Memphis Rental Market Data & Rent Estimates

Median rents, rental comps, and market trends across 20 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

$1,192

Rent Change (YoY)

-7.0%

Avg Days on Market

Active Rental Listings

3,063

Median List Price

$157,500

Median Asking Rent Over Time

Average across 20 zip codes

12 months-8.7%

Median Asking Rent by ZIP Code

Rental Listings by ZIP Code

ZIP	Median Rent	YoY Growth	$/Sqft	Avg DOM	Listings
38125	$1,970/mo	0.0%	$1.06	44	162
38119	$1,750/mo	-2.2%	$1.12	63	47
38103	$1,705/mo	-25.7%	$1.51	58	102
38117	$1,550/mo	0.0%	$1.20	25	99
38120	$1,356/mo	-20.2%	$1.32	46	47
38128	$1,265/mo	-9.3%	$1.00	26	189
38115	$1,235/mo	-11.5%	$0.93	35	129
38118	$1,200/mo	-7.0%	$1.02	19	130
38116	$1,195/mo	-10.1%	$0.99	24	104
38111	$1,170/mo	-6.4%	$1.08	27	306
38107	$1,100/mo	-7.9%	$0.97	31	125
38109	$1,099/mo	-1.4%	$1.05	17	207
38112	$1,095/mo	+0.5%	$1.03	47	149
38122	$1,095/mo	-8.8%	$1.05	26	164
38127	$1,050/mo	-3.7%	$0.99	21	309
38104	$1,025/mo	-14.6%	$1.21	62	271
38114	$1,000/mo	+5.3%	$1.04	36	181
38106	$995/mo	-0.5%	$0.96	33	174
38108	$950/mo	0.0%	$1.01	28	129
38105	$895/mo	-16.7%	$1.16	56	39

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Median Asking Rent by Bedroom

Unit Size	Median Rent	$/Sqft
Studio	$858/mo	$1.98/sqft
1 Bedroom	$798/mo	$1.25/sqft
2 Bedroom	$900/mo	$1.02/sqft
3 Bedroom	$1,300/mo	$1.02/sqft
4 Bedroom	$1,598/mo	$1.00/sqft

Aggregated median across all Memphis zip codes with available data.

For-Sale Listings by ZIP Code

ZIP	Median List Price	YoY Change	$/Sqft
38120	$455,000	-2.2%	$173.75
38103	$354,000	-2.3%	$211.29
38125	$320,000	-3.0%	$140.46
38104	$299,000	-14.5%	$171.21
38117	$295,000	-7.8%	$170.95
38119	$289,975	-5.2%	$140.36
38112	$225,000	-4.3%	$137.56
38111	$189,000	-16.0%	$141.81
38122	$169,000	0.0%	$130.07
38116	$165,000	-5.7%	$99.90
38107	$150,000	-6.2%	$105.45
38115	$148,000	+2.1%	$92.20
38118	$140,000	+3.1%	$104.45
38128	$140,000	-15.1%	$101.92
38114	$105,000	+1.9%	$106.44
38108	$100,000	+51.7%	$102.17
38127	$100,000	-4.8%	$90.35
38109	$99,000	-1.0%	$92.95
38105	$85,000	-46.9%	$140.21
38106	$69,900	+1.3%	$70.37

HUD Fair Market Rents

Unit Size	Fair Market Rent	Median Asking Rent	Difference
Studio	$1,590/mo	$858/mo	-46%
1 Bedroom	$1,730/mo	$798/mo	-54%
2 Bedroom	$1,910/mo	$900/mo	-53%
3 Bedroom	$2,520/mo	$1,300/mo	-48%
4 Bedroom	$2,940/mo	$1,598/mo	-46%

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.

About the Memphis Rental Market

The median asking rent across Memphis, TN is currently $1,192/month, based on active rental listings across 20 zip codes. Median asking rents have decreased by -7.0% over the past 12 months.

Asking rents vary significantly across the city. ZIP 38125 has the highest median asking rent at $1,970/month, while ZIP 38105 comes in at $895/month.

Rental listings in the area spend an average of 36 days on market before being leased, suggesting a more tenant-friendly market.

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.

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