What HUD offices serve Memphis, Tennessee?
Public Housing Agencies operate federally assisted affordable housing programs at local levels on behalf of HUD. Notably, housing agencies are responsible for managing Section 8 Housing Choice Voucher, Public Housing, and Project-Based Voucher waiting lists within their jurisdiction.
Go to the Tennessee Public Housing and Low-Income Apartments Waiting Lists page for openings near Memphis.
How many renters live in Memphis, Tennessee?
The City of Memphis has 621,050 people living in 254,379 households.
There are 321,722 renters living in 137,322 renter households in this City. Renters make up 51.8 percent of the population living in Memphis.
What is the rental market like in Memphis, Tennessee?
There are an estimated 290,535 housing units in the Memphis area. Of these, 153,721 units are rental homes, making up 53 percent of the housing market. For every renter household in Memphis, Tennessee, there are 1 rental units.
What is the vacancy rate for rentals in Memphis?
The rental vacancy rate in Memphis is 9 percent. This is a higher than average vacancy rate. When rental vacancy rates are high it means that there are a lot of available units and rents tend to be lower.
How many rental units are in Memphis for each bedroom size?
Occupied Rental Units by Size in Memphis
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 5,327 | 25,238 | 53,715 | 44,493 | 6,987 |
Occupied Rental Units by Size in Memphis
A large number of apartments in Memphis have two or fewer bedrooms. Seniors and young professionals especially may have more success finding an apartment that meets their needs.
How many renter households in Memphis are overburdened by housing costs?
Among renter households in this market, 53 percent have housing cost burden. Further, 26 percent of households are extremely rent overburdened. When renters pay too much for their housing, it leaves little money for other necessities like food, clothes, or medicine.
The federal government says that renters are cost-burdened if they pay more than a third of their monthly income for rent and utilities.
How Much Is Rent in Memphis
Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $1,031 to $1,995. FMRs are updated annually by HUD for every city and county nationwide.
| Bed Size | 2024 Fair Market Rents |
| Studio | $1,031 |
| One BR | $1,146 |
| Two BR | $1,298 |
| Three BR | $1,711 |
| Four BR | $1,995 |
2024 Fair Market Rents in Memphis, Tennessee
How many units are rented at Fair Market Rent (FMR) in Memphis?
Renters with a Section 8 Housing Choice Voucher must select a home that is at or below the area’s Fair Market Rent. Markets with a large share of units above FMR tend to have longer search times to find a qualified unit, while those with a large share of units below FMR tend to have more choices and shorter search times. The share below FMR can vary by size of unit, as shown in the table below.
These are the approximate number of units renting below the FMR in this market:
| Unit Size | Count of Units Below FMR | Percentage of Total Units Below FMR |
| Studio | 3,606 | 68 percent |
| One BR | 16,718 | 66 percent |
| Two BR | 35,657 | 66 percent |
Rental Units Below FMR in Memphis, Tennessee
How many affordable rental units are in Memphis?
There are a variety of federal affordable housing programs serving households in Memphis, Tennessee including the following:
| Federal Program | Unit Count |
| Low Income Housing Tax Credit | 14,982 |
| Public Housing | 2 |
| Section 8 Project-Based Rental Assistance | 1 |
| Section 202 Supportive Housing for the Elderly | 32 |
| Section 811 Supportive Housing for Persons with Disabilities | 107 |
Tracked Units by Federal Program in Memphis, Tennessee
Rental units may be funded in part by multiple federal programs.
Income Based Apartments in Memphis, Tennessee
Memphis features 8,904 income based apartments. Tenants of income based apartments typically pay no more than 30% of their income towards rent and utilities.
Low Rent Apartments in Memphis, Tennessee
There are 12,546 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Memphis.
Housing Choice Vouchers in Memphis, Tennessee
On average, Section 8 Housing Choice vouchers pay Memphis landlords $700 per month towards rent. The average voucher holder contributes $300 towards rent in Memphis.
The maximum amount a voucher would pay on behalf of a low-income tenant in Memphis, Tennessee for a two-bedroom apartment is between $1,168 and $1,428.
Sourced from federal housing data and AffordableHousingOnline.com research.
