Rental market snapshot for Memphis, Tennessee

Memphis, Tennessee Rental Property Market Overview

The average rent for an apartment in Memphis is $1,645. The cost of rent varies depending on several factors, including location, size, and quality.

The average rent has decreased by -1.5% over the past year.

Memphis is a city located along the Mississippi River in the southwestern corner of the U.S. state of Tennessee. Memphis is the seat of Shelby County, the most populous county in Tennessee. As of 2019, the population of Memphis was 651,073, making it the 26th most populous city in the United States.

Last Updated December 23, 2022

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Average monthly rent graph in Memphis Tennessee | Cost of Living

  • The most expensive ZIP Code in Memphis is 38018 with an average price of $1,910
  • The cheapest ZIP Code in Memphis is 38106 with an average price of $475

Memphis ZIP Codes with the highest, most expensive rent

#zip codeaverage rent
138018$1,910
238018$1,895
338125$1,870
438125$1,865
538119$1,795
638109$1,730
738002$1,725
838135$1,700
938135$1,695
1038119$1,685

Live near Memphis, Tennessee's Top Sights and Attractions

Audubon Park is a 30-acre park located in the heart of Memphis, Tennessee. The park is home to a variety of birds, including the iconic peacock, and also features a playground, picnic areas, and a walking trail.

Firestone Park is a public park in Memphis, Tennessee. The park is located on a bluff overlooking the Mississippi River. The park is home to a variety of trees, shrubs, and flowers. There are also a number of walking trails, a playground, and a picnic area.

May Park is a small, urban park located in the heart of Memphis. The park is home to a variety of trees, shrubs, and flowers, as well as a playground, picnic tables, and a walking trail.

Overton Park is a 342-acre park located in Midtown Memphis, Tennessee. The park includes a 9-hole golf course, a lake, a playground, picnic areas, and a nature center. The park is also home to the Memphis Zoo, the Memphis Brooks Museum of Art, and the Levitt Shell, an outdoor amphitheater.

Hickory Hill Park is a large park with a playground, a pavilion, and a walking trail. The park also has a basketball court, a tennis court, and a volleyball court.

The Art Museum is an attraction located in the city of Memphis, Tennessee. The museum is home to a variety of artworks, ranging from paintings to sculptures. Visitors can also enjoy a variety of educational programs and events.

Art Museum University of Memphis is an art museum in Memphis, Tennessee. The museum has a collection of art from around the world, as well as a variety of temporary exhibitions.

Shelby Farms Greenline is a 10-mile long paved trail that runs through the heart of Shelby Farms Park, one of the largest urban parks in the country. The Greenline is used by pedestrians, cyclists, and runners, and is a popular spot for bird watching.

Memphis, Tennessee area median rent change by ZIP Code map

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How does Memphis compare to other cities in Tennessee ?

citymedian price
Old Hickory$2,249
Hermitage$2,205
La Vergne$1,930
Lakeland$1,870
Gallatin$1,745
Millersville$2,155
Collierville$2,090
Cane Ridge$1,990

Average household income in Memphis area graph - US Census

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The median household income in Memphis in 2021 was $41,864. This represents a 12.9% change from 2011 when the median was $37,072.

#categorypercent
0Less than $10,00010.8%
1$10,000 to $14,9997.4%
2$15,000 to $19,9996.5%
3$20,000 to $24,9996.3%
4$25,000 to $29,9995.8%
5$30,000 to $34,9996.3%
6$35,000 to $39,9994.9%
7$40,000 to $44,9995.2%
8$45,000 to $49,9994.5%
9$50,000 to $59,9998.2%
10$60,000 to $74,9998.5%
11$75,000 to $99,9999.4%
12$100,000 to $124,9996.1%
13$125,000 to $149,9993.0%
14$150,000 to $199,9993.1%
15$200,000 or more4.2%

Frequently asked questions

Our data is best categorized as "alternative data", which is a burgeoning sector. Through partnerships and direct feeds, we extract key factual elements that are publicly available within rental listings on internet listing sites and property websites. Once aggregated, we mine through the data to parse out relevant insights and calculate important metrics, benchmarks, and other KPIs. Each week, our system sifts through millions of listing observations and other pockets of market information to deliver the most comprehensive picture of rental housing available.

This is a metric that we try not to overthink. Simply, we take each unique listing observation within a geographic boundary and calculate a simple average. Of course, we're careful to filter for duplicates and other listings that aren't reflective of the market.

Yes, but please attribute us accordingly.

Yes. We can deliver bulk raw data in various formats. Please contact us to discuss - [email protected]

While some of our data is refreshed daily and other data comes in weekly, the bulk of it comes in on a biweekly basis.

Our coverage is nationwide! In our platform, we have data points for every ZIP code and neighborhood boundary in the country.

Every rental housing unit is differentiated by attributes such as its location, square footage, and amenity composition. Thanks to machine learning and natural language processing technologies we deploy, we're able to deconstruct our rental listing data points and identify key amenities for each listing. With this information, we're able to give signals around how certain amenities drive rental pricing value in certain areas.

Well, we think so! At the highest level, our process is simple. Listings data is ingested, cleaned (de-duplicated. etc.), analyzed for insights, and then presented to our users.
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