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
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