Apartments in Central Gardens Memphis

Memphis:
July Rent Report

Welcome to the July 2024 Memphis Apartment Report. In this assessment of the local rental market, Rentable data scientists and rental experts break down the July 2024 key findings and figures for the Memphis rental landscape.

Our experts analyze the pricing trends — one-bedroom, two-bedroom, year-over-year and month-over-month — in Memphis and surrounding areas and provide comparisons to the entire metro area, nearby cities and some of the most desirable and expensive cities in the United States. Take a look at the last 12 months of Memphis average rent prices in the chart below.

July Prices: Memphis vs. Surrounding Areas

Rent Prices in Memphis and Surrounding Areas

Rent prices have increased in Memphis over the last month. But how have the surrounding areas fared when it comes to the recent volatility in apartment prices? Rent prices in 4 of the Memphis suburbs increased last month. On the other hand, 2 local areas experienced a decrease in the price of a one-bedroom apartment.

More key findings include:

• Rent increased in Southaven, MS, Horn Lake, MS, Germantown, TN, Millington, TN .

• Rent decreased in Cordova, TN, Collierville, TN.

• 5 suburbs are currently priced higher than the city of Memphis.

• 1 suburb is currently priced lower than the city of Memphis.

Data set for Memphis and suburbs

Methodology

Each month, using over 1 million Rentable listings across the United States, we calculate the median 1-bedroom and 2-bedroom rent prices by city, state, and nation, and track the month-over-month percent change. To avoid small sample sizes, we restrict the analysis for our reports to cities meeting minimum population and property count thresholds.