Average Rent in Memphis, TN
Memphis offers some of the lowest rents in America with a rich musical heritage, BBQ culture, and Mississippi River setting. No state income tax and a very low cost of living make it extremely affordable.
+1.5%YoY
Studio
$800
1-Bedroom
$950
2-Bedroom
$1,150
3-Bedroom
$1,400
Market Overview
Year-over-Year Change+1.5%
Vacancy Rate8%
Renter Population49%
Median Income$39,082/yr
Rent-to-Income Ratio29.2%
Cost of Living Index80 (US avg: 100)
Market Condition
Balanced Market
Market is relatively balanced between landlords and tenants.
Tenant Protections
- Tennessee Uniform Residential Landlord and Tenant Act
- No rent control (state preemption)
- Security deposit return within 30 days
- Landlord must maintain fit premises
Rent by Neighborhood in Memphis
Cooper-Young
Artsy neighborhood with local restaurants, shops, and community events.
Walk Score: 55Safety: 6/10
1-Bed
$1,050
2-Bed
$1,300
3-Bed
$1,600
Downtown / South Main
Beale Street, trolley line, and growing loft conversions.
Walk Score: 80Safety: 5/10
1-Bed
$1,100
2-Bed
$1,350
3-Bed
$1,650
Midtown
Overton Park, Brooks Museum, and central location.
Walk Score: 45Safety: 5/10
1-Bed
$950
2-Bed
$1,150
3-Bed
$1,400
East Memphis
Suburban feel with shopping centers and established neighborhoods.
Walk Score: 25Safety: 7/10
1-Bed
$1,100
2-Bed
$1,350
3-Bed
$1,650
Tips for Renting in Memphis
- 1No state income tax saves thousands annually
- 2Memphis has very high vacancy rates - always negotiate
- 3Safety varies significantly by neighborhood - research carefully
- 4Utility costs are low thanks to Memphis Light Gas and Water (municipal utility)
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