Rent Tracker
Rent Inflation in Memphis, TN
The average asking rent in Memphis, TN is $1,435/month as of 2026-06. That is +0.8% compared to a year ago.
Source: Zillow Observed Rent Index (ZORI) | zillow.com/research
Current Avg Rent
$1,435/mo
as of 2026-06
Year-over-Year Change
+0.8%
24-Month Rent Trend
Monthly ZORI index values for Memphis, TN.
| Month | Avg Asking Rent | Change from Prior Month |
|---|---|---|
| 2026-06 | $1,435 | +0.14% |
| 2026-05 | $1,433 | +0.77% |
| 2026-04 | $1,422 | +0.14% |
| 2026-03 | $1,420 | +0.42% |
| 2026-02 | $1,414 | -0.14% |
| 2026-01 | $1,416 | -0.14% |
| 2025-12 | $1,418 | -0.21% |
| 2025-11 | $1,421 | -0.28% |
| 2025-10 | $1,425 | +0.14% |
| 2025-09 | $1,423 | -0.07% |
| 2025-08 | $1,424 | +0.14% |
| 2025-07 | $1,422 | -0.14% |
| 2025-06 | $1,424 | +0.28% |
| 2025-05 | $1,420 | +0.35% |
| 2025-04 | $1,415 | +0.57% |
| 2025-03 | $1,407 | +0.72% |
| 2025-02 | $1,397 | +0.29% |
| 2025-01 | $1,393 | -0.07% |
| 2024-12 | $1,394 | -0.29% |
| 2024-11 | $1,398 | -0.07% |
| 2024-10 | $1,399 | +0.07% |
| 2024-09 | $1,398 | -0.07% |
| 2024-08 | $1,399 | +0.14% |
| 2024-07 | $1,397 | — |
Why Rent Inflation Matters
Shelter is the single largest component of the official CPI, accounting for roughly one-third of the index. But the BLS shelter index tends to lag real-market rent changes by 12–18 months because it measures rents paid by all tenants — including long-term renters locked into old leases. ZORI measures asking rents for new leases, making it a timelier signal of where CPI shelter inflation is headed.
When ZORI is rising sharply in your city, it is a leading indicator that official shelter inflation — and therefore overall CPI — will remain elevated in coming months.
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Data Source
Rent data uses the Zillow Observed Rent Index (ZORI), a smoothed measure of typical market-rate asking rents updated monthly by Zillow Research. ZORI covers single-family homes, condos, and co-ops and reflects asking rents for new leases — making it a more timely indicator than the lagged BLS shelter index. zillow.com/research | Money & Prices