Rentometer, Inc. | Data as of 10/23/2025
Memphis offers a dynamic rental landscape that blends historic charm with modern convenience, making it an attractive destination for renters of all ages. Whether you’re seeking a trendy studio in the heart of Downtown, a spacious family house in East Memphis, or a stylish apartment in the lively Cooper‑Young district, the city’s diverse inventory caters to a wide range of lifestyles. Apartments dominate the market, with studio units averaging in the $1100s and one‑bedroom options typically falling within the $1200 range, while larger three‑ and four‑plus‑bedroom apartments reach the $1400s and $1800s respectively. Single‑family homes provide a more affordable alternative, especially for one‑bedroom units that hover around the $900 mark and two‑bedroom homes that trend toward the $1300s.
The city’s neighborhoods each bring their own distinctive flavor. Downtown Memphis boasts easy access to Beale Street’s vibrant music scene and the scenic Mississippi Riverfront, making it ideal for renters who thrive on nightlife and cultural events. Midtown and Cooper‑Young are celebrated for their eclectic boutiques, craft breweries, and walkable streetscapes, appealing to young professionals and creatives. East Memphis and the upscale Overton Square area feature newer developments and family‑friendly amenities, with larger houses that often command premiums in the $1500‑$2000 range for three‑ and four‑plus‑bedroom configurations. Proximity to major attractions like Graceland, the National Civil Rights Museum, and the expansive Shelby Farms Park further enhances the appeal of living in Memphis.
Overall, Memphis’s rental market balances affordability with variety, offering options that suit students, growing families, and seasoned renters alike. The combination of competitive pricing, diverse housing types, and the city’s rich cultural heritage ensures a welcoming environment for anyone looking to call Memphis home.
| Property Type | Bedrooms | Average | Median | Min - Max | 25th - 75th |
|---|---|---|---|---|---|
| Apartment | Studio | $986 | $1,037 | $650 - $1,247 | $850 - $1,100 |
| Apartment | 1 Bedroom | $1,212 | $1,125 | $595 - $2,372 | $900 - $1,407 |
| Apartment | 2 Bedroom | $1,247 | $1,147 | $650 - $2,368 | $875 - $1,575 |
| Apartment | 3 Bedroom | $1,592 | $1,439 | $910 - $3,755 | $1,099 - $1,985 |
| Apartment | 4+ Bedroom | $1,657 | $1,695 | $1,178 - $2,100 | $1,178 - $2,100 |
| House | 1 Bedroom | $861 | $800 | $750 - $1,095 | $775 - $1,095 |
| House | 2 Bedroom | $1,157 | $1,050 | $700 - $2,950 | $925 - $1,295 |
| House | 3 Bedroom | $1,437 | $1,351 | $834 - $3,500 | $1,195 - $1,600 |
| House | 4+ Bedroom | $1,917 | $1,672 | $995 - $7,500 | $1,425 - $2,005 |
In the current period, the average rent in Memphis was $987 for Studio, $1,189 for 1 Bedroom, $1,200 for 2 Bedroom, $1,448 for 3 Bedroom, and $1,695 for 4+ Bedroom.
Data provided by Rentometer, Inc.