MEMPHIS, Tenn. — Out of all large metro areas, Memphis has ranked No. 11 for the lowest median rent estimate, according to a Stessa report.
While the national median rent is $1,435, The Memphis, MS-TN-AR metro area has a median rent estimate of $1,077.
The median cost for a studio locally is $733 compared to the national cost of $1,015. A one-bedroom is $838 in the Memphis, TN-MS-AR area with the national cost being $1,120.
A two-bedroom rent estimate in the Memphis, TN-MS-AR metro area is around $964. The national cost is $1,366.
In order to obtain a three-bedroom home in the local area, there is a rent estimate of $1,285 in comparison to the national cost of $1,796. A four-bedroom home in the local area has an estimate of $1,483 and a national estimate of $2,084.
As a whole, Tennessee was ranked No. 30 out of the states for the lowest rent estimate of $1,092. Mississippi was ranked No. 44 with its median rent estimate of $958.
The Stessa report named Arkansas as the most affordable state for renters with a rent estimate of $881 monthly. Hawaii was named the most expensive state with a $2,537 monthly rent estimate.
Stessa calculated the median monthly rent across all unit sizes in each metro location, and only locations with at least 100,000 residents were included.
The report also stated that the national median rent increased over $200 within a year. In 2021, the median rent was $1,601 and jumped to $1,856 at the beginning of 2022.