Raleigh, Memphis, TN Rental Market Trends
Last updated: February 22, 2026 | Source: RentCafe Market Analysis, Yardi Matrix, U.S. Census Bureau
Highlights
The average rent for an apartment in Raleigh is $914, a 2.1% increase compared to the previous year, when the average rent was $895.
One-bedroom apartments provide 710 square feet for $814, balancing privacy and affordability.
Two-beedroom units at $912 offer 950 square feet, perfect for roommates or small families.
Three-bedroom apartments deliver maximum space (1,286 sq ft) for $1,136, suitable for larger households.
Average rent in Raleigh, Memphis, TN
Last updated: February 22, 2026
| Average Rent | Average Apartment Size | |
|---|---|---|
| All Rentals | $914 | 929 sq. ft. |
| Studio | n/a | n/a |
| 1 Bed | $814 | 710 sq. ft. |
| 2 Beds | $912 | 950 sq. ft. |
| 3 Beds | $1,136 | 1,286 sq. ft. |
Raleigh, Memphis, TN rent trends
Rental prices in Raleigh, Memphis, TN have increased by 2.1% over the past year. The average rent moved from $895 to $914.
What's the typical rent budget in Raleigh, Memphis, TN?
The largest share of rentals in Raleigh, Memphis, TN (85%) fall between - per month. This suggests that most people succesfully find suitable apartments within this price.
Do most people rent or own in Raleigh, Memphis, TN?
7,201 or 56% of the households in Raleigh, Memphis, TN are renter-occupied while 5,655 or 44% are owner-occupied.
Most affordable neighborhoods in Raleigh?
University Area $708/month
Orange Mound $728/month
Frayser $760/month
All of these neighborhoods fall below the city wide average of $1,134/month.Most expensive neighborhoods in Raleigh?
Mud Island $1,535/month
Binghampton $1,551/month
Normal Station $1,649/month
These neighborhoods typically command higher rents due to location, amenities, and demand.Average Rent in Memphis, TN By Neighborhood
| Neighborhood | Average Rent |
|---|---|
| Normal Station | $1,649 |
| Binghampton | $1,551 |
| Mud Island | $1,535 |
| Central Gardens | $1,515 |
| South Riverdale | $1,503 |
| Windyke - Southwind | $1,465 |
| Chickasaw Gardens | $1,464 |
| Med District | $1,424 |
| Downtown Memphis | $1,405 |
| River Oaks | $1,380 |
| Brennan | $1,365 |
| Uptown Memphis | $1,363 |
| Cordova | $1,321 |
| Lenox | $1,187 |
| Midtown Memphis | $1,159 |
| New Chicago | $1,157 |
| Bal - Moral | $1,135 |
| Riverside | $1,072 |
| Shelby Farms Park | $1,045 |
| Colonial | $1,035 |
| Hickory Hill | $1,024 |
| Galloway | $1,013 |
| Southside Memphis | $978 |
| Meadow Brook | $975 |
| Sherwood Forest | $932 |
| Fox Meadows | $929 |
| Raleigh | $914 |
| Oakville | $912 |
| O'brien | $895 |
| Berclair | $892 |
| Parkway Village | $891 |
| Chickasaw Oaks | $835 |
| Whitehaven | $813 |
| Oakhaven | $799 |
| Alcy - Dunn | $780 |
| Bethel Grove | $776 |
| Frayser | $760 |
| Orange Mound | $728 |
| University Area | $708 |
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Memphis | Rent Comparison by Neighborhood
Rent in Raleigh is 17% higher than in Alcy - Dunn
$914
Raleigh rent is the same as Memphis average
Average Rent
$914
$780
Alcy - Dunn rent is 15% lower than Memphis average
Average Rent
$780
Where this data comes from
The rental statistics on this page were compiled by RentCafe.com, a nationwide apartment search website trusted by millions of renters to find apartments and houses for rent throughout the U.S.
Rent prices, trends, and apartment sizes were calculated based on data from our sister company, Yardi Matrix, an apartment market intelligence solution that covers approximately 90% of the U.S. metro area population. The data includes comprehensive information on all Raleigh apartment buildings with 50 or more units, totaling 23.5 million apartments across 181 U.S. markets.
Housing composition data was sourced from the U.S. Census Bureau, using the most recently available information by tenure.