Last updated
Average Rent in Memphis, TN & Rent Trends
Rent prices and market trends across 9 apartment communities in Memphis, TN. Updated daily.
Market Average
$1,414/mo
▲ +7.2% from last month
Lowest Available
$799/mo
cheapest unit on market
Communities
9
tracked daily
Units Listed
162
available now
Rent by Neighborhood in Memphis, TN
Compare average rent across Memphis, TN neighborhoods. Click any area to see detailed trends.
| Neighborhood | Avg Rent | From | Properties | Units |
|---|---|---|---|---|
| Downtown Memphis | $1,739 | $981 | 4 | 54 |
| Midtown | $1,601 | $1,099 | 2 | 28 |
| Memphis 38134 | $1,291 | $1,208 | 1 | 10 |
| Springhill | $1,110 | $799 | 1 | 68 |
| New Pathways | $975 | $823 | 1 | 2 |
Is Rent Going Up or Down in Memphis, TN?
As of June 2026, the average rent in Memphis, TN is $1,414 per month across 9 apartment communities and 162 available units. Rents have increased $100 (7.2%) over the past month.
The most affordable option is Covington Hills starting at $799/mo. By unit type, a studio averages $1,189/mo, a 1-bedroom averages $1,258/mo, a 2-bedroom averages $1,467/mo, a 3-bedroom averages $1,823/mo.
Prices range from $799 to $3,390 per month. The most common price point is the $1,000 range, where 42 units are currently listed.
Memphis, TN Rent Price History
Average Rent by Bedroom
Rent Price Distribution
Rent by Bedroom Type in Memphis, TN
Rent Prices by Apartment in Memphis, TN
| Property | Starting at | Average | Units | Rating |
|---|---|---|---|---|
| Covington Hills | $799/mo | $1,110/mo | 68 | 3.1 |
| Cleaborn Pointe at Heritage Landing | $823/mo | $975/mo | 2 | 3.6 |
| Fielder Square | $981/mo | $1,451/mo | 17 | 4.3 |
| 901 Real Estate Services | $990/mo | $1,727/mo | 19 | 4.8 |
| Art Lofts at Overton | $1,099/mo | $1,349/mo | 4 | 4.3 |
| Arbors Of Century Center | $1,208/mo | $1,291/mo | 10 | 3 |
| The Peabody Collection | $1,263/mo | $1,263/mo | 1 | 4.9 |
Google Search Trends for Memphis, TN Apartments
Search interest for apartments in this area over the past 12 months.
Search Interest Over Time
Frequently Asked Questions About Rent in Memphis, TN
What is the average rent in Memphis, TN?
Is rent going up or down in Memphis, TN?
What is the cheapest apartment in Memphis, TN?
How much is a 1-bedroom apartment in Memphis, TN?
How many apartments are available in Memphis, TN?
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
$57,000/year
Based on the 30 percent rule, using our tracked average rent of $1,414/mo.
Comfortable income
$68,000/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 25% 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) | $1,414 |
| Utilities | $332 |
| Groceries | $509 |
| Transportation | $792 |
| Healthcare | $386 |
| Other goods and services | $618 |
| Estimated total | $4,053/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.
Explore Memphis, TN Apartments
Browse all 9 communities with daily-updated pricing and availability.