Typical asking rent in Memphis is $1,370 a month. Median rents in these ZIP codes have moved -0.5% a year since mid-2024. If that holds, rent would fall to about $1,365 by 2027.
Memphis rent by year
| Year | Typical rent |
|---|---|
| 2026 (now) | $1,370/mo |
| 2027 (projected) | $1,365/mo |
| 2028 (projected) | $1,355/mo |
| 2031 (projected) | $1,335/mo |
Rent by bedroom count
| Bedrooms | Now | 2027 (projected) | Listings |
|---|---|---|---|
| 1 bedroom | $785/mo | $780/mo | 91 |
| 2 bedrooms | $990/mo | $985/mo | 217 |
| 3 bedrooms | $1,400/mo | $1,395/mo | 633 |
| 4 bedrooms | $1,765/mo | $1,755/mo | 214 |
Rent trend by ZIP code
| ZIP | Median rent | Listings | Annual trend |
|---|---|---|---|
| 38016 | $1,895/mo | 277 | -0.0% |
| 38128 | $1,295/mo | 216 | +0.7% |
| 38109 | $1,095/mo | 211 | +1.1% |
| 38111 | $1,135/mo | 290 | -1.5% |
| 38134 | $1,500/mo | 114 | -1.4% |
| 38116 | $1,120/mo | 79 | -4.6% |
What could change this
The projection extends the recent trend in a straight line. New apartment supply, local job growth, and interest rates all move rents, and a trend measured over about two years can turn. Treat the 2027 figure as a direction, and the five-year figure as a rough guide.
Source: RentCast market data for 6 of Memphis's 25 ZIP codes (the most populous, home to 42% of residents in the city's ZIP codes, per the Census Bureau's ACS 2023). A ZIP counts only with at least 20 active listings. Retrieved October 14, 2026. Figures are listing-weighted averages of ZIP medians, not an appraisal. How Predictye calculates this.
Frequently asked questions
Will rent go up in Memphis, TN in 2027?
On the current trend, rent would fall: typical rent of $1,370 a month becomes about $1,365 in 2027, a change of -0.5% a year.
What is typical rent in Memphis, TN right now?
$1,370 a month across 1,187 active rental listings in 6 ZIP codes.
Where does the Memphis rent trend come from?
From RentCast's monthly median asking rents for each sampled ZIP code since mid-2024, comparing the latest three months with the earliest three and weighting each ZIP by its listings.