Median rents, rental comps, and market trends across 15 zip codes in Memphis, TN.
FedEx's hometown and a favorite for out-of-state investors buying sight unseen. No state income tax, logistics-driven economy, and entry prices that pencil easily. Just make sure you actually know the neighborhood — not every deal that looks good on a spreadsheet looks good in person.
Median Asking Rent
$1,136
Rent Change (YoY)
-7.3%
Avg Days on Market
35
Active Rental Listings
2,257
Median List Price
$158,500
Average across 15 zip codes
ZIP | Median Rent |
|---|---|
| 38119 | $1,675/mo |
| 38103 | $1,650/mo |
| 38117 | $1,500/mo |
| 38116 | $1,200/mo |
| 38118 | $1,200/mo |
| 38111 | $1,150/mo |
| 38122 | $1,135/mo |
| 38112 | $1,115/mo |
| 38109 | $1,095/mo |
| 38107 | $1,085/mo |
| 38104 | $1,029/mo |
| 38106 | $990/mo |
| 38114 | $990/mo |
| 38108 | $950/mo |
| 38105 | $860/mo |
Get rental comps for any property in Memphis
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| Unit Size | Median Rent |
|---|---|
| Studio | $899/mo |
| 1 Bedroom | $725/mo |
| 2 Bedroom | $905/mo |
| 3 Bedroom | $1,290/mo |
| 4 Bedroom | $1,550/mo |
Aggregated median across all Memphis zip codes with available data.
| ZIP | Median List Price |
|---|---|
| 38103 | $345,000 |
| 38104 | $295,000 |
| 38119 | $295,000 |
| 38117 | $279,500 |
| 38111 | $189,900 |
| 38112 | $179,900 |
| 38116 | $169,900 |
| 38122 | $158,500 |
| 38118 | $139,000 |
| 38107 | $124,900 |
| 38114 | $107,000 |
| 38105 | $105,000 |
| 38109 | $98,000 |
| 38108 | $90,000 |
| 38106 | $69,500 |
| Unit Size | Fair Market Rent |
|---|---|
| Studio | $1,590/mo |
| 1 Bedroom | $1,730/mo |
| 2 Bedroom | $1,910/mo |
| 3 Bedroom | $2,520/mo |
| 4 Bedroom | $2,940/mo |
Fair Market Rents are published annually by HUD for the Memphis metropolitan area. Local housing authorities use these to set Section 8 voucher payment standards, typically between 90% and 110% of the FMR.
The median asking rent across Memphis, TN is currently $1,136/month, based on active rental listings across 15 zip codes. Median asking rents have decreased by -7.3% over the past 12 months.
Asking rents vary significantly across the city. ZIP 38119 has the highest median asking rent at $1,675/month, while ZIP 38105 comes in at $860/month.
Rental listings in the area spend an average of 35 days on market before being leased.
The HUD Fair Market Rent for a 2-bedroom in the Memphis metro area is $1,910/month. Current median asking rents are near or below the FMR for this area.
Memphis is where a lot of out-of-state investors buy their first cash flow property, and the turnkey rental industry here is massive. FedEx is headquartered here and is far and away the largest employer. No state income tax in Tennessee is a bonus. Midtown, Cooper-Young, and East Memphis are premium. South Memphis and Frayser are where the turnkey operators focus because purchase prices are low. The thing about Memphis is that it's been an investor market for a long time, which means property management infrastructure is well-developed — there are a lot of PMs who specialize in out-of-state investors. That makes it operationally easier than some other cash flow markets. Just make sure you're getting accurate rent comps and not relying on what a turnkey company tells you a property will rent for.
Want to look up rental comps and rent estimates for a specific property in Memphis? PropMetrics lets you search any address and get detailed rental data instantly.
Get rent estimates, comparable rentals, and market data for any property in Memphis, TN. Free to start.
What rental comps are, what makes a good one, and how to use them to price your rental property accurately.
Fair market rent, Section 8, HUD... what does it all mean? A straightforward breakdown of how it works and why it matters.
A step-by-step guide to pricing your rental so it rents quickly without leaving money on the table.