Rents are 8% below what Memphis's 10-year trend predicts — a better deal than its own history suggests.
Rent by unit size
These are HUD Fair Market Rents, the payment standard for a Housing Choice Voucher (Section 8). They often differ from the $1,259 market median above, and that is expected: FMR is the 40th percentile of standard-quality units and counts gross rent, so it includes essential utilities such as electricity, water, gas, sewer, and trash. The market median is asking rent, which usually excludes utilities. HUD sets FMR once a year; market rent here updates monthly.
Source: HUD Small Area Fair Market Rents. Read the methodology →
12-month history
Last updated: October 17, 2026
What the numbers show
December. Asking rents in Memphis usually run 0.5% below trend in December and 0.6% above it in July, about $14 a month apart at today's median. Based on 11 years of data.
Rent in Memphis is at its highest level since Zillow's records here began in January 2015.
Rent in Memphis changed +1.8% over the year to September 2026. Across the 51 Tennessee cities Zillow tracks, the typical change was +2.0%.
From 2019 to 2024, rent in Memphis rose 42.5% while median household income rose 25.5% ($41,228 to $51,736). Rent outpaced income.
Rent has risen 5 months in a row, and rose in 8 of the last 12 months.
30% of the median household income ($51,736) is $1,293 a month. That covers HUD's Fair Market Rent for up to a 1-bedroom ($1,258); a 2-bedroom is $1,411.
The priciest of 22 ZIP codes in Memphis, 38018 ($1,658/mo), costs 1.8 times the cheapest, 38106 ($908/mo).
From Zillow's monthly rent index (ZORI) for Memphis. The seasonal pattern compares Zillow’s seasonally adjusted and unadjusted series. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.
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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.
Source: U.S. Census Bureau · ACS 2024 5-Year Estimates
How Memphis, TN has changed in 5 years
Rent in Memphis, TN has climbed 25.1% since 2021, going from about $1,006 per month to roughly $1,259 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 7.5 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.
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Can you afford rent in Memphis on your salary?
At $1,259/mo, how Memphis rent compares to typical pay (30% rule).
Memphis rent by bedroom count
Median rent for each apartment size in Memphis. Click any size for full breakdown.
Tips for renters in Memphis
Last updated: October 17, 2026
The median rent in Memphis is $1,259/mo as of October 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 29% of local median household income ($51,736/yr), Memphis ranks as affordable compared to the national benchmark of 30%. Rents have increased 1.8% over the past year.
Frequently asked questions
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How does Memphis rent compare to other cities in Tennessee?
At $1,259/mo, rent takes ~29% of Memphis's median household income ($51,736/yr). The standard benchmark is 30%.
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Estimated from ZIP-level data
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