Memphis, Tennessee Rental Market Trends
Any shifts in rent prices brought forth by the COVID-19 pandemic are not yet reflected in the statistics on this page. Please bear this in mind when referencing the data below, as it may not accurately describe the current context of the Memphis, Tennessee rental market.
Highlights
An apartment for rent in Memphis, Tennessee typically goes for $1,096 per month, while a single-family home for rent in Memphis, Tennessee has a monthly cost of around $1,378. Renter-occupied units make up 53% of the local housing market, while the rental vacancy rate in Memphis, Tennessee is at 7.9.
Memphis, Tennessee
Average Apartment Rent
$1,096
Y-o-Y Change in Average
Apartment Rent
0.3%
Average Single-Family Rent
$1,378
As of November 2024
Compared to a year ago, Memphis, Tennessee apartments have recorded a 0.3% rent increase.
Memphis, Tennessee Average apartment rent trend
Memphis, Tennessee Average Apartment Rent
Memphis, Tennessee Apartment rent ranges
At 43.87%, apartments priced $700 - $1000 represent the bulk of Memphis, Tennessee rentals, while condos priced Under $500 hold the lowest share of the market – 0.19%.
Memphis, Tennessee Housing tenure**
Renters take up 53% of Memphis, Tennessee real estate, occupying a total of 134,421 units, while homeowners live in 117,165 properties.
Median number of rooms of renter-occupied housing units**
4.7
Renter median household income**
$35,961
Average household size of renter-occupied housing units**
2.41
Rental vacancy rate**
7.9%
Memphis, Tennessee Renter-occupied housing units by no. of bedrooms**
There are 51,379 rentals in Memphis, Tennessee with 2 beds making up the highest share of the market, at 38%. Units with 5 or more beds, on the other hand, hold the lowest percentage (1%), amounting to 1,422 units. Overall, the median number of rooms in Memphis, Tennessee homes for rent is 4.7.
Memphis, Tennessee Renter-occupied units by age of householder**
Most condos for rent in Memphis, Tennessee are occupied by residents in the 25 - 34 years age group (29%), followed by those in the 35 - 44 years age group (20%). At the same time, people in the 85 years and over age group make up the lowest share of the local rental market – 2%.
Memphis, Tennessee Renter-occupied housing units by family type**
Memphis, Tennessee Renter-occupied housing units by the presence of own children**
A total of 64,447 apartments for rent in Memphis, Tennessee, or 48% of all rentals are family households. Additionally, 32% of rental homes include children under the age of 18 – that’s 42,529 units. All in all, the median size of a renter-occupied household in Memphis, Tennessee is 2.41.
Memphis, Tennessee Renter-occupied housing units by educational attainment**
In terms of education, renters holding bachelor degrees or higher make up 20% of the rental market. In contrast, residents with less than a high school degree reside in 14% of the homes for rent in Memphis, Tennessee.
Memphis, Tennessee Renter-occupied units by year structure built**
The highest share of Memphis, Tennessee apartment rentals, namely 20% or 26,276 units, were Built 1970 - 1979, followed by those Built 1950 - 1959 (18%, 23,676 units), and the ones Built 1980 - 1989 (14%, 18,185 units).
Memphis, Tennessee Renter-occupied units by year householder moved in**
Median year renter moved into unit 2017
Most Memphis, Tennessee renters (42%) moved in 2010 to 2017, while only 2% of them moved in 1990 to 1999. Overall, the median year renters have occupied their Memphis, Tennessee condos for rent is 2017.
Memphis, Tennessee Renter-occupied housing units by vehicles available**
When it comes to transportation options, 53% of Memphis, Tennessee renters have 1 vehicle available per household, 24% of them have 2 vehicles available, and 17% have No vehicle available.
Memphis, Tennessee Means of transportation to work of householders living in renter-occupied housing units**
Memphis, Tennessee Geographical mobility in the past year for householders living in renter-occupied housing units**
Memphis, Tennessee Average apartment rent by zip codes
The rental statistics on this page were compiled using data provided by our sister company, Yardi Matrix, an apartment market intelligence solution which offers comprehensive information on all Memphis, Tennessee apartment buildings 50 units or larger. Yardi Matrix covers ~80% of the U.S. metro area population, including over 80,000 properties and 15.2 million apartments across 124 U.S. markets.
*Average single-family rent calculated from point2homes.com data.
**Data sourced from U.S. Census Bureau; American Community Survey, 2022 American Community Survey 5-Year Estimates