True Cost of Renting in Memphis, TN

Memphis is where the Mississippi River meets the blues — and where FedEx runs the world's largest air cargo hub at Memphis International Airport. The city's storied musical heritage (Beale Street, Sun Studio, Graceland) coexists with a significant healthcare corridor anchored by the University of Tennessee Health Science Center and Le Bonheur Children's Hospital. Rents are among the most affordable of any major Southern metro.

Neighborhoods & Average Rents

Midtown Memphis

Studio:
$1,000/mo
1 Bed:
$1,200/mo
2 Bed:
$1,600/mo

Walkable corridor along Madison and Cooper avenues; historic apartments in renovated buildings, the Pink Palace Museum nearby, and the city's best restaurant and music scene outside of Beale Street. MLGW electric and water. Street parking generally free.

Cooper-Young

Studio:
$950/mo
1 Bed:
$1,150/mo
2 Bed:
$1,500/mo

Memphis's arts and entertainment district at the intersection of Cooper and Young; indie restaurants, record shops, and community events. Older apartments and house rentals at the lowest prices of any desirable Memphis neighborhood. Car helpful but walkable within the area.

East Memphis / Germantown

1 Bed:
$1,300/mo
2 Bed:
$1,700/mo

Upscale suburban corridor along Poplar Avenue; newer apartment communities with amenities. Car-dependent. Good access to FedEx corporate offices and healthcare corridor on I-240. Top-rated Germantown Municipal Schools.

Utility Providers

Electric
Memphis Light, Gas and Water (MLGW)
Water
Memphis Light, Gas and Water (MLGW)
Internet
Spectrum, AT&T Fiber, T-Mobile Home Internet

Commute & Transportation

Memphis's FedEx World Hub at Memphis International Airport is the city's largest private employer — 30,000+ employees across operations. The University of Tennessee Health Science Center and Regional Medical Center anchor the medical district on Madison Avenue. I-40 runs east-west (the main highway to Nashville, 3 hrs east, and Little Rock, 2 hrs west). I-240 forms the suburban ring. MATA (Memphis Area Transit Authority) provides bus service with limited frequency. Most Memphis employment requires a car.

Rental Market Overview

Memphis offers genuine affordability — median 1BR rents run $1,100–1,300/month with solid urban neighborhoods. MLGW is a city-owned utility that historically offers competitive electric, gas, and water rates as a bundled service. Summer bills in Memphis can be significant due to high humidity — budget $100–170/month in summer. FedEx provides stable anchor employment. Ongoing healthcare system investment is a long-term demand driver. Cooper-Young and Midtown offer a quality-of-life proposition that attracts national attention at local prices.

Data last updated: 2026-04

Compare Apartments in Memphis

Enter your rental options below to see the true all-in monthly cost.

Renting in Memphis: Common Questions

What is the average rent in Memphis?
One-bedroom apartments in Memphis range from $1,150/month in Cooper-Young to $1,300/month in East Memphis / Germantown. Two-bedroom units range from $1,500 to $1,700/month. These are base rents — add fees, utilities, and amenity costs to get the true all-in monthly cost.
What utilities do I need to set up in Memphis?
In Memphis, electricity is provided by Memphis Light, Gas and Water (MLGW), water by Memphis Light, Gas and Water (MLGW), and common internet providers include Spectrum, AT&T Fiber, T-Mobile Home Internet. Check whether your lease includes water or trash — some buildings bundle these into rent while others charge separately. Always ask the leasing office for the average monthly utility bill before signing.
What neighborhoods are affordable in Memphis?
Cooper-Young is one of the most affordable neighborhoods in Memphis, with one-bedroom apartments averaging $1,150/month. Memphis's arts and entertainment district at the intersection of Cooper and Young; indie restaurants, record shops, and community events. Older apartments and house rentals at the lowest prices of any desirable Memphis neighborhood. Car helpful but walkable within the area. Remember to factor in commute costs and parking fees when comparing neighborhoods — a cheaper base rent farther from work may cost more overall.
Is Memphis expensive to rent in?
Memphis offers genuine affordability — median 1BR rents run $1,100–1,300/month with solid urban neighborhoods. MLGW is a city-owned utility that historically offers competitive electric, gas, and water rates as a bundled service. Use RentCompare to calculate the true all-in cost for any apartment in Memphis — base rent alone does not tell the full story.

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