Discover the charm of Memphis, Tennessee. A city rich in history and cultural diversity, Memphis is a melting pot of blues, jazz, and rock-n-roll music and a hub for cuisine and the arts. Home to the iconic Graceland, Memphis is the birthplace of rock-n-roll and a hub for music lovers. Visit the Memphis Rock 'n' Soul Museum, Sun Studio, and the Stax Museum of American Soul Music to immerse yourself in the city's musical heritage.

For enthusiasts, Memphis has much to offer, from the National Civil Rights Museum and Memphis Zoo to the lush green spaces of Overton Park and the Memphis Botanic Garden, to the mighty Mississippi River. Of course, sports fans will love cheering on the Memphis Grizzlies (NBA) and the University of Memphis Tigers. At the same time, food lovers will revel in the city's renowned cuisine, including its famous barbecue and soul food.

With events such as the Memphis in May International Festival, the Beale Street Music Festival, and the World Championship Barbecue Cooking Contest, Memphis is a city that offers a diverse and exciting calendar of events year-round. So get ready to live your best life in Memphis.

Rental Market Trends

Memphis, TN

As of May 2025, Memphis's rental market is competitive, with strong renter demand causing quick leasing times for well-priced units. Memphis's average rent is 23.8% ($380) lower than the Tennessee average of $1,595 and 32.2% ($578) lower than the U.S. average of $1,793.

Average Rent

$1,215

Monthly ChangeMonth Over Month Change

5.6% ($72)

Yearly ChangeYear Over Year Change

10.1% ($136)

Avg. Days on MarketAverage Days on Market

Unit Type	Average Rent	Monthly ChangeMonth Over Month Change	Yearly ChangeYear Over Year Change
1 Bed	$869	1.6% ($14)	8.9% ($85)
2 Beds	$1,071	1.6% ($17)	1.9% ($21)
3 Beds	$1,572	1.6% ($25)	7.3% ($107)

Nearby Cities	Average Rent	Avg. Rent vs. MemphisAverage Rent vs. Memphis	Avg. Days on MarketAverage Days on Market
Germantown	$1,286	5.8% ($71)	39 days
West Memphis	$745	38.7% ($470)	35 days
Marion	$680	44% ($535)	34 days
Southaven	$1,398	15.1% ($183)	30 days
Cordova	$1,846	51.9% ($631)	30 days

Rental market trends are calculated using listing data from RentalSource.

Frequently Asked Questions

Memphis Rental Market FAQs

Explore rental prices, market trends, and availability in Memphis, TN.

What is the average rent in Memphis, TN?

The average rent in Memphis, TN is $1,215 per month.

What is the rental price range for apartments in Memphis, TN?

Apartments in Memphis typically rent for between $608 and $2,044 per month, with an average of $1,215 per month.

What is the average rent for different bedroom sizes in Memphis, TN?

In Memphis, the average rent for a 1-bedroom apartment is $869 per month, for a 2-bedroom apartment, $1,071 per month, and a 3-bedroom apartment is $1,572 per month.

How do rent prices in Memphis, TN compare with the national average?

The average rent in Memphis is 32.2% ($578) lower than the national average of $1,793 per month.

How have rent prices in Memphis, TN changed recently?

The average rent in Memphis has decreased by 5.6% ($72) in the last month and decreased by 10.1% ($136) over the past year.

How competitive is the rental market in Memphis, TN?

The rental market in Memphis, TN, is currently competitive, with strong renter demand causing quick leasing times for well-priced units.

How long do rentals stay on the market in Memphis, TN?

In Memphis, TN, the average rental stays on the market for approximately 36 days. While most properties are rented within this timeframe, factors like seasonality, demand, and property type can affect how quickly a rental leases.

How many rental properties are available in Memphis, TN?

There is currently 1,273 rental property available in Memphis, TN.

Can I afford to rent an apartment in Memphis, TN?

Based on the current averages, a household would need an annual income of $42,840 to comfortably afford a 2-bedroom apartment in Memphis.