Average Rent in Memphis 2026
The average rent in Memphis, TN is $1,050 for a 1-bedroom, $1,250 for a 2-bedroom, and $1,550 for a 3-bedroom apartment in 2026. The cost of living in Memphis is 15% below the national average. To afford a 1-bedroom apartment here using the 30% rule, you need an annual income of at least $42,000.
Memphis Rent Prices by Bedroom
1 Bedroom
$1,050
per month
2 Bedrooms
$1,250
per month
3 Bedrooms
$1,550
per month
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:
1-Bedroom
$1,050/mo rent
$42,000/yr
2-Bedroom
$1,250/mo rent
$50,000/yr
3-Bedroom
$1,550/mo rent
$62,000/yr
Based on the 30% rule: monthly rent should not exceed 30% of gross monthly income.
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.
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.
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.
Planning to rent in Memphis?