Rentometer, Inc. | Data as of 10/23/2025
Memphis, TN, offers a dynamic rental market that blends historic charm with modern convenience, making it a favored destination for both renters and investors. The metro area’s diverse neighborhoods—from the vibrant Cooper‑Young district and artsy South Main to the family‑friendly suburbs of East Memphis—provide a range of housing options that suit various lifestyles. Proximity to iconic attractions such as Beale Street, the National Civil Rights Museum, and the Mississippi River waterfront adds cultural appeal and easy access to entertainment, dining, and employment hubs.
Apartment seekers will find a spectrum of choices, with studios and one‑bedroom units typically positioned in the $1100s, while larger two‑ to four‑plus bedroom layouts reach into the $1500s to $1800s range. These rental rates reflect a balanced blend of affordability and quality, supported by modern amenities and close ties to public transit corridors. House rentals, on the other hand, start in the $800s for single‑bedroom homes and can climb to the $2300s for spacious four‑plus bedroom properties, offering attractive options for families and those desiring more private space.
Beyond price points, Memphis’s rental market is distinguished by its strong community feel and steady demand driven by universities, medical centers, and a growing tech sector. Prospective renters can enjoy leafy parks like Overton Square, convenient shopping at the Wolfchase Galleria, and a thriving music scene that permeates the city’s neighborhoods. Whether you’re looking for a sleek downtown apartment or a comfortable suburban house, Memphis delivers a welcoming environment with a rental landscape that supports a variety of budgets and preferences.
| Property Type | Bedrooms | Average | Median | Min - Max | 25th - 75th |
|---|---|---|---|---|---|
| Apartment | Studio | $1,249 | $1,285 | $949 - $1,515 | $1,150 - $1,350 |
| Apartment | 1 Bedroom | $1,235 | $1,204 | $675 - $2,375 | $914 - $1,510 |
| Apartment | 2 Bedroom | $1,449 | $1,325 | $749 - $4,383 | $1,040 - $1,725 |
| Apartment | 3 Bedroom | $1,548 | $1,322 | $899 - $3,495 | $1,165 - $1,799 |
| House | 2 Bedroom | $1,222 | $1,200 | $400 - $2,100 | $1,025 - $1,350 |
| House | 3 Bedroom | $1,603 | $1,525 | $775 - $5,900 | $1,275 - $1,835 |
| House | 4+ Bedroom | $2,117 | $1,980 | $795 - $7,595 | $1,600 - $2,355 |
In the current period, the average rent in Memphis, TN-MS-AR was $1,250 for Studio, $1,215 for 1 Bedroom, $1,331 for 2 Bedroom, $1,600 for 3 Bedroom, and $1,955 for 4+ Bedroom.
Data provided by Rentometer, Inc.