Memphis Rent Report: May 2026

Welcome to the Apartment List May 2026 Rent Report for Memphis, TN. Currently, the overall median rent in the city stands at $1,067, roughly the same as last month. Prices remain down 2.6% year-over-year. Read on to learn more about what’s been happening in the Memphis rental market and how it compares to trends throughout the nation as a whole.

The median rent in Memphis rose by 0.4% over the course of April, and has now decreased by a total of 2.6% over the past 12 months. Memphis’s rent growth over the past year has is similar to both the state (-3.0%) and national averages (-1.7%).

Four months into the year, rents in Memphis have risen 0.8%. This is a slower rate of growth compared to what the city was experiencing at this point last year: from January to April 2025 rents had increased 3.3%.

Memphis rents went up 0.4% in the past month, compared to the national rate of 0.4%. Among the nation's 100 largest cities, this ranks #56. Similar monthly rent growth took place in Austin, TX (0.4%) and Nashville, TN (0.4%).

Citywide, the median rent currently stands at $891 for a 1-bedroom apartment and $1,010 for a 2-bedroom. Across all bedroom sizes (ie, the entire rental market), the median rent is $1,067. That ranks #93 in the nation, among the country's 100 largest cities.

For comparison, the median rent across the nation as a whole is $1,204 for a 1-bedroom, $1,356 for a 2-bedroom, and $1,370 overall. The median rent in Memphis is 22.1% lower than the national, and is similar to the prices you would find in Cincinnati, OH ($1,076) and Fort Wayne, IN ($1,061).

Apartment List is committed to the accuracy and transparency of our rent estimates. We begin with reliable median rent statistics from the Census Bureau, then extrapolate them forward to the current month using a growth rate calculated from our listing data. In doing so, we use a same-unit analysis similar to Case-Shiller’s approach, capturing apartment transactions over time to provide an accurate picture of rent growth in cities across the country. Our approach corrects for the sample bias inherent in other private sources, producing results that are much closer to statistics published by the Census Bureau and HUD. For more details, please see the Apartment List Rent Estimate Methodology.

Apartment List publishes monthly rent reports and underlying data for hundreds of cities across the nation, as well as data aggregated for counties, metros, and states. These data are intended to be a source of reliable information that help renters and policymakers make sound decisions. Insights from our data are covered regularly by journalists across the country. To access the data yourself, please visit our Data Downloads Page.