Apartments for Rent in Memphis, TN

Prices and availability in Memphis, TN were last updated on 24 May 2026.

The best apartments in Memphis, TN are: The Local Apartments, The Nova Apartments, Waterford Place Apartments, The Meridian Apartments and Longview Gardens.

The average rent in Memphis, TN is $1,073.

The price range for a studio apartment in Memphis, TN is between $725 and $3,881.

The price range for a 1-bedroom apartment in Memphis, TN is between $645 and $5,090.

The price range for a 2-bedroom apartment in Memphis, TN is between $622 and $7,148.

The price range for a 3-bedroom apartment in Memphis, TN is between $725 and $7,394.

In Memphis, 55% of the residents are renting compared to 45% owning a home, according to data from the U.S. Census Bureau. Large-scale apartment buildings with more than 50 units represent 10% of Memphis's rentals, 50% are small-scale complexes with under 50 units, and 39% are single-family rentals.

The age and size of multifamily buildings are among the most visible characteristics of the rental market in a city. In this case, the apartment buildings in Memphis are about 39 years old, on average. Of these, 24% have been built since 2000, representing the newer options on the market and typically offering more amenities. Rental buildings in the city have an average height of 3 stories. About 92% of the rental communities here are low-rise, garden-style communities, 4% are mid-rises, and 5% are high-rise buildings. These are true especially for large-scale multifamily buildings with over 50 apartments.

Studio apartments in Memphis are around 3% of rentals, while 1-bedroom floor plans represent 35% of the total stock. For those in search of larger rentals, 2-bedroom floorplans make up 51% of all rentals. More generous apartments with 3 bedrooms or more are also available in this city for those in search of more space.