Average Rent in Memphis, TN: $1,274/mo

About Rent Prices in Memphis, TN

Memphis offers rock 'n' roll heritage, barbecue culture, and exceptional affordability for a major city. Beale Street and Graceland attract tourists while the city maintains blues tradition. FedEx headquarters and healthcare sector provide economic stability at remarkably low costs.

The fair market rent (FMR) in Memphis, TN represents the 40th percentile of gross rents for standard quality rental housing. This data is published annually by the U.S. Department of Housing and Urban Development (HUD) and is used for various housing programs including Section 8 vouchers. As of 2026, the median rent for a 2-bedroom apartment is $1,274 per month.

Rent by Apartment Size in Memphis, TN

The Memphis Rental Market

Memphis has one of the most affordable rental markets among major cities. Tennessee has no state income tax and no rent control. Landlords typically require proof of income at 2-3x monthly rent, often with flexibility. The market strongly favors renters with good availability and low prices.

Neighborhoods in Memphis

Midtown, Cooper-Young, and East Memphis command the highest rents while remaining very affordable nationally. Downtown has seen some revitalization. Germantown offers upscale suburban living. More affordable areas include North Memphis, South Memphis, and various neighborhoods throughout the sprawling city.

Renter's Guide to Memphis

Memphis has significant crime variation by neighborhood - research carefully before choosing location. Summer is very hot and humid. The city's music heritage creates vibrant nightlife in certain areas. Most apartments include parking. Public transit is limited. BBQ culture is central to city identity. Start searching 3-4 weeks before moving.

Cost of Living Considerations

Memphis offers exceptional value with very low cost of living and no state income tax. Car ownership is essential but affordable. Utilities are moderate except summer AC costs. Food, especially BBQ, is affordable and excellent. Entertainment options exist despite low costs. Growing healthcare sector provides employment.

Rental Market Trends in Memphis

Understanding recent trends helps renters time their apartment search effectively. The Memphis, TNrental market has been influenced by population migration patterns, remote work adoption, and local economic conditions. Seasonal variations typically show higher demand and prices in summer months when families prefer to move, while winter often brings more negotiating power for renters.

New apartment construction in Memphis affects supply and pricing dynamics. Areas experiencing significant development may see rent stabilization or decreases as more units come to market, while established neighborhoods with limited new construction tend to see steady price appreciation. Monitoring vacancy rates provides insight into market tightness - rates below 5% typically indicate a competitive market favoring landlords.

What Affects Rent Prices in Memphis?

• Location: Proximity to downtown, employment centers, and desirable neighborhoods significantly impacts rent. In Memphis, location can create 30-50% price variations.
• Building Quality: Newer buildings with modern amenities command premium rents. Expect to pay 15-25% more for properties built within the last 5 years.
• Transportation: Access to public transit or major highways affects desirability and rent prices. Properties within walking distance of transit often command 10-20% premiums.
• Local Economy: Job market strength and major employer presence drive rental demand. Memphis's primary employment sectors directly influence neighborhood pricing.
• Schools: Family-oriented renters pay premiums for quality school districts. Top-rated school zones can add 20-30% to comparable properties.
• Safety: Crime rates and neighborhood safety influence pricing significantly. Low-crime neighborhoods typically command meaningful premiums.
• Amenities: In-unit laundry, parking, pools, fitness centers, and other building amenities can add $100-300+ monthly to base rent.

Tips for Renting in Memphis