Apartments in New Chicago Memphis

1 of 4 Results
$950 - 1,650
King's Reserve Memphis - 55+ Senior
1550 N Pkwy Memphis, TN
Studio - 3 BR | Available Now
Dog Friendly
Cat Friendly
Senior Community
Air Conditioning
Balcony, Deck, Patio
$1,920 - 3,951
Parcels at Concourse
1350 Concourse Ave Suite 750 Memphis, TN
1 - 3 BR | Available Now
Dog Friendly
Cat Friendly
Air Conditioning
Covered Parking
Surface Parking
Cute House With Nice Back Yard
2718 Windsor Pkwy Memphis, TN
2 BR | Ask for Availability
The Peach Apartments
1330 Peach Ave Memphis, TN
1 BR | Available Now
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How much does it cost to rent an apartment in Memphis?

Memphis Apartments
Bed Type Average Rent Range
Studio $1,080 $690 - $2,020
1BR $1,000 $550 - $1,700
2BR $1,150 $630 - $1,790
3BR $1,250 $750 - $2,350
4+BR $1,480 $650 - $2,850

May Rent Report

Welcome to the May 2023 Memphis Apartment Report. In this assessment of the local rental market, Rentable data scientists and rental experts break down the May 2023 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.

Monthly Rent Report

Memphis Rent Prices Increase From April to May

Memphis rent prices increased over the last month. From April to May, the city experienced a 1.43% increase for the price of a one-bedroom apartment. The rent price for a Memphis one-bedroom apartments currently stands at $996.0.

When we take a look at the two-bedroom comparison from April to May, Memphis experienced a -0.62% decrease for the price of a two-bedroom apartment. The rent price for a Memphis two-bedroom apartments currently stands at $1,129.0.

May 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 3 of the Memphis suburbs increased last month. On the other hand, 3 local areas experienced a decrease in the price of a one-bedroom apartment.

More key findings include:

  • Rent increased in Cordova, TN, Southaven, MS, Walls, MS .

  • Rent decreased in Collierville, TN, Horn Lake, MS, Germantown, TN.

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

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

May 2023 Pricing Trends: Memphis vs. National Comparisons

Memphis Rent Prices More Affordable Than Major Cities

Rent growth in Memphis over the past year has been on the rise. When compared to major cities nearby, along with some of the most expensive cities in the country, Memphis average rent prices appear to be relatively affordable for local residents.

The price for a Memphis one-bedroom apartment remains vastly more affordable than four of the largest cities in the United States — New York City, Washington, D.C. San Francisco and Los Angeles. And pricing compares quite similarly to nearby Midwest cities.

For more information about Memphis and surrounding area rent prices, take a look at the complete data set below.

Data set for Memphis and suburbs

1 BR May 1 BR M/M % Change 2 BR May 2 BR M/M % Change
Memphis, TN $982.0 0.51% $1,136.0 -1.56%
Cordova, TN $1,439.0 1.98% $1,583.0 0.89%
Southaven, MS $1,393.0 2.65% $1,474.0 -0.47%
Collierville, TN $1,382.0 -0.43% $1,663.0 0.36%
Horn Lake, MS $1,307.0 -1.28% $1,369.0 0.00%
Walls, MS $985.0 4.12% $1,201.0 5.35%
Germantown, TN $1,499.0 0.00% $1,830.0 0.06%


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.