Memphis Rent Report: April 2024

Welcome to the Apartment List April 2024 Rent Report for Memphis, TN. Currently, the overall median rent in the city stands at $1,083, after falling 0.6% last month. Prices remain up 0.4% year-over-year. Read on to learn more about what’s been happening in the Memphis rental market and how it compares to trends throughout the nation as a whole.

Memphis rents are down 0.6% month-over-month and flat year-over-year

The median rent in Memphis fell by 0.6% over the course of March, and has now increased by a total of 0.4% over the past 12 months. Memphis’s rent growth over the past year has has outpaced both state (-2.0%) and national (-0.8%) averages.

Memphis rent growth in 2024 pacing similar last year

Three months into the year, rents in Memphis have fallen 0.3%. This is a similar rate of growth compared to what the city was experiencing at this point last year: from January to March 2023 rents had decreased 0.2%.

March rent growth in Memphis ranked #99 among large U.S. cities

Memphis rents went down 0.6% in the past month, compared to the national rate of 0.6%. Among the nation's 100 largest cities, this ranks #99. Similar monthly rent growth took place in Milwaukee, WI (-0.6%) and Fresno, CA (-0.9%).

Memphis is the #88 most expensive large city in the U.S., with a median rent of $1,083

Citywide, the median rent currently stands at $904 for a 1-bedroom apartment and $1,025 for a 2-bedroom. Across all bedroom sizes (ie, the entire rental market), the median rent is $1,083. That ranks #88 in the nation, among the country's 100 largest cities.

For comparison, the median rent across the nation as a whole is $1,220 for a 1-bedroom, $1,374 for a 2-bedroom, and $1,388 overall. The median rent in Memphis is 22.0% lower than the national, and is similar to the prices you would find in Tucson, AZ ($1,085) and Lincoln, NE ($1,077).