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August 1, 2024

What's The Average Rent In Memphis, TN

Zoe Harper

Marketing

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Memphis, TN, offers lots of rental choices that showcase its lively culture and growth. It's Tennessee's biggest city, featuring both high-end and budget-friendly homes. This makes it great for people looking to rent. The average rent in Memphis is $1,086. This rate hasn't changed much recently, dropping slightly by 0.9% from last year¹.

This stable rent shows the market in Memphis isn't as volatile as in other cities. Despite this, rent growth in Memphis is still lower than the national rate. It didn't increase from June and fell by 0.9% over the last year¹. ApartmentAdvisor is a useful site for those wanting to keep up with rental trends. It looks at thousands of apartment listings to help renters and landlords.

Key Takeaways

The median rent in Memphis is $1,086 as of the latest updates.
No significant change in rent prices from the previous month, but a year-over-year decrease of 0.9%.
Memphis's rent growth is below the national average, with a 0.0% increase over June this year.
The median rent in Memphis ranks #90 among the largest 100 cities in the U.S.
Rental costs in Memphis are 23.0% lower than the national median rent.
The median rent for a 1-bedroom apartment is $907, while a 2-bedroom apartment averages $1,028.

The Cost of Living in Memphis, TN

Living in Memphis, TN, is quite affordable. It's much less than what most people pay around the country. This makes life easier for many. People find they can cover their living costs in Memphis without trouble.

Everything from housing to entertainment costs less. This means residents or those thinking of moving here can enjoy a good life without spending too much.

Goods & Services

Goods and services are about 9% cheaper in Memphis than elsewhere in the nation. This makes living or moving to Memphis an attractive option. Every day expenses are easy to handle, making life in Memphis budget-friendly for all².

Groceries

Groceries cost about 4% less in Memphis compared to the national average. This price drop helps families and individuals buy what they need while saving money. Shopping for groceries in Memphis means essentials are more within reach financially, lightening the load on residents' wallets².

Health

Healthcare costs are around 12% lower in Memphis than the U.S. average. This makes medical care more affordable and accessible. Lower health expenses lead to a better quality of life and easier budgeting for essentials in Memphis².

Housing Costs Compared to the National Average

Housing in Memphis, TN, is more affordable than in many U.S. cities. On average, houses cost about 34 percent less than the national average³.

Rent Trends by Neighborhood

Choosing where to rent in Memphis is important. Rent varies a lot depending on the neighborhood. For a one-bedroom, the median rent is $1,086³.

Places near the city center cost more. But, suburbs and areas further out are usually cheaper.

Historical Rent Data

Looking at past rent prices helps understand trends. For example, Memphis rents dropped by 0.9% from last year¹. This matches the state's trend.

Halfway through this year, Memphis rents stayed the same. This shows slower growth compared to last year's 1.3% increase¹.

Comparing old rent data can show the best times to rent. Doing this could save you money versus the national average.

Average Rent for Studio Apartments in Memphis, TN

Studio apartments in Memphis, TN, come in many sizes and price ranges. This lets renters pick places that fit their budget and space needs. The average rent for studios in Memphis is around $1,170 a month. These spaces are usually about 1,001 square feet. But, these averages can change a lot by neighborhood. Some areas might not have enough data for accurate averages.

Studio Apartment Sizes

Looking for a studio in Memphis means seeing lots of different sizes. On average, studios are about 1,001 square feet. This size means tenants get enough room for their things at a good price. It's a comfortable amount of space for furniture and personal items.

Average Studio Rent in Various Neighborhoods

Rental prices for studios in Memphis vary by neighborhood. Some areas are in high demand, causing rents to be higher. Elsewhere, you might find more affordable options. On average, rent for studios in some neighborhoods is between $1,297 to $1,318. It's key to look around different areas to find a good match for your money and lifestyle. Memphis's rent market is stable, with a median rent of $1,086. This makes it the 90th most expensive big city in the U.S. for renters, staying under the national average¹.

For extra details on renting in Memphis, including comparisons and history, check out the full report on Apartment List¹.

Average Rent for One-Bedroom Apartments in Memphis, TN

Looking for a one-bedroom apartment in Memphis? You'll find many choices, fitting all sorts of budgets. The average cost is about $907 a month¹. This makes it a great deal for single people or couples who want a good mix of price and space.

Even though the average rent in Memphis is $1,086, one-bedrooms are cheaper¹. The rental prices have dropped by 0.9% in the last year. This matches what's happening around Tennessee and the whole country¹. Also, rents haven't really changed in the past six months, showing the market is steady¹.

If you're searching for a deal, Memphis has plenty. You can find one-bedroom apartments starting at $741¹. This shows how competitive the prices are here compared to cities like Tucson, AZ, and Baton Rouge, LA¹.

Looking for more info on renting in Memphis? Check this detailed guide. It's full of important details for renters and investors interested in one-bedroom apartments in Memphis¹.

Average Rent for Two-Bedroom Apartments in Memphis, TN

Looking for a new home? Memphis offers two-bedroom apartments at a good price. The average rent is $1,028¹. This is great for families or anyone needing more room without breaking the bank.

Rent prices have slightly dropped by 0.9% from last year¹. Even with this decrease, Memphis's rental market is stable. In a comparison of large U.S. cities, Memphis is the 90th most expensive for two-bedroom apartments¹. This makes it a less costly choice for many renters.

Memphis's rent is 23.0% lower than the U.S. median¹. This is a big deal for renters looking for affordable options. For those interested, this rent report offers valuable insights.

Whether you're a small family, sharing with a friend, or just want extra space, Memphis is a smart pick. Its stable rent and lower prices make it especially appealing for two-bedroom apartments¹.

Summing up, Memphis is an excellent choice for those seeking affordable two-bedroom apartments. It offers value and a variety of living options for renters.

Average Rent for Three-Bedroom Apartments in Memphis, TN

Three-bedroom apartments in Memphis range from $1,011 to $3,623. This offers a great variety for both families and individuals needing more room⁴. With 1,807 rental listings available, finding a three-bedroom apartment in Memphis, TN, is easy⁴. Some listings even offer discounts, like $223 off or one month free rent⁴.

In 2023, the median rent for three-bedroom apartments in Memphis was $1,086¹. Rents range from $1,011 to $3,513⁴. Almost half of Memphis's residents rent, showing a strong demand for the available listings⁵.

Memphis's rental prices vary by neighborhood. For example, East Memphis offers three-bedroom homes around $1,200⁵. Residents can choose between apartments and single-family homes, fitting different lifestyles and budgets.

In Germantown, rent averages $1,400, appealing to families and retirees⁵. Cooper-Young, however, offers more affordable rents at $747, perfect for young professionals⁵. So, from budget-friendly to premium spaces, Memphis has a three-bedroom apartment for anyone.

The Most Affordable Neighborhoods in Memphis, TN

Bethel Grove and Orange Mound are top picks for affordable living in Memphis. They offer good homes without costing too much. People enjoy a nice life there without emptying their pockets.

Bethel Grove

Bethel Grove stands out for those valuing both affordability and community. A two-bedroom place costs around $813 a month⁶. This makes it great for both families and individuals. It’s loved for its low rent and tight-knit community feel.

Orange Mound

Orange Mound is also a budget-friendly spot in Memphis. A two-bedroom apartment is priced at about $850 monthly⁶. If you need more space, a three-bedroom average is $1,155⁶. These areas show that living well in Memphis doesn't have to be expensive. They help keep life affordable and enjoyable.

For extra info on budget-friendly areas in Memphis, TN, check out more housing details here ⁶.

The Most Expensive Neighborhoods in Memphis, TN

In Memphis, upscale neighborhoods offer top-notch living with a high price. Normal Station and Vollintine-Evergreen are known for their high rents and great amenities.

Normal Station

The Normal Station area is known for its competitive rental market and high-end options. A two-bedroom costs about $1,075, while a three-bedroom is much higher at $1,900⁷. It's close to famous places and shopping areas, making it a great choice for those who want luxury and convenience.

Vollintine-Evergreen

Vollintine-Evergreen also attracts those looking for quality living. Here, a two-bedroom apartment goes for roughly $950. A three-bedroom apartment costs about $1,325⁷. It's a place with historic beauty and a lively community, perfect for families and working professionals.

Compared to Harbor Town and South Main, where rents are between $1,500 and $2,000, Normal Station and Vollintine-Evergreen are a bit more affordable. They still offer a luxurious lifestyle⁷. This makes these neighborhoods stand out in Memphis's high-end rental market.

Factors Influencing Rental Prices in Memphis, TN

Understanding what affects rental prices in Memphis is key for renters and investors. Several things matter, like the property's location, the amenities, and how big the apartments are.

Location

Where an apartment is located can really affect its rent. Apartments near downtown Memphis, East Memphis, and Midtown are more expensive. Being close to job centers and public transport also makes a place more attractive, which can increase its rent. For more detail on how location affects rentals in Memphis, check out this detailed analysis ⁸.

Amenities

The features of Memphis apartments can make rents go up. Things like swimming pools, modern gyms, and fancy interiors can make a place cost more. Apartments with parks are great for families, and ones with smart tech appeal to young people. It’s clear that better amenities mean higher rents across Memphis neighborhoods⁹.

Square Footage

The size of an apartment affects how much it costs. Bigger places have higher rents. Data shows that rents for big apartments, like three-bedrooms, have jumped by as much as 16.2% in a year. This increase is because people want more space. With rent prices rising, it’s important for renters to think about how big of an apartment they need in Memphis.

Comparing Memphis Rent to Other Cities in the South

Memphis is known for its affordability among Southern cities. It's cheaper to rent here compared to places like Nashville and Atlanta. This allows people to choose the best option for their budget.

Memphis vs. Nashville

Rent in Memphis is usually less expensive than in Nashville. Despite Nashville's economic success, it's more costly to live there. Memphis is a great option for those who want city life without the high cost¹⁰. It's a key reason to consider Memphis over Nashville.

Memphis vs. Atlanta

Memphis wins on affordability against Atlanta too. Atlanta's bigger population and economy make it more expensive. Yet, Memphis offers a similar urban vibe for less money. This makes Memphis attractive for those watching their budget but still wanting city amenities¹¹.

Tips for Finding Affordable Rent in Memphis, TN

Looking for low-cost rent in Memphis takes careful planning. Use various tools and strategies to land a great deal.

Use Online Rent Calculators

Online rent calculators are a huge help. They let you figure out your rent budget, considering Memphis's cost of living¹. They use the current rent prices, averaging at $1,086¹, to guide your budget planning.

Explore Various Neighborhoods

Checking out different areas can reveal cheaper housing. While some places might be pricey, others offer lower rent¹. For example, Memphis's rents have dropped by 0.9% from one year to the next¹.

You could find an area that suits your budget and lifestyle by searching more broadly.

Consider Roommates

Getting roommates is a smart move to cut rent costs in Memphis. It makes pricier places more reachable. With a median rent for a two-bedroom apartment at $1,028, sharing can turn an expensive option into an affordable one¹.

This method saves you money and can bring people together.

Conclusion

Memphis, TN, gives you an exciting and budget-friendly life. The city’s cost of living index is only 77.5, much lower than the national average of 100¹². This makes Memphis an attractive option for many. With median rent at about $900, it suits both young professionals and families looking for savings¹². Here, you can find anything from a simple studio to a big three-bedroom house.

Checking out Memphis’s neighborhoods, you’ll see a range of housing from affordable Bethel Grove to high-end East Memphis. The city’s rental scene answers to all kinds of budgets and lifestyles¹³. The average cost for a three-bedroom house is around $1,350 per month. Over the last year, home prices rose by about 22%, and rents go up roughly 11% each year¹². This shows Memphis is getting more popular and its housing market is strong.

If you want to know more about renting in Memphis, looking online can help a lot. With the right facts and a bit of planning, finding a great place in Memphis can be easy and affordable. For a closer look at living costs in Memphis, check out this detailed guide here ¹².

FAQQ: What is the average rent in Memphis, TN?

How does the cost of living in Memphis, TN compare to the national average?

Living in Memphis costs less than many other places. Things you buy and use cost 9% less here. Grocery prices are 4% lower. Health care costs are also 12% less than what most Americans pay.

What are the rent trends by neighborhood in Memphis, TN?

Rent varies a lot by neighborhood in Memphis, TN. For instance, two-bedroom apartments in Bethel Grove are about $813. But in Normal Station, they are around $1,075. It’s smart to look at rent histories and current places for rent to find a good spot that fits your budget.

What is the average size of studio apartments in Memphis, TN?

Studio apartments in Memphis, TN are usually around 1,001 square feet. This size can vary a bit between neighborhoods.

What is the average rent for one-bedroom apartments in Memphis, TN?

One-bedroom apartments in Memphis, TN cost about $895 per month on average. This makes them a good option for one person or a couple wanting an affordable place.

How much does a two-bedroom apartment cost in Memphis, TN?

Two-bedroom apartments in Memphis, TN are generally $980 a month. They offer a good space for smaller families or for sharing the rent.

What is the average rent for three-bedroom apartments in Memphis, TN?

The average cost for three-bedroom apartments in Memphis is about $1,300 a month. These places are great for bigger families or if you need more room.

Which are the most affordable neighborhoods in Memphis, TN?

Bethel Grove and Orange Mound are very affordable areas in Memphis. Two-bedrooms average $813 and $850, respectively. Three-bedroom places are about $1,165 and $1,155.

What are some of the most expensive neighborhoods in Memphis, TN?

Normal Station and Vollintine-Evergreen have higher rent in Memphis. Two-bedroom apartments in Normal Station are $1,075 on average. Meanwhile, in Vollintine-Evergreen, it's about $950. Three-bedroom homes jump to $1,900 and $1,325 in these areas.

What factors influence rental prices in Memphis, TN?

Rental prices in Memphis depend on things like location, what the apartment offers, and its size. Being close to the city center, having easy access to transport, and living in a desirable area can up the price. Places with amenities like pools or updated features also cost more. Bigger apartments will have higher rents too.

How do Memphis rents compare to other cities in the South?

Rents in Memphis are usually much lower than in cities like Nashville and Atlanta. This makes it a cheaper place to live while still enjoying city benefits.

What tips can help in finding affordable rent in Memphis, TN?

To find affordable rent in Memphis, try using online calculators to set your budget. Look in different neighborhoods for the best deals. And think about living with roommates to share the cost.