Memphis is currently favoring renters: multiple trackers show rents flat or down year over year, and the spread between neighborhoods is wide enough that "the Memphis average" isn't very useful on its own. Here's the real range, sourced against HUD, Census, and the major listing trackers.
Citywide Averages for Memphis
What renters are seeing across major rent trackers in 2026:
- Studio: $980–$1,105/mo
- 1-bedroom: $1,076–$1,207/mo
- 2-bedroom: $1,153–$1,355/mo
- 3-bedroom: $1,368–$1,781/mo
Census ACS puts the city's median gross rent at roughly $1,123, sitting comfortably within that range.
Rent by Neighborhood
- Downtown Memphis: avg. $1,403/mo — the city's priciest core, close to FedExForum and the riverfront.
- Uptown Memphis: roughly $1,377/mo — a redeveloped area just north of Downtown, mixing renovated historic homes with newer builds.
- Harbor Town: 1BR roughly $1,438/mo, 2BR roughly $1,705/mo, 3BR roughly $2,119/mo — a planned island community on Mud Island with river and skyline views.
- Midtown Memphis: roughly $1,165/mo — historic, walkable, and home to the arts and restaurant scene around Overton Square.
- Cooper-Young: roughly $1,041/mo — a historic bungalow district known for its festival, independent shops, and restaurants.
- East Memphis: no hard, cross-confirmed rent figure was available for this pass — treat it qualitatively as a suburban, generally higher-cost area until better data surfaces.
FedEx's SuperHub and No Rent Control
Memphis is home to FedEx's "SuperHub" — the largest sort facility in FedEx's global network, employing roughly 30,000 local workers, with FedEx Logistics' global headquarters downtown. That's a major, steady anchor for the local job and rental market. Separately, Tennessee has barred local rent control statewide since 1981 (Tenn. Code §66-35-102), so no Memphis neighborhood can cap rent increases at renewal.
Memphis Renter Tips
- This is currently a renter-favorable market. Rents are flat to down year over year across multiple trackers — there's real room to negotiate.
- Rents swing significantly by neighborhood, with no legal ceiling on renewals. Since Tennessee bars local rent control, get any renewal-increase expectations in writing before signing.
- Factor in utilities separately in older housing stock. Some of Memphis's most affordable neighborhoods have older buildings where utility costs can offset a lower headline rent.
Browse Memphis rentals on EMLAKIE — listed directly by landlords, no broker fees.