Average Rent in Memphis 2026
Memphis Rent Prices by Bedroom
1 Bedroom
$1,050
per month
2 Bedrooms
$1,250
per month
3 Bedrooms
$1,550
per month
Monthly Housing Cost Breakdown in Memphis
Rent is only part of your monthly housing cost. Here is what the average Memphis renter pays when you add utilities, internet, and renters insurance to rent.
| Expense | 1-Bedroom | 2-Bedroom | 3-Bedroom |
|---|---|---|---|
| Rent | $1,050 | $1,250 | $1,550 |
| Utilities (electric, gas, water, trash) | $80 | $100 | $120 |
| Internet | $70 | $70 | $70 |
| Renters insurance | $14 | $17 | $20 |
| Total monthly | $1,214 | $1,437 | $1,760 |
Utility estimates scale with Memphis’s cost of living index (85). Your actual bill depends on unit size, climate, and individual usage.
Cost of Living in Memphis
85
Cost of Living Index (100 = national average)
Memphis's cost of living index is 85, which is 15% below the national average. This index factors in housing, groceries, transportation, healthcare, and utilities. A higher number means you need more income to maintain the same standard of living compared to the national average.
Memphis at a Glance
Population
628K
Median Income
$41,228
COL Index
85
Rent Control
No
How Much Income Do You Need to Rent in Memphis?
The widely accepted guideline is to spend no more than 30% of your gross income on rent. Here is the minimum annual income you need to afford an apartment in Memphis by bedroom count.
| Apartment | Monthly Rent | Min Annual Income | Min Hourly Wage |
|---|---|---|---|
| 1-Bedroom | $1,050/mo | $42,000 | $20.19/hr |
| 2-Bedroom | $1,250/mo | $50,000 | $24.04/hr |
| 3-Bedroom | $1,550/mo | $62,000 | $29.81/hr |
Based on the 30% rule and a 2,080-hour work year. Many landlords also require gross income of 2.5x to 3x the monthly rent or a guarantor who earns 80x rent annually.
What Rent Can You Afford in Memphis at Your Income?
Use this table to see the maximum monthly rent you can afford at different income levels, and which Memphis apartment sizes that fits.
| Annual Income | Gross Monthly | Max Rent (30%) | Fits in Memphis |
|---|---|---|---|
| $40,000/yr | $3,333 | $1,000 | Studio or roommate |
| $60,000/yr | $5,000 | $1,500 | 2-bedroom or smaller |
| $80,000/yr | $6,667 | $2,000 | 3-bedroom or smaller |
| $100,000/yr | $8,333 | $2,500 | 3-bedroom or smaller |
| $150,000/yr | $12,500 | $3,750 | 3-bedroom or smaller |
If your income puts a solo 1-bedroom out of reach, splitting a 2-bedroom with a roommate drops your share to $625 in Memphis — often the difference between affordable and not.
How Much You Save with a Roommate in Memphis
Save $425/month
by splitting a 2-bedroom with a roommate
Solo 1BR
$1,050
per month
Split 2BR
$625
per person/month
Annual Savings
$5,100
per year
Instead of paying $1,050 for a 1-bedroom on your own, splitting a 2-bedroom ($1,250) with one roommate brings your share to $625. That is $5,100 per year you could put toward savings, investments, or paying down debt. See the fair rent split calculator when rooms aren’t equal sizes.
Move-In Costs in Memphis
On top of your first month's rent, expect these upfront costs before the keys are in your hand. Plan for roughly 2-3 months of rent saved before signing a lease.
Security Deposit
$1,050–$2,100
1-2 months' rent, refundable
First Month
$1,050
Due at lease signing
Broker/App Fees
$50–$1,050
Varies by market and listing
Total upfront cash to sign a 1-bedroom lease in Memphis: $2,150–$4,200 depending on broker fees and deposit size.
Rent Control in Memphis
Memphis, TN does not currently have rent control or rent stabilization laws. Landlords can raise rent by any amount at lease renewal, though they are typically required to provide advance notice (usually 30-60 days). If you are concerned about rent increases, consider negotiating a longer lease term for price stability.
How Memphis Compares to Other US Cities
Memphis sits well below the US average on rent. Compare the 1-bedroom price with nearby tiers to see where you could move to spend less, or what to expect if you go pricier.
Cheaper than Memphis
See the full comparison across 50 US cities on the rent data hub or the cost of living comparison.
Rent Calculators for Memphis Renters
Use these free calculators to plan your Memphis rental budget, split rent with roommates, and check if you qualify for an apartment.
Rent Affordability Calculator
Find out how much rent you can afford based on your income.
Fair Rent Split Calculator
Split rent fairly by room size, features, and income.
Rent-to-Income Calculator
Check if you meet the 3x rent rule landlords require.
Renter Budget Calculator
Build a 50/30/20 budget around your rent payment.
Frequently Asked Questions About Renting in Memphis
Is Memphis expensive to rent in?
Memphis is one of the most affordable cities in the Southeast. A 1-bedroom averages $1,050 per month in 2026. Cooper-Young and Overton Park are popular with higher rents, while Whitehaven and Frayser are budget-friendly.
How much income do you need to rent in Memphis?
Using the 30% rule, you need about $3,500 per month ($42,000 annually) to afford an average $1,050/month 1-bedroom apartment in Memphis.
How much can you save by splitting rent with a roommate in Memphis?
Splitting a 2-bedroom ($1,250/month) with one roommate brings your share to $625, saving $425 per month or $5,100 per year versus renting a 1-bedroom alone.
What utilities should you budget for in Memphis?
Renters in Memphis typically pay about $80 per month for utilities (electric, gas, water, trash) on a 1-bedroom apartment. Internet adds another $60-$80 per month, and renters insurance runs around $14 per month. Altogether, plan for roughly $164 on top of your $1,050 rent.
How much is a security deposit in Memphis?
Most Memphis landlords ask for a security deposit equal to 1 month's rent — about $1,050 for a 1-bedroom at the Memphis average. Some properties charge up to 2 months ($2,100), especially for tenants without local rental history or with lower credit scores. Pet deposits usually add another $250-$500 on top.
Is Memphis affordable on the median household income?
Not comfortably. The median household income in Memphis is $41,228 (about $3,436 per month), and the average 1-bedroom rent of $1,050 eats up about 31% of gross monthly income — well above the 30% rule. Many Memphis renters split a 2-bedroom with a roommate or look for units in the city's cheaper neighborhoods to bring the share below 30%.
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Planning to rent in Memphis?