Yes, Memphis is affordable for renters in 2026. The city’s median rent sits at $1,074—well below the national average of $1,231, which makes it one of the most cost-accessible big cities in the South. Transportation costs are also more manageable than what you'll find in most metro areas. A single adult in Memphis spends around $10,112 a year on transportation, according to MIT’s Living Wage data. That's lower than what most urban renters are used to. Factor in rent, groceries, healthcare, and everyday expenses, and Memphis holds its own as a city where your paycheck stretches further. For renters who want to live close to downtown (without giving up space or sanity), this city makes a strong case.
Memphis rents are creeping up but not significantly. As of August 2025, the median rent is $1,074, according to Apartment List’s Rent Report. That’s nearly $160 below the national average and still one of the lowest price points among major Southern cities.
Rent prices here have ticked up around 2.2% over the past year, with the biggest shifts happening in Cooper Young and Binghampton, where renovated buildings and newer developments are pulling in renters looking for something updated without paying East Memphis prices. In the Downtown/Midtown submarket, a surplus of units in lease-up or under construction (4,723 as of early 2024) has put downward pressure on rent growth and caused softness in pricing
High-end units with river views are sitting longer, and renters can often score a deal, especially in buildings that opened just before the post-pandemic construction freeze. Local property managers say demand is steady but not surging. With fewer new buildings in the pipeline and more out-of-towners eyeing Memphis as a remote-work base, rents are expected to keep climbing, though likely under 4% for the year, according to MMG.
Rents in Memphis can swing depending on what part of the city you're in and how updated the building is. But here’s what renters are actually paying on average in 2026:
| Bedrooms | Average Rent Price | National Average Rent | Savings vs. National % |
|---|---|---|---|
| Studio | $951 | $1,665 | 42.86% |
| One-Bedroom | $1,120 | $1,757 | 36.23% |
| Two-Bedroom | $1,249 | $2,194 | 43.08% |
| Three-Bedroom+ | $1,503 | $2,689 | 44.09% |
If you’re coming from a bigger metro, those numbers probably feel like a glitch. But for Memphis renters, this kind of affordability is the norm.
As of October 2025, the average rent for a one-bedroom apartment in Memphis is $1,120. That number shifts depending on location and amenities. Want walkability and river views? A newer building in South Main or Central Gardens could run you closer to $1,400.
On the flip side, older complexes in Berclair, Parkway Village, or parts of Colonial Acres often stay under $950, with some dipping into the $800s if you’re okay with fewer upgrades.
Two-bedroom apartments in Memphis average $1,249 in 2026, about 43% below the national average. It’s a sweet spot for roommates, families, or renters who just want a home office that isn’t also their kitchen table.
Expect to pay more in neighborhoods like High Point Terrace or Cooper-Young, where renovated units are in high demand. If you’re looking for space on a tighter budget, look toward Hickory Hill, Berclair, or Southern parts of Whitehaven. There’s real value to be found if you’re willing to look just outside the hottest zip codes.
Memphis rents are well under the national average, which gives renters a real edge, especially when you stack this city next to other metros in the region. Here’s how Memphis looks in 2026:
| City | Average One-Bedroom Rent | Cost of Living Index |
|---|---|---|
| Atlanta, GA | $1,810 | 113.3 |
| Nashville, TN | $1,736 | 104.7 |
| Charlotte, NC | $1,629 | 102.5 |
| Memphis, TN | $1,120 | 85.8 |
| El Paso, TX | $1,091 | 81.9 |
| Shreveport, LA | $974 | 77.7 |
‡ Cost of Living Index: U.S. average = 100; Memphis’s 85.8 shows it’s ~14% cheaper overall.
Memphis beats many cities in both rent and total cost of living, making it an attractive option for renters who want more breathing room in their budget. Before starting your search, map out what’s realistic with your income (look at the 30% rule, utilities, etc.) so you don’t overreach.
One of the simplest ways to stay financially sane in Memphis is to follow the 30% rule: keep your rent at or below 30% of your gross monthly income. If you're bringing in $4,000 a month before taxes, look for something around $1,200 or less.
Luckily, that’s doable here. With the average one-bedroom rent in Memphis at $1,120, staying under that 30% line is a lot more realistic than in places like Nashville or Charlotte, especially if you’re open to neighborhoods like Berclair or Colonial Acres, where prices tend to be even lower.
The 50/30/20 method is a solid way to divvy up your take-home pay:
So if your monthly take-home is $3,800, you’ve got $1,900 to spend on everything in the “needs” category. Memphis’s lower cost of living helps make that math work, especially if you’re renting in areas like Fox Meadows or parts of Midtown.
A lot of Memphis landlords use the “3x rent” rule when screening applications. If rent is $1,200, they’ll want to see that you make at least $3,600 a month before taxes. It’s not a perfect system, but it’s good to know upfront, especially if you’re comparing places or splitting rent with a roommate.
Not every property is strict about this, but being close to that income benchmark usually makes the approval process smoother.
Memphis continues to be one of the most affordable big cities in the country in 2025. Overall, the cost of living is around 14% below the national average, and rent is a big reason why.
You’ll generally get more space for less here, whether that’s a two-bedroom with a balcony in Cordova or a studio in Cooper-Young that doesn’t feel like a shoebox. Housing pulls the overall index down, and transportation and healthcare costs are also lower than what you’ll find in most metros. Groceries land closer to the national average, but even then, your dollar stretches further at spots like Superlo or the South Memphis Farmers Market.
For renters, all that adds up to a city where you can cover the essentials and still have room in your budget for nights out, savings, or a future move, if you ever want to leave.
Utilities in Memphis run a bit higher than the national average, but they’re not dealbreakers. The average monthly electricity bill clocks in at $220.90, which can be a shock if you're coming from a city with milder summers. Blame the AC. July in Memphis is no joke.
Gas and water costs are more manageable, averaging $35.88 and $22.42 per month, respectively.
| Location | Average Electricity Cost | Average Gas Cost | Average Water Cost | Average Fuel Cost | Average Total Cost |
|---|---|---|---|---|---|
| Memphis | $220.90 | $35.88 | $22.42 | $0.32 | $240.8479.52 |
| Indiana | $162.70 | $18.96 | $34.14 | $0.65 | $216.44 |
| U.S. | $148.26 | $40.05 | $35.40 | $1.88 | $240.57 |
According to Numbeo, internet averages around $67.40 a month, and most renters still rely on cars. Public transit exists, but service can be spotty depending on your neighborhood. If you’re budgeting, it’s smart to factor in higher utility usage during the summer months and keep a buffer for those steamy Memphis days.
Your rent will shift dramatically depending on which corner of Memphis you live in. The table below shows average one- and two-bedroom estimates in selected neighborhoods, along with what kind of renter might find each area a fit.
Note: We used internal data and cross-referenced with neighborhood data from Apartments.com to give you the most accurate snapshot of rents across Memphis as of October 2025.
| Neighborhood | Average One-Bedroom Rent | Average Two-Bedroom Rent | Best For |
|---|---|---|---|
| Binghampton | $991 | $1,184 | Walkability, arts corridor, newer developments |
| Central Gardens | $2,027 | $1,500 | Historic homes, tree-lined blocks, charm |
| Mud Island | $1,685 | $1,967 | Waterfront views, urban amenities, prestige |
| Hickory Hill | $910 | $1,045 | Suburban feel, value, family-friendly |
| Parkway Village | $780 | $860 | Quiet, budget-conscious renters, slightly off core |
| Oakhaven | $750 | $845 | Affordable, lower rent options in older stock |
| Whitehaven | $587 | $682 | Affordable, southern corridor, often overlooked |
Trying to stretch your paycheck without sacrificing space? Memphis has several neighborhoods where rents stay well below the city average. You won’t find sparkling new builds or fancy rooftop decks in these areas, but you will find functional, budget-friendly apartments with quick access to grocery stores, schools, and main roads.
| Neighborhood | Average One-Bedroom Rent | Average Two-Bedroom Rent | Best For |
|---|---|---|---|
| Whitehaven | $587 | $682 | Affordable, southern corridor, often overlooked |
| Hyde Park | $659 | $709 | Lower rents, suburban feel, close to Graceland |
| Berclair | $700 | $825 | Value seekers, especially near Summer Ave. |
| Oakhaven | $750 | $845 | Affordable, lower rent options in older stock |
| Evergreen Historic District | $900 | $895 | Historic charm, central access, walkable streets |
Whitehaven sits in the far south of Memphis and consistently ranks as one of the city’s most affordable neighborhoods. Average one-bedroom rents hover around $830, far below the Memphis average. You won’t find new construction here, but you will find space, quiet streets, and proximity to essentials like Southland Mall, grocery chains, and the airport. It’s a strong pick for renters who want a larger unit or a yard without crossing the state line into Mississippi. Most apartments are older, garden-style builds, with several duplexes and small homes available for rent.
Oakhaven keeps is a simple and affordable Memphis neighborhood. Tucked near Memphis International Airport, this southeast neighborhood offers one-bedroom rents around $770 and two-bedrooms that often stay under $1,000. Transit options are minimal, but drivers have quick access to Lamar Ave. and I-240. The neighborhood skews residential and low-rise, with a mix of older apartment buildings and mid-century rentals. It’s ideal for renters who value quiet over flash and don’t need to be in the heart of the action to feel at home.
Located off Summer Avenue in East Memphis, Berclair is a working-class neighborhood where renters can still find deals, average one-bedrooms land around $925. Most properties are older, but well-kept, and the area’s central location gives it a leg up when it comes to commute times. It's a popular choice for renters who work in Midtown or Bartlett but don’t want to pay those ZIP code premiums. Bonus: you're close to great taquerias, thrift shops, and the best pupusas in town.
Evergreen feels like the quirky cousin of Midtown. While not the cheapest neighborhood on this list, average rents around $950 still undercut the city’s newer hotspots. It’s walkable, bikeable, and full of character. You’ll find early-1900s duplexes, cozy apartment buildings, and streets lined with crepe myrtles. Evergreen is especially popular with students, artists, and renters who want charm and location without breaking the bank.
Tucked into North Memphis, Hyde Park offers some of the lowest rents in the city, with one-bedrooms often under $800. If budget is your top priority, this neighborhood delivers. Most rentals here are older walk-ups, small duplexes, or houses split into apartments. You won’t find modern amenities or flashy finishes, but for renters who just need the basics, Hyde Park is worth a look. It’s a no-frills neighborhood, but proximity to Hollywood Street, local schools, and neighborhood churches gives it a strong sense of rhythm and routine. Just be prepared to rely on a car, as public transit options are limited.
| Neighborhood | Average One-Bedroom Rent | Average Two-Bedroom Rent | Best For |
|---|---|---|---|
| Central Gardens | $2,027 | $1,500 | Renters who love historic architecture, leafy streets, and a Midtown vibe that’s polished but never stuffy |
| Countrywood | $1,745 | $2,085 | Suburban comfort, top-rated schools, and more square footage without leaving Shelby County |
| Mud Island | $1,685 | $1,967 | River views, gated communities, and walkable access to Downtown without actually living in it |
| Richwood | $1,348 | $1,514 | Peaceful surroundings, newer developments, and that “just outside the city” feel that still keeps you close |
Central Gardens delivers peak Memphis charm with tree-lined streets, historic architecture, and front porches that look like they belong in a movie. It’s one of the city’s most desirable (and expensive) neighborhoods for renters who want character, location, and a neighborhood that actually feels like a neighborhood. You’ll find renovated duplexes, vintage walk-ups, and the occasional upscale carriage house. Rents are high, especially for anything updated or with original hardwoods. Still, for renters who want to live in the heart of Midtown without sacrificing style or green space, Central Gardens hits the sweet spot.
Countrywood, on the eastern edge of Memphis, blends suburban ease with polished living. Think cul-de-sacs, newer builds, good schools, and rent prices that reflect the amenities. It’s quiet, clean, and popular with families or renters who want a bit more elbow room and don’t mind a drive. Renters here usually get more square footage, attached garages, and newer finishes. If you’re looking for a two-bedroom with space to host game night (or store all your Costco runs), this is the kind of neighborhood where you’ll find it. Just know that demand stays high, especially for updated units.
Mud Island offers waterfront living without the downtown chaos. Apartments here run on the pricey side, but for good reason. Views of the Mississippi River, gated complexes, and private balconies are standard here, not rare. The vibe is polished but not pretentious. Renters who move here tend to stay awhile, drawn by walkable greenways, proximity to Harbor Town Square, and quiet streets just minutes from Downtown. It’s a favorite for professionals, remote workers, and anyone who values peace with perks.
Richwood is all about calm, comfort, and convenience. Located just northeast of the city, this neighborhood leans newer. Expect apartment complexes with amenities pools, gyms, and stainless steel everything. It’s one of the pricier areas to rent in Memphis, especially for townhome-style units and properties built in the last five to seven years. That said, it’s a solid match for renters who want that “just outside the city” feel with a quick commute and modern living. If you’re trading Midtown energy for peace and parking, Richwood might be your next move.
To comfortably afford Memphis’s average one-bedroom rent of $1,120, you’d want to earn at least $44,800 a year (or about $3,733 a month) before taxes, based on the 30% rent-to-income rule.
That lines up with Tennessee’s estimated livable wage for a single adult, which typically falls between $40,000 and $47,000 depending on your fixed costs, student loans, and lifestyle choices.
That said, plenty of Memphis renters get by on less. Neighborhoods like Whitehaven, Hyde Park, and Oakhaven keep costs low, and renting with roommates or opting for a studio can make the math even easier. Renters here know how to stretch a dollar, and the city makes it possible.
Yes. Monthly rent is just part of the equation. Renters in Memphis should keep an eye out for add-on costs in their budget that can sneak into the lease or show up after move-in:
Also, keep an eye out for “junk fees” or hidden costs like valet trash ($20/month), pest control add-ons, or sneaky admin fees for things like key fobs and package lockers. They don’t always show up in the listing, but they do show up on your bill.
Memphis already beats most cities on rent, but that doesn’t mean you can’t stack a few extra wins. Whether you’re moving across town or planting roots here for the first time, these renter-smart tips can help you stay within budget and avoid surprises:
1. Look Into Local Rental Assistance Options Groups like Memphis Housing Authority, MIFA, and United Housing, Inc. offer help with housing vouchers, rent assistance, and utility support, especially for renters facing financial strain. Some programs are income-based, while others support short-term needs like security deposits or energy bills.
2. Negotiate During the Off-Season If you can avoid moving in spring or early summer (aka peak rental season), you’ll have more leverage. Landlords in Memphis are often more open to deals between November and January. Move during the right time, and you could enjoy waived deposits, reduced rent, or bonus incentives like free parking or discounted pet fees.
3. Team Up With a Roommate or Two The average two-bedroom in Memphis rents for around $1,249. Split that, and you're paying just over $600 each. Neighborhoods like Berclair, Parkway Village, and Colonial Acres often have full homes or duplexes available for less than Midtown apartments, and plenty of space to share.
4. Prioritize Practical Value Over Flashy Perks Sure, that downtown tower has a gym and rooftop deck, but are you really going to use the sauna? Focus on what matters day-to-day: safety, commute time, nearby groceries, and enough space to breathe. You’ll save hundreds skipping luxury add-ons you don’t need.
5. Plan for Upfront Costs Ahead of Time Memphis move-ins come with application fees, deposits, moving costs, pet rent, and often a month or two of rent due upfront. Having $1,500–$2,000 saved before you start apartment hunting puts you in a stronger position, and keeps good places from slipping away while you “wait for payday.”
6. Know Your Rights as a Memphis Renter Tennessee law doesn’t limit security deposits, and landlords don’t need a reason to not renew your lease. But you do have rights—like a five-day grace period before eviction notices and the right to request repairs in writing. Memphis Area Legal Services (MALS) is a solid resource if anything gets murky.
Skip the guess work, and the 47 tabs. Whether you’re looking in budget-friendly spots like Whitehaven or Berclair, or eyeing Midtown favorites like Central Gardens or Mud Island, Memphis has an apartment that fits your vibe and your wallet.
Take Apartment List’s quiz and get matched with apartments based on your budget, priorities, and move-in timing. It’s fast, it’s personal, and way less stressful than sorting through listings that don’t match your life.
Yes, for most renters, especially short-term. Memphis home prices are lower than the national average, but rising interest rates, insurance, and upkeep costs can still make homeownership a stretch. Renting keeps things flexible and upfront costs low, which is a better fit for many students, young professionals, or renters not ready to settle down long-term.
Not compared to red-hot cities like Austin or Nashville. The Memphis rental market is steady, and you’ll usually have options, especially outside the Midtown and Mud Island zones. That said, good listings in places like Central Gardens or South Main can still go fast. Having your paperwork ready (and your move-in date dialed) helps.
According to MIT’s Living Wage Calculator, a single adult in the Memphis metro needs to earn about $21.54/hour or roughly $44,803 per year to cover essential costs without assistance. That number jumps with dependents, debt, or higher-cost housing, so it’s smart to budget with your full financial picture in mind.
You’ve got options. Neighborhoods like Oakhaven, Hyde Park, and Whitehaven offer below-average rents. Splitting a two-bedroom or looking for a house share can also cut your costs. For extra support, the Memphis Housing Authority, MIFA, and local churches offer rental aid, utility help, and emergency housing assistance.
Usually not. Most Memphis leases require you to pay for electric, water, gas, and internet separately. Some apartments include trash or pest control in the base rent, but it’s not standard, so double-check what’s covered before you sign anything.
In unit laundry, Granite counters, Pet friendly, Stainless steel, Walk in closets, Gym + more
In unit laundry, Hardwood floors, Dishwasher, 24hr maintenance, Stainless steel, Walk in closets + more
