Memphis Tennessee Residential Rent and Rental Statistics
The median monthly gross residential rent in Memphis, TN (the Memphis metro area) was $949 in 2019 according to the Census ACS survey.1 Average gross rent in Memphis was $945 in 2019. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2020 Memphis median and average rent data will be released in September of 2021.
Data is also available below for Memphis rental vacancy rates, Memphis rent as a percent of median income and the fraction of renters in Memphis.
Real Gross Rent in Memphis Tennessee (2019 dollars)2
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US Median Gross Rent | $1,097 | +1.86% | +6.82% |
| Tennessee Median Gross Rent | $904 | +3.08% | +7.11% |
| Memphis, TN Median Gross Rent | $949 | +4.40% | +3.94% |
Memphis, TN Real Gross Rent Trends
At $949, real median gross rent in Memphis was at its highest level in 2019 since the series began in 2005. At $945, real average gross rent in Memphis was at its highest level in 2019 since the series began in 2005.
Real Gross Rent in Memphis: Memphis TN Median, Memphis TN Average, Tennessee Median, US Median
Real Gross Rent History for Memphis
| Date | US Median |
Tennessee Median |
Memphis, TN Median |
Memphis, TN Average |
|---|---|---|---|---|
| 2019 | $1,097 | $904 | $949 | $945 |
| 2018 | $1,077 | $877 | $909 | $911 |
| 2017 | $1,043 | $859 | $915 | $918 |
| 2016 | $1,027 | $844 | $913 | $928 |
| 2015 | $1,017 | $833 | $904 | $893 |
| 2014 | $986 | $813 | $898 | $893 |
| 2013 | $953 | $788 | $869 | $880 |
| 2012 | $940 | $777 | $878 | $873 |
| 2011 | $941 | $772 | $869 | $860 |
| 2010 | $955 | $779 | $886 | $898 |
| 2009 | $960 | $777 | $872 | $878 |
| 2007 | $927 | $745 | $861 | $834 |
| 2005 | $910 | $729 | $854 | $851 |
Memphis Rental Vacancy Rate
The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2019 the rental vacancy rate for Memphis Tennessee was 9.33% according to Census ACS data.
Rental Vacancy Rate in Memphis Tennessee
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| Tennessee | 7.27% | -0.29% | +0.59% |
| Memphis, TN | 9.33% | +0.64% | +1.01% |
Trends in Memphis, TN Rental Vacancy Rate
The rental vacancy rate in Memphis peaked in 2008 at 15.01%. Since then it has fallen by 5.68% to 9.33%. Data records for this series originated in 2005. From a 2016 post peak low of 8.32%, the rental vacancy rate has increased by 1.01%.
Rental Vacancy Rate: Memphis TN, Tennessee, US
Historical Rental Vacancy Rate data for Memphis
| Date | US | Tennessee | Memphis, TN |
|---|---|---|---|
| 2019 | 5.97% | 7.27% | 9.33% |
| 2018 | 6.15% | 7.56% | 8.69% |
| 2017 | 6.18% | 6.67% | 8.80% |
| 2016 | 5.89% | 6.68% | 8.32% |
| 2015 | 5.85% | 7.13% | 8.75% |
| 2014 | 6.32% | 7.24% | 10.65% |
| 2013 | 6.49% | 7.86% | 10.92% |
| 2012 | 6.77% | 7.89% | 9.83% |
| 2011 | 7.40% | 8.54% | 10.69% |
| 2010 | 8.17% | 10.33% | 14.45% |
| 2009 | 8.43% | 10.52% | 13.87% |
| 2007 | 7.87% | 9.20% | 13.02% |
| 2005 | 7.74% | 8.82% | 10.54% |
Rent as a Fraction of Income
Using median household income data for Memphis, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Memphis, median monthly gross rent as a fraction of median household income was 20.76% in 2019 according to the ACS.
Memphis Tennessee Median Annual Rent as a Fraction of Median Household Income
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 20.03% | -0.47% | -0.40% |
| Tennessee | 19.35% | -0.38% | -0.58% |
| Memphis, TN | 20.76% | -0.53% | -0.25% |
Trends in Memphis, TN Rent as a Fraction of Income
The fraction of median Memphis household income required to pay median monthly gross rent peaked in 2014 (relative to the 2005 series origin) at 22.28%. Since then it has fallen by 1.52% to 20.76%.
Fraction of Income towards Rent: Memphis TN, Tennessee, US
Historical Data for Annual Rent as a Fraction of Income in Memphis Tennessee
| Date | US | Tennessee | Memphis, TN |
|---|---|---|---|
| 2019 | 20.03% | 19.35% | 20.76% |
| 2018 | 20.50% | 19.73% | 21.29% |
| 2017 | 20.13% | 19.47% | 20.88% |
| 2016 | 20.43% | 19.92% | 21.01% |
| 2015 | 20.63% | 19.93% | 21.07% |
| 2014 | 20.89% | 20.83% | 22.28% |
| 2013 | 20.78% | 20.26% | 21.08% |
| 2012 | 20.65% | 20.48% | 21.67% |
| 2011 | 20.70% | 20.58% | 21.28% |
| 2010 | 20.50% | 20.17% | 20.97% |
| 2009 | 20.12% | 19.61% | 21.04% |
| 2007 | 18.66% | 17.96% | 19.24% |
| 2005 | 18.89% | 18.00% | 19.96% |
Renter Fraction in Memphis Tennessee
You can calculate the renter fraction in Memphis in at least two ways: by housing units or by population. I've gone with the housing units measure here. This measure looks at the number of renting households in Memphis as a fraction of total Memphis households. In 2019 41.21% of households were renters according to Census ACS data.
Memphis Fraction of Renters by Household Units
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 35.89% | -0.16% | -0.99% |
| Tennessee | 33.49% | -0.28% | -1.42% |
| Memphis, TN | 41.21% | +1.68% | -0.87% |
Trends in the Memphis, TN Renter Fraction
The Memphis household renter fraction peaked in in 2016 at 42.08% and is now 0.87% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Memphis TN, Tennessee, US
History of Memphis Renter Fraction
| Date | US | Tennessee | Memphis, TN |
|---|---|---|---|
| 2019 | 35.89% | 33.49% | 41.21% |
| 2018 | 36.05% | 33.77% | 39.53% |
| 2017 | 36.13% | 34.57% | 39.71% |
| 2016 | 36.88% | 34.91% | 42.08% |
| 2015 | 36.97% | 34.18% | 40.27% |
| 2014 | 36.90% | 33.86% | 39.50% |
| 2013 | 36.50% | 33.62% | 39.68% |
| 2012 | 36.09% | 33.31% | 37.79% |
| 2011 | 35.42% | 32.72% | 37.56% |
| 2010 | 34.65% | 31.87% | 36.90% |
| 2009 | 34.13% | 30.85% | 36.14% |
| 2007 | 32.80% | 30.06% | 35.05% |
| 2005 | 33.10% | 30.74% | 34.90% |
1. Gross rent is defined as contract rent plus the estimated average monthly cost of utilities (electricity, gas, water, and sewer) and fuel (oil, coal, kerosene, wood, etc.). Because some rentals include utilities and others don't, gross rent is a way of normalizing the variability. ↩
2. Real dollars are calculated using the CPI-U less shelter series. ↩
3. The rental vacancy rate is computed by dividing the number of vacant units for rent by the sum of the renter-occupied units, vacant units that are for rent, and vacant units that have been rented but not yet occupied. ↩
