent Trends in Memphis, TN

Neighborhood	Studio Avg Rent	Annual Change
The Core	$1,981	+57%
East Memphis	$1,795	-15%
River Oaks	$1,795	-15%
Southwind	$1,650	+6%
Parkway Village	$1,539	+22%
Hickory Hill	$1,539	+22%
Medical District	$1,422	+56%
Downtown	$1,338	+10%
Mid - Second	$1,285	+2%
South Main	$1,225	+7%
Midtown	$1,000	-5%
Central Gardens	$937	+34%
Evergreen Historic District	$787	-46%
Uptown	$760	+3%
Voillintine - Evergreen	$395	--

Neighborhood	1 Bed Avg Rent	Annual Change
Mid - Second	$1,598	-4%
The Core	$1,581	-5%
Southwind	$1,562	-3%
Mud Island	$1,541	-4%
South Memphis	$1,425	--
Bridgewater	$1,328	--
East Central Shelby	$1,312	+25%
Gray's Creek	$1,312	+25%
Richwood	$1,309	+1%
South Main	$1,295	+4%
Midtown	$1,275	+18%
Downtown	$1,241	-3%
Central Gardens	$1,200	+29%
Cooper Young	$1,165	--
Countrywood	$1,150	+40%
East Memphis	$1,080	+28%
UDistrict	$900	-29%
Normal Station	$900	+36%
Evergreen Historic District	$895	+5%
Hickory Hill	$870	+11%
Uptown	$865	-2%
Parkway Village	$837	+10%
Annesdale Park	$830	--
Binghampton	$800	--
Frayser	$795	+14%
Southeast Memphis	$762	-8%
Raleigh	$744	+1%
Fox Meadows	$700	-6%
Whitehaven	$663	+9%
Kimball	$660	--
North Parkway Village	$649	+18%
Medical District	$625	-54%
Colonial Willow	$625	+9%
Capleville	$589	0%
Walnut Grove	$559	0%

Neighborhood	2 Beds Avg Rent	Annual Change
Medical District	$2,188	+16%
South Main	$2,050	+14%
East Central Shelby	$2,006	+63%
Gray's Creek	$2,006	+63%
Evergreen Historic District	$2,000	+29%
Mid - Second	$1,940	--
Southwind	$1,799	+2%
Mud Island	$1,722	-8%
The Core	$1,637	-27%
Central Gardens	$1,612	+33%
Midtown	$1,550	-1%
Downtown	$1,545	-15%
Richwood	$1,519	+3%
River Oaks	$1,400	+13%
Cooper Young	$1,295	-22%
Binghampton	$1,250	--
Countrywood	$1,225	+20%
High Point Terrace	$1,150	--
Bridgewater	$1,150	-14%
Uptown	$1,140	+3%
Hickory Hill	$1,025	+14%
UDistrict	$995	-35%
Annesdale Park	$950	--
East Memphis	$945	-10%
Parkway Village	$942	+10%
Crosstown	$925	-55%
Fox Meadows	$890	+1%
Raleigh	$832	+1%
Whitehaven	$824	-2%
Southeast Memphis	$817	-3%
Frayser	$795	+10%
Normal Station	$795	0%
North Parkway Village	$749	0%
Colonial Willow	$725	+4%
Capleville	$689	0%
Walnut Grove	$659	-55%
North Memphis	$625	0%
South Memphis	$460	0%

How Other Cities Compare to Memphis, TN

City	1 Bed Avg Rent	Annual Change
Olive Branch	$1,617	+27%
Germantown	$1,499	+6%
Collierville	$1,447	+4%
Lakeland	$1,337	+9%
Horn Lake	$1,334	+11%
Southaven	$1,308	+9%
Cordova	$1,181	+10%
Atoka	$1,090	+6%
Walls	$1,000	--
Millington	$962	--
Marion	$952	+8%
Robinsonville	$885	+2%

City	2 Beds Avg Rent	Annual Change
Lakeland	$1,950	-1%
Collierville	$1,737	+8%
Germantown	$1,671	-6%
Olive Branch	$1,601	+19%
Arlington	$1,569	0%
Horn Lake	$1,487	+12%
Southaven	$1,453	+8%
Cordova	$1,353	+20%
Atoka	$1,170	+6%
Walls	$1,125	--
Millington	$1,087	--
Marion	$1,085	+7%
Robinsonville	$1,075	+16%
Wynne	$615	--

Memphis, TN Rent Trends

Studio	1 Bed	2 Beds
Mar 2022	Apr 2022	May 2022	Jun 2022	Jul 2022	Aug 2022	Sep 2022	Oct 2022	Nov 2022	Dec 2022	Jan 2023	Feb 2023	Mar 2023
$1242	$1393	$1482	$1467	$1441	$1344	$1326	$1277	$1338	$1303	$1239	$1255	$1351
$948	$937	$945	$947	$978	$978	$1055	$1056	$995	$985	$963	$990	$1004
$1057	$1060	$1091	$1075	$1117	$1142	$1150	$1092	$1085	$1075	$1072	$1106	$1085
$1035	$1035	$1097	$1112	$1057	$1183	$1140	$1097	$1125	$1147	$1127	$1140	$1127

Neighborhood Information for Memphis, TN

What are the most affordable neighborhoods in Memphis, TN?

The most affordable neighborhoods in Memphis are Walnut Grove, where the average 1-bedroom apartment rent goes for $559, Capleville, where renters pay $589 on average for a 1-bedroom apartment, and Medical District, where the average 1-bedroom apartment rent goes for $625. If you're looking for other great deals, check out the listings in Colonial Willow ($625 for a 1-bedroom apartment) or North Parkway Village ($649 for a 1-bedroom apartment), compared to the $987 average for a Memphis 1-bedroom apartment.