South Junction Apartments
9 E Carolina Ave,
Memphis, TN 38103
1-2 Beds | $1,420 - $1,759
Rental Market Trends in Memphis, TN
Updated August 2026
The average rent in Memphis, TN is $1,050/month.
Rent in Memphis is 37% lower than the national average rent of $1,663/month, making this one of the less expensive cities statewide.
$1,050/month
Average Rent
706 Sq Ft
Average Size
+1.4%
Change / Year
9,652
Available Apartments
Memphis rent varies by unit size and layout:
- Studio apartments in Memphis average $962 per month.
- One-bedroom apartments in Memphis average $1,050 per month.
- Two-bedroom apartments in Memphis average $1,091 per month.
- Three-bedroom apartments in Memphis average $1,298 or more per month.
Average Rent by Home Type
Bedrooms
Average Rent
Average Sq Ft
Bedrooms
Average Rent
Average Sq Ft
Bedrooms
Average Rent
Average Sq Ft
Bedrooms
Average Rent
Average Sq Ft
How much has average rent changed in Memphis, TN?
In the past year, rent has increased by 1.4%, which averages out to $15 more per month.
Market Trends Over Time
August 2026
2025
2026
Rent Ranges in Memphis, TN
August 2026
$700 - $1,000
Most rental prices fall within this range
Percentage*
Rent Range
21%
Below $700/month
40%
$700 - $1,000/month
29%
$1,001 - $1,500/month
8%
$1,501 - $2,000/month
1%
Above $2,000/month
Rent by Neighborhood
What are the most affordable neighborhoods in Memphis?
Based on current rent prices, Whitehaven, Hyde Park 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, Cotton Row Historic District, Frayser and Mud Island 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 Hickory Hill, 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 $1,050, you’ll want to make about $3,500 per month or $42,000 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 10.8% lower than the national average. Generally, housing in Memphis is 16.3% less expensive than the national average, with rent falling between $962 - $1,298. You can expect to pay 1.5% less for groceries, 15.9% less for utilities, and 13.6% 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.
View the Memphis Area GuideStudio
$647/month
-
One Bedroom
$709/month
-
Two Bedroom
$829/month
-
Three Bedroom
$1,039/month
-
Compare Rent Trends Nearby
Get a clearer picture of the area by viewing rent trends in nearby cities.
-
Germantown
Avg Rent: $1,707/month
-
Bartlett
Avg Rent: $1,448/month
-
Cordova
Avg Rent: $1,195/month
-
Southaven
Avg Rent: $1,351/month
-
Horn Lake
Avg Rent: $1,220/month
-
West Memphis
Avg Rent: $661/month
-
Olive Branch
Avg Rent: $1,380/month
-
Marion
Avg Rent: $890/month
-
Millington
Avg Rent: $1,114/month
Apartment Communities in Memphis We Think You'll Love
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Frequently Asked Questions
What is the average rent in Memphis?
The average rent in Memphis is $1,050 per month, which is 36.9% lower than the national average of $1,663.
What is the average rent for a house in Memphis?
The average rent for a house in Memphis, TN is $1,534 per month.
What is the average rent for a townhome in Memphis?
The average rent for a townhome in Memphis, TN is $1,213 per month.
What is the average rent for a condo in Memphis?
The average rent for a condo in Memphis, TN is $1,065 per month.
Are rents going up or down in Memphis?
Rents in Memphis, TN are increasing, with prices up 1.4% year-over-year and $15 more per month.
What rent range is most common in Memphis?
In Memphis, TN, 40% of apartments fall between $700 - $1,000/month, though prices may vary depending on location and other factors.
Methodology
† Our analysis of utilities, groceries, transportation, healthcare, home prices, and other goods and services is sourced from the Cost of Living Index, a respected benchmark published by the Council for Community and Economic Research (C2ER) that provides a thorough overview of living expenses across different regions.
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.
Consumer goods, services, and home prices are sourced from the Cost of Living Index published by the Council for Community and Economic Research (C2ER). The data on this page is updated quarterly. It was last published in June 2026.
Demographic information comes from Neustar and combines detailed address data with U.S. Census and American Community Survey statistics to produce reliable local estimates.
* Percentages may not total 100 due to rounding.