161 Luxury Apartments for rent in Memphis, TN

Last updated July 16 at 7:28am UTC
The Madison Humphreys Center
330 N Humphreys Blvd
Memphis, TN
Updated July 16 at 3:21am UTC
1 Bedroom
$1,086
2 Bedrooms
$1,174
3 Bedrooms
$1,476
The Summit
4981 Hidden Lake Dr
Memphis, TN
Updated July 16 at 3:21am UTC
1 Bedroom
$626
2 Bedrooms
$790
3 Bedrooms
$923
Stratum on Highland
510 S Highland St
Memphis, TN
Updated June 22 at 3:45pm UTC
Studio
$1,049
2 Bedrooms
$779
4 Bedrooms
$589
199 S REESE ST
Joffre
Memphis, TN
Updated July 16 at 2:40am UTC
3 Bedrooms
$1,500
3545 WINDGARDEN CV
Lakes of Forest Hill
Memphis, TN
Updated July 16 at 2:40am UTC
5 Bedrooms
$3,500

July 2018 Memphis Rent Report

Welcome to the July 2018 Memphis Rent Report. Memphis rents increased over the past month. In this report, we'll evaluate trends in the Memphis rental market, including comparisons to cities throughout the state and nation.

View full Memphis Rent Report
Rent Report
Memphis

July 2018 Memphis Rent Report

Welcome to the July 2018 Memphis Rent Report. Memphis rents increased over the past month. In this report, we'll evaluate trends in the Memphis rental market, including comparisons to cities throughout the state and nation.

Memphis rents increased slightly over the past month

Memphis rents have increased 0.2% over the past month, but have been relatively flat at 0.3% in comparison to the same time last year. Currently, median rents in Memphis stand at $700 for a one-bedroom apartment and $820 for a two-bedroom. This is the fourth straight month that the city has seen rent increases after a decline in February. Memphis' year-over-year rent growth lags the state and national averages, which both stand at 1.4%.

Rents rising across cities in the Memphis Metro

Throughout the past year, rents have remained steady in the city of Memphis, but other cities across the entire metro have seen rents increase. Of the largest 10 cities that we have data for in the Memphis metro, all of them have seen prices rise. Tennessee as a whole logged rent growth of 1.4% over the past year. Here's a look at how rents compare across some of the largest cities in the metro.

  • Looking throughout the metro, Franklin is the most expensive of all Memphis metro's major cities, with a median two-bedroom rent of $1,300; of the 10 largest Tennessee metro cities that we have data for, all have seen rents rise year-over-year, with Smyrna experiencing the fastest growth (+4.4%).
  • Hendersonville, Knoxville, and Murfreesboro have all experienced year-over-year growth above the state average (4.4%, 4.3%, and 3.5%, respectively).

Memphis rents more affordable than many other large cities nationwide

Rent growth in Memphis has been relatively stable over the past year - some other large cities have seen more substantial increases; in contrast, rents in a few cities have actually declined. Memphis is still more affordable than most similar cities across the country.

  • Memphis' median two-bedroom rent of $820 is below the national average of $1,180. Nationwide, rents have grown by 1.4% over the past year compared to the stagnant growth in Memphis.
  • While rents in Memphis remained moderately stable this year, similar cities saw increases, including Phoenix (+2.3%), Atlanta (+1.9%), and Miami (+1.8%); note that median 2BR rents in these cities go for $1,040, $1,180, and $1,370 respectively.
  • Renters will find more reasonable prices in Memphis than most comparable cities. For example, San Francisco has a median 2BR rent of $3,070, which is more than three-and-a-half times the price in Memphis.

For more information check out our national report. You can also access our full data for cities and counties across the U.S. at this link.

Methodology - Recent Updates:

Data from private listing sites, including our own, tends to skew toward luxury apartments, which introduces sample bias when estimates are calculated directly from these listings. To address these limitations, we’ve recently made major updates to our methodology, which we believe have greatly improved the accuracy and reliability of our estimates.

Read more about our new methodology below, or see a more detailed post here.

Methodology:

Apartment List is committed to making our rent estimates the best and most accurate available. To do this, we start with reliable median rent statistics from the Census Bureau, then extrapolate them forward to the current month using a growth rate calculated from our listing data. In doing so, we use a same-unit analysis similar to Case-Shiller’s approach, comparing only units that are available across both time periods to provide an accurate picture of rent growth in cities across the country.

Our approach corrects for the sample bias inherent in other private sources, producing results that are much closer to statistics published by the Census Bureau and HUD. Our methodology also allows us to construct a picture of rent growth over an extended period of time, with estimates that are updated each month.

Read more about our methodology here.

About Rent Reports:

Apartment List publishes monthly reports on rental trends for hundreds of cities across the U.S. We intend these reports to be a source of reliable information that help renters and policymakers make sound decisions, and we invest significant time and effort in gathering and analyzing rent data. Our work is covered regularly by journalists across the country.

We are continuously working to improve our methodology and data, with the goal of providing renters with the information that they need to make the best decisions.