Average Rent in Memphis, TN
12 apartment buildings, 174 units. Real asking prices, refreshed daily.
Cheapest
$799/mo
Covington Hills
Properties
12
tracked daily
Units
174
available now
Memphis, TN Resident Access
City Club members share insider gate codes, parking links, and amenity tips.
Analysis
Rent Price Breakdown
Compare pricing across all 12 properties in Memphis, TN.
Median rent trend, last 2 months
All bedroom types, citywide. Choose a window above to scope the view.
Average Rent by Property
Starting Price vs Average
Rent by Bedroom Count
Price per Square Foot
Memphis, TN Rent Prices
All 12 properties ranked by lowest available rent.
Covington Hills
4800 Raleigh Lagrange Rd, Memphis, TN 38128, USA
Cleaborn Pointe at Heritage Landing
460 S Lauderdale St, Memphis, TN 38126, USA
901 Real Estate Services
420 S Front St # 105, Memphis, TN 38103, USA
Exchange Building Apartments
9 N 2nd St, Memphis, TN 38103, USA
Fielder Square
70 S 4th St, Memphis, TN 38103, USA
Madison Midtown Apartments
1544 Madison Ave, Memphis, TN 38104, USA
Arbors Of Century Center
1490 Century Arbor Ln, Memphis, TN 38134, USA
| # | Property | From | Avg | $/sqft | Rating | Units |
|---|---|---|---|---|---|---|
| 1 | Covington Hills 4800 Raleigh Lagrange Rd, Memphis, TN 38128, USA | $799 | $1,108 | $1.17 | 3.1 (96) | 59 |
| 2 | Cleaborn Pointe at Heritage Landing 460 S Lauderdale St, Memphis, TN 38126, USA | $823 | $975 | -- | 3.6 (86) | 2 |
| 3 | 901 Real Estate Services 420 S Front St # 105, Memphis, TN 38103, USA | $890 | $1,796 | $1.50 | 4.8 (199) | 20 |
| 4 | Exchange Building Apartments 9 N 2nd St, Memphis, TN 38103, USA | $950 | $1,050 | $1.54 | 3.4 (169) | 4 |
| 5 | Fielder Square 70 S 4th St, Memphis, TN 38103, USA | $1,011 | $1,383 | $1.78 | 4.3 (119) | 17 |
| 6 | Madison Midtown Apartments 1544 Madison Ave, Memphis, TN 38104, USA | $1,150 | $1,434 | $1.85 | 4.6 (75) | 9 |
| 7 | Arbors Of Century Center 1490 Century Arbor Ln, Memphis, TN 38134, USA | $1,208 | $1,367 | $1.68 | 3 (164) | 13 |
Explore Each Property
Covington Hills
3.1 (96)4800 Raleigh Lagrange Rd, Memphis, TN 38128, USA
Cleaborn Pointe at Heritage Landing
3.6 (86)460 S Lauderdale St, Memphis, TN 38126, USA
901 Real Estate Services
4.8 (199)420 S Front St # 105, Memphis, TN 38103, USA
Exchange Building Apartments
3.4 (169)9 N 2nd St, Memphis, TN 38103, USA
Fielder Square
4.3 (119)70 S 4th St, Memphis, TN 38103, USA
Madison Midtown Apartments
4.6 (75)1544 Madison Ave, Memphis, TN 38104, USA
By Area
Memphis, TN neighborhoods
Tracked buildings across 5 named neighborhoods. Pick one to see its apartments.
Memphis, TN Average Rent Prices 2026
The average rent in Memphis, TN is $1,443 per month, based on 174 units across 12 apartment communities. Prices range from $799 at Covington Hills to $3,840 at 901 Real Estate Services.
Average Rent by Bedroom Type
| Type | Avg Rent | Starting From | Units |
|---|---|---|---|
| Studio | $1,336/mo | $890/mo | 17 |
| 1 Bed | $1,289/mo | $799/mo | 65 |
| 2 Bed | $1,502/mo | $990/mo | 75 |
| 3 Bed | $1,878/mo | $1,127/mo | 17 |
Every price is a real asking rent, updated that morning. Request a neighborhood we don't cover and we add it within 24 hours.
Market Context
Who rents in Memphis, TN, and what they pay
Tracked one-bedroom rent in Memphis, TN averages $1,289/mo, with two-bedroom units averaging $1,502/mo. At the local median household income of $51,211, that works out to 34% of gross income, above the 30 percent affordability ceiling, a stretched-budget market.
The U.S. Census Bureau's American Community Survey 2023 release pegged median gross rent in Memphis, TN at $1,123/mo. The current tracked market average runs 28% higher than that benchmark, reflecting both two to three years of rent growth and the fact that the Census figure covers all renter-occupied housing in Memphis, TN while the tracked market average covers units currently listed in larger apartment communities.
Who employs renters in Memphis
Demand in the Memphis rental market is shaped by the metro's largest private and public employers. The following organizations anchor local hiring and influence what renters can pay:
- FedEx
- International Paper
- AutoZone
- Methodist Le Bonheur Healthcare
- Naval Support Activity Mid-South
Mean one-way commute in Memphis, TN is 21 minutes, per the Census ACS, useful context when weighing which properties sit inside reasonable reach of these employers.
What salary do I need to live comfortably in Memphis, TN?
Built on the 25 to 30 percent rent-to-income guideline used by most landlords and credit-scoring models.
Minimum to afford average rent
$58,000/year
Based on the 30 percent rule, using our tracked average rent of $1,443/mo.
Comfortable income
$69,000/year
Based on the 25 percent rule, leaving more room for savings, transport, and groceries.
To afford the cheapest tracked apartment ($799/mo), you need to earn at least $32,000/year.
Median household income in Memphis, TN is $51,211 , about 26% below the comfortable-living threshold.
Cost of living in Memphis, TN
Overall prices in Memphis, TN runs below the national average by about 8% (BEA Regional Price Parity index 91.9, where 100 equals the U.S. average). The breakdown below estimates monthly costs for a single adult, using national consumer-spending baselines from the Bureau of Labor Statistics scaled by Memphis, TN's regional price parities.
| Category | Monthly estimate |
|---|---|
| Rent (market average) | $1,443 |
| Utilities | $332 |
| Groceries | $509 |
| Transportation | $792 |
| Healthcare | $386 |
| Other goods and services | $618 |
| Estimated total | $4,082/mo |
Population
629,063
Median household income
$51,211
Census median rent
$1,123/mo
Rent as % of income
32.9%
Median age
34.3
Mean commute
21 min
Methodology
Rent data
Sourced directly from each tracked apartment community and refreshed every 24 hours. Every listed unit price on this page is real and listed today.
Cost of living
Estimates combine national consumer-spending baselines from the U.S. Bureau of Labor Statistics (Consumer Expenditure Survey) with the U.S. Bureau of Economic Analysis Regional Price Parities (MARPP dataset). Both are peer-reviewed federal data releases published annually.
Salary to live comfortably
Applies the standard 25 to 30 percent rent-to-income rule on top of the listed rent. This is the same affordability guideline used by most landlords and credit-scoring models.
Demographic figures
Median household income, population, median age, commute time, Census median rent, and rent as percentage of income come from the U.S. Census Bureau's American Community Survey 5-year estimates, the most recent complete release.
Cost of living and demographic figures were last published in 2023.
Compare
Nearby cities in Tennessee
How Memphis, TN rent compares to other markets in the state.
| City | Avg Rent | vs Memphis, TN | 30-Day Change | Properties |
|---|---|---|---|---|
| Nashville, TN | $2,329 | +61% | +2.6% | 60 |
| Johnson City, TN | $1,522 | +5% | -2.8% | 18 |
| Smyrna, TN | $1,656 | +15% | -- | 16 |
| Franklin, TN | $2,178 | +51% | -2.3% | 14 |
| Spring Hill, TN | $1,675 | +16% | -- | 12 |
| Kingsport, TN | $1,371 | -5% | -- | 8 |
Frequently asked questions
What is the average rent in Memphis, TN?
The average rent in Memphis, TN is $1,443 per month, based on 174 units across 12 apartment buildings tracked by Average Rent. Prices are refreshed daily.
What is the cheapest apartment rent in Memphis, TN?
The lowest available rent in Memphis, TN starts at $799 per month. Availability changes daily and prices are refreshed each morning.
How much is a 1-bedroom apartment in Memphis, TN?
1-bedroom apartments in Memphis, TN average $1,289/mo. The lowest listed 1-bedroom starts at $799/mo across 65 units tracked.
How much is a 2-bedroom apartment in Memphis, TN?
2-bedroom apartments in Memphis, TN average $1,502/mo. Units start from $990/mo across 75 units currently listed.
Rent Trends in Memphis, TN
Track how apartment prices are changing over time.
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