Memphis, Tennessee Rental Market Trends

Disclaimer:

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

Median Rent Nov 2021 Mar 2022 Jul 2022 Nov 2022 Mar 2023 Jul 2023 Nov 2023 Mar 2024 Jul 2024 Nov 2024
Memphis $984 $1,005 $1,056 $1,063 $1,069 $1,080 $1,082 $1,073 $1,085 $1,096
National $1,596 $1,635 $1,708 $1,726 $1,714 $1,739 $1,733 $1,727 $1,752 $1,748
Memphis
National
Nov 2021
$984
$1,596
Mar 2022
$1,005
$1,635
Jul 2022
$1,056
$1,708
Nov 2022
$1,063
$1,726
Mar 2023
$1,069
$1,714
Jul 2023
$1,080
$1,739
Nov 2023
$1,082
$1,733
Mar 2024
$1,073
$1,727
Jul 2024
$1,085
$1,752
Nov 2024
$1,096
$1,748

Memphis, Tennessee Average Apartment Rent

Memphis, Tennessee Apartment rent ranges

Under $500
$500 - $700
$700 - $1000
$1,000 - $1,500
$1,500 - $2,000
Over $2,000

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**

Renter occupied housing units 134,421
Owner occupied housing units 117,165

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**

No bedrooms 4,558
1 bed 27,883
2 beds 51,379
3 beds 42,583
4 beds 6,596
5 or more beds 1,422

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**

15 - 24 years 11,632
25 - 34 years 38,830
35 - 44 years 27,542
45 - 54 years 20,162
55 - 59 years 9,339
60 - 64 years 9,126
65 - 74 years 11,617
75 - 84 years 4,145
85 years and over 2,028

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**

Family households 64,447
Non-Family Households 69,974

Memphis, Tennessee Renter-occupied housing units by the presence of own children**

With related children of the householder under 18 42,529
No related children of the householder under 18 91,892

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**

Less than high school graduate 18,908
High school graduate (including equivalency) 43,388
Some college or associate's degree 44,783
Bachelor's degree or higher 27,342

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**

Built 2010 - 2019 6,512
Built 2000 - 2009 9,846
Built 1990 - 1999 13,155
Built 1980 - 1989 18,185
Built 1970 - 1979 26,276
Built 1960 - 1969 18,058
Built 1950 - 1959 23,676
Built 1940 - 1949 9,650
Built 1939 or earlier 8,697

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**

Moved in 2021 or later 10,617
Moved in 2018 to 2020 52,928
Moved in 2010 to 2017 56,184
Moved in 2000 to 2009 9,672
Moved in 1990 to 1999 2,890
Moved in 1989 or earlier 2,130

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**

No vehicle available 22,218
1 vehicle available 70,733
2 vehicles available 32,040
3 vehicles available 6,687
4 or more vehicles available 2,743

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**

Car, truck, or van - drove alone 107,221
Car, truck, or van - carpooled 16,262
Public transportation (excluding taxicab) 2,095
Walked 2,841
Taxicab, motorcycle, bicycle, or other means 2,747
Worked at home 7,027

Memphis, Tennessee Geographical mobility in the past year for householders living in renter-occupied housing units**

Same house as 1 year ago 257,784
Moved within same county 45,084
Moved from different county within same state 2,582
Moved from different state 10,007

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

Check out rentals available in Memphis, Tennessee