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City Report · TN

Memphis

Pop. 618,980·58th most expensive in Tennessee·One of the most affordable rental markets in the US
Median rent (all units)
$1,280/mo
Year-over-Year
+4.0%
Month-over-Month
Stable
vs US Median
-$685
Stable (Monthly)
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Most AffordableMost Expensive
Memphis · $1,280
More affordable than 89% of US cities · National median $1,965/mo
Rent Reality Score
64/100
Good value
OverheatedFairGreat value

Rents are 7% below what Memphis's 10-year trend predicts — a better deal than its own history suggests.

Actual rent
$1,280/mo
Expected by trend
$1,374/mo
The Rent Reality Score compares today's median rent to where Memphis's own long-run trajectory projects it should be. See the full rankings →
Medians by bedroom

Rent by unit size

Studio
$1,147
1 BR
$1,258
2 BR
$1,411
3 BR
$1,855
4 BR+
$2,173
Research median
$1,411/mo

Bedroom estimates are gross rents that include essential utilities (electricity, water, gas, sewer, trash).

Rent trends

12-month history

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Last updated: July 20, 2026

Annual cost
$15,360/yr
At $1,280/mo median
Rent Market Meter
Landlord's Market
Renter's MarketBalancedLandlord's Market
Rents are climbing (4.0% YoY), so leverage tilts toward landlords. Act sooner rather than later.
Based on rent-price momentum (+4.0% YoY, -0.1% MoM), not inventory.
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Demographics

Who lives here

Memphis, TN is majority renter-occupied, has a large share of families with children, has a median income below the national average, 28% of residents hold a bachelor's degree or higher.

Population
618,980
Median income
$51,736
Median age
34.2
Renters
55.1%
Age distribution
25.2%
25.9%
23.3%
14.4%
Under 1825.2%
18–3425.9%
35–5423.3%
55–6411.1%
65+14.4%
Gender
47.4%
52.6%
Male47.4%
Female52.6%
Race & ethnicity
23.8%
62.9%
White23.8%
Black62.9%
Hispanic10.4%
Asian1.7%
Other1.1%
Education (25+)
12.8%
30.4%
28.8%
28%
No HS diploma12.8%
HS diploma30.4%
Some college28.8%
Bachelor's+28%
Housing tenure
44.9%
55.1%
Owner44.9%
Renter55.1%

Source: U.S. Census Bureau · ACS 2024 5-Year Estimates

2021 vs 2026

How Memphis, TN has changed in 5 years

Rent
$1,005 → $1,280
up 27.4%
Income
$43,981 → $51,736
up 17.6%
Population
634,139 → 618,980
down 2.4%
Renter share
53.2% → 55.1%
+1.9 pts
Bachelor's+
27.1% → 28%
+0.9 pts

Rent in Memphis, TN has climbed 27.4% since 2021, going from about $1,005 per month to roughly $1,280 today. On the earnings side, the typical household in Memphis, TN now reports about $51,736, up from $43,981 in 2021. Rent outpaced income growth by roughly 9.8 percentage points, which means renters are spending a larger slice of each paycheck on housing than they did in 2021. Headcount in the area went from 634,139 to 618,980 between 2021 and 2024, a 2.4% change. About 55.1% of households rent today, against 53.2% in 2021. For context, the 2021 to 2026 window covers an unusually volatile run for US rents nationally, and Memphis, TN reflects that arc in its own way.

Community

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View Memphis rent history (2015–2026) →
Salary vs rent

Can you afford rent in Memphis on your salary?

At $1,280/mo, how Memphis rent compares to typical pay (30% rule).

By apartment size

Memphis rent by bedroom count

Median rent for each apartment size in Memphis. Click any size for full breakdown.

Local insights

Tips for renters in Memphis

About renting in Memphis, TN

Last updated: July 20, 2026

The median rent in Memphis is $1,280/mo as of July 2026. A studio apartment averages $1,147/mo while a 2-bedroom runs $1,411/mo. One-bedroom apartments average $1,258/mo and 3-bedroom units go for $1,855/mo.

At 30% of local median household income ($51,736/yr), Memphis ranks as moderate compared to the national benchmark of 30%. Rents have increased 4.0% over the past year.

FAQ

Frequently asked questions

Is Memphis an affordable city for renters?

Memphis is considered moderate for renters. At $1,280/mo, rent takes approximately 30% of the local median household income ($51,736/yr). The standard benchmark is 30%. Memphis slightly exceeds that threshold, so budgeting carefully matters here.

How much income do you need to rent in Memphis?

To keep rent at or below 30% of gross income, you would need to earn at least $51,000/year (~$25/hour full-time) to afford the median rent of $1,280/mo in Memphis. The local median household income is $51,736/yr, meaning the typical Memphis household meets that threshold.

Is rent going up or down in Memphis?

Rent in Memphis has increased 4.0% over the past year as of July 2026, putting upward pressure on renter budgets.

Which Memphis neighborhoods have the lowest rent?

The most affordable ZIP codes in Memphis are 38106 ($874/mo), 38116 ($914/mo), and 38108 ($965/mo). Citywide, the median rent in Memphis is $1,280/mo.

How does Memphis rent compare to other cities in Tennessee?

Memphis is one of the more affordable cities in Tennessee for rent, ranking #58 out of 65 tracked cities at $1,280/mo.

What percentage of Memphis residents rent vs. own?

According to Census data, approximately 55.1% of Memphis households are renters, while 44.9% are owner-occupied. With a majority renter population, Memphis has a strong rental market.

How does Memphis rent compare to the national average?

Memphis's median rent of $1,280/mo is $685 (35%) below the US national median of $1,965/mo. Within Tennessee, it ranks #58 out of 65 tracked cities.
Income Affordability
30%
MODERATE

At $1,280/mo, rent takes ~30% of Memphis's median household income ($51,736/yr). The standard benchmark is 30%.

Memphis 30%Benchmark 30%
State income taxNone
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Lowest-rent ZIP codes in Memphis
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Neighborhoods

Estimated from ZIP-level data

Schools nearby

Public schools near Memphis, TN

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