Centennial Gardens
7841 N Garden Manor Dr,
Memphis, TN 38125
1-3 Beds | $1,259 - $1,779
Rental Market Trends in Memphis, TN
What is the average rent in Memphis, TN?
$1,026/month
Average Rent
698 Sq Ft
Average Apartment Size
+1.2%
Increase in the Last Year
As of February 2025, the average rent in Memphis, TN is $1,026 per month. This is 34% lower than the national average rent of $1,556/month, making renting in Memphis more affordable than most cities in the US. When you rent an apartment in Memphis, you can expect to pay about $961 per month for a studio, $1,026 for a one-bedroom apartment, and around $1,062 for a two-bedroom apartment. If you opt for a three-bedroom rental, you could pay $1,271 or more.
Floor Plan Type
Average Rent
Average Sq Ft
Floor Plan Type
Average Rent
Average Sq Ft
Floor Plan Type
Average Rent
Average Sq Ft
Floor Plan Type
Average Rent
Average Sq Ft
How much has average rent changed in Memphis, TN?
In the past year, rent has increased by 1.2%, which averages out to $13 more per month.
Market Trends Over Time
The chart below compares average rent prices to the previous year during the same time period.
Last Updated February 2025
Legend
2024
2025
Rent Ranges in Memphis, TN
Last Updated February 2025
$700 - $1,000
Most rental prices fall within this range
Percentage*
Rent Range
28%
Below $700/month
35%
$700 - $1,000/month
29%
$1,001 - $1,500/month
7%
$1,501 - $2,000/month
1%
Above $2,000/month
Rent by Neighborhood
Last Updated Today
What are the most affordable neighborhoods in Memphis?
Based on current rent prices, Raleigh, Fox Meadows and Parkway Village are the most affordable neighborhoods in Memphis.
Neighborhood
Average Rent
Average Sq Ft
What are the most expensive neighborhoods in Memphis?
Based on current rent prices, Medical District, Riverwalk and South Main are the most expensive neighborhoods in Memphis.
Neighborhood
Average Rent
Average Sq Ft
Which Memphis neighborhoods have the most rentals available?
The neighborhoods in Memphis with the most apartments available are Southeast Memphis, Northeast Memphis and Downtown Memphis .
Neighborhood
Average Rent
Average Sq Ft
What salary do I need to live comfortably in Memphis, TN?
Because the average rent in Memphis is $1,026, you’ll want to make about $3,420 per month or $41,040 per year. The general guideline is to pay no more than 30 percent of your monthly income on rent. However, you’ll want to consider additional factors, such as your monthly bills and other expenses. Use our rent affordability calculator to help determine how much to budget for rent.
Cost of Living
The cost of living in Memphis, TN is 9.9% lower than the national average. Generally, housing in Memphis is 15.5% less expensive than the national average, with rent falling between $961 - $1,271. You can expect to pay 0.3% less for groceries, 15.6% less for utilities, and 10.8% less for transportation.
How does Memphis, TN compare to other nearby cities and neighborhoods?
Use the tool below to compare Memphis, TN to other nearby cities and neighborhoods. The Apartments.com neighborhood guides provide you with insight into the area’s transportation, things to do, and more.
Studio
$600/month
$1,006/month
One Bedroom
$765/month
$1,091/month
Two Bedroom
$851/month
$1,274/month
Three Bedroom
$1,088/month
$931/month
Nearby City Rent Trends
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Methodology
† Rent data is provided by CoStar Group’s Market Trend reports. As the industry leader in commercial real estate information, analytics, and news, CoStar conducts extensive research to produce and maintain a comprehensive database of commercial real estate information. We combine this data with public record to provide the most up-to-date rental information available.
* Percentages may not total 100 due to rounding.