Downtown Memphis renters looking for the least expensive areas to rent should look for the areas towards the red end of the spectrum on the rent cost map. Those who don't mind paying for high-end and luxury apartments should seek out apartments in the purple and dark green areas.
Rental Price Key
Luxury
High-end
Mid-tier
Most affordable
On average, the cost of rent in Downtown Memphis is about $963 per month. This puts it in the 18th percentile compared to the city average cost of rent, which is $1,278. Households in Downtown Memphis have a median income of $2,988 per month so the average renter in Downtown Memphis is spending roughly 32% of their earnings on housing.
Nationally, and in Downtown Memphis, home values are the data point most closely correlated with the cost of rent. The median price of a home in Downtown Memphis is $159,504 right now, which is lower than neighborhoods nearby, meaning that rents in Downtown Memphis also tend to be lower versus these nearby neighborhoods.
Higher rent prices are common in the northwestern parts of Downtown Memphis while lower rent rates are often available in eastern areas.
Nearby Neighborhoods
- Midtown-Memphis, Memphis, TN: less expensive rent prices
- White Haven-Coro Lake, Memphis, TN: more expensive rent prices
- East Memphis-Colonial-Yorkshire, Memphis, TN: more expensive rent prices
- Berclair-Highland Heights, Memphis, TN: more expensive rent prices
- Shelby Forest-Frayser, Memphis, TN: more expensive rent prices
- Parkway Village-Oakhaven, Memphis, TN: more expensive rent prices
- Raleigh, Memphis, TN: more expensive rent prices
- River Oaks-Kirby-Balmoral, Memphis, TN: more expensive rent prices
- Hickory Ridge-South Riverdale, Memphis, TN: more expensive rent prices
- Cordova-Appling, Cordova, TN: more expensive rent prices
Neighborhoods with Similar Populations
- El Sereno, Los Angeles, CA: more expensive rent prices
- Mid City West, Los Angeles, CA: more expensive rent prices
- Outer Sunset, San Francisco, CA: more expensive rent prices
- University Heights, Bronx, NY: more expensive rent prices
- Lower Valley, El Paso, TX: less expensive rent prices
- El Rancho, Pico Rivera, CA: more expensive rent prices
- Inwood, New York, NY: more expensive rent prices
- Michael Way, Las Vegas, NV: more expensive rent prices
- Lone Mountain, Las Vegas, NV: more expensive rent prices
- Allapattah, Miami, FL: more expensive rent prices
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