Downtown Memphis rentals,
managed end-to-end.
Local expertise for Downtown Memphis property owners. In-house cleaning, maintenance, and laundry. 10% STR. 8% LTR. No hidden fees. Free property analysis for any address you send us.
Rent ladder for Downtown Memphis houses.
Rentometer rent comps for Downtown Memphis single-family rentals over the past 12 months. All bedroom counts carry a † flag for sample sizes under 50. Downtown's housing stock is primarily condos and apartments, so SFR house data is inherently thin. Use these figures as directional guidance.
| Bedrooms | Median rent | 25th pct | 75th pct | Sample (n) |
|---|---|---|---|---|
| 2 BR house | $1,350 | $1,048 | $2,273 | 11† |
| 3 BR house | $1,475 | $1,292 | $2,208 | 8† |
| 4 BR house | $1,663 | $1,553 | $3,379 | 6† |
† Sample size under 50. Downtown Memphis has limited single-family rental stock. The majority of rental inventory is condos and apartments, which Rentometer excludes when filtering for houses. Use as directional guidance, not a market benchmark. All data: Rentometer, house rentals within 18 months, May 2026.
Downtown's price gradient runs north to south.
Click a tier on the map. Rent ranges, comp counts, and neighborhood lists update live. Northern edge near the Pinch District = lower entry, higher cash flow potential. Southern edge along South Main = premium finishes, higher rents, tourism foot traffic.
Downtown Core
Four metrics. One thesis.
Low entry price, shrinking supply, and a 94 AirDNA investability score. But revenue is softening and occupancy sits below 50%. The signal in four cards.
The thesis, plain-stated.
Downtown Memphis is the city's primary tourism, entertainment, and employment core. Beale Street, the FedEx Forum, AutoZone Park, and the National Civil Rights Museum bring consistent visitor traffic year-round. The Medical District, one of Memphis's largest employment centers, anchors weekday demand for both short-term and long-term rentals within walking distance. Entry prices remain accessible at a $185,000 median, and the STR market generates $25,631 in average annual revenue per listing. For investors evaluating the broader Memphis opportunity, our Why Memphis overview covers the macro thesis.
Investors comparing urban Memphis neighborhoods should also review Midtown Memphis for its walkable, arts-driven tenant base and Cooper-Young for its established STR footprint. Together, these three neighborhoods form the core urban rental cluster in the Memphis market.
The 2025 Memphis crime data represents a turning point. Part I crimes fell 27% year-over-year, homicides dropped 26% to their lowest level since 2019, and MPD opened a dedicated Downtown Command Center in April 2025 with an expanded camera network. Supply is shrinking: active STR listings declined 4.3% YoY while occupancy climbed 2.5 percentage points. That combination of fewer listings and rising demand is a tailwind for current operators. Read our full Downtown Memphis rental investment analysis for the STR vs. LTR breakdown.
What Downtown Memphis is not. This is not a suburban set-and-forget play. SFR rental comps are thin (8 to 11 per bedroom count) because the housing stock is overwhelmingly condos and apartments. Property values have declined 17.8% over the past year on Redfin. Crime rates, while at a 25-year low, remain above national averages and vary block by block. STR competition is real, with 357 active listings in the submarket. Entry price is low, but so is the margin for error. This market rewards experienced operators who know how to underwrite a property at the address level, not the zip code level. Investors looking for a lower-risk suburban entry point may prefer Bartlett or Cordova.
A market where pricing requires local knowledge.
Only 8 three-bedroom SFR rentals in the past 18 months. Standard deviation of $680, roughly 39% of the mean. The IQR is $916 wide. Downtown rent is not one number. A 3BR in the Pinch District and a 3BR on South Main are different products at different price points. Verify at the address level.
Six metrics. One image.
The questions out-of-state investors ask before they sign, answered in a single chart.
LTR or STR. Downtown supports both.
STR is the primary play downtown, driven by tourism, events, and medical travel. LTR works for properties in the Medical District and Edge District where employment proximity drives demand. Know which strategy fits your property before you buy.
Long-term: employment-anchored , Medical District demand.
The steadier play for Downtown properties near the Medical District, Regional One Health, or St. Jude. Healthcare workers, residents, and downtown office employees sign 12-month leases and value walkability over square footage. Learn more about our long-term management services.
- 8 comps† · SD $680. Wide range. Price at the address level.
- 72% renter-occupied. Abundant rental demand, but also competition.
- Medical District employment. Proximity is the demand driver.
- No lease-up fee. No tech fee. No maintenance markup. Flat 8%.
Short-term: tourism-driven , event-fueled, year-round demand.
Downtown Memphis is a tourism market. STR demand is Beale Street visitors, concert and festival goers, FedEx Forum events, and medical travel to St. Jude. The seasonality score of 97 means demand stays consistent year-round, though ADR has softened 9.1% YoY and revenue is down 7.3%. Supply is shrinking, which helps. See how LPS STR properties perform across the portfolio in our STR performance case study.
- $1,700 trough → $2,800 peak. May leads the year. December is the floor.
- Supply –4.3% YoY. 357 active listings, shrinking. A positive signal.
- Permit required. Memphis citywide, Ordinance 5631. $300 app, $1M insurance. See our STR permit guide.
- $10K–20K furnishing capex. Not in monthly math.
May owns the year. December is the floor.
Monthly revenue swings from $1,700 trough to $2,800 peak. AirDNA seasonality score of 97 means Downtown demand is among the most consistent in the metro. Supply declined 4.3% YoY, a tailwind for existing operators. Revenue is down 7.3% YoY, reflecting softening ADR across the market.
STR revenue & occupancy by month · Downtown Memphis, TN
The Downtown tenant chooses location. Employment-driven, lifestyle-renewed. Proximity to Beale, the Medical District, and South Main is what holds occupancy year-round.LPS Leasing Desk · Memphis, TN
$185,000. 3BR/2BA. Run both ways.
Downtown Core (38103), pre-debt. LTR at median market rate. STR at AirDNA market average. Use the LPS calculator to plug your specific numbers.
Long-term rental
8% LPS FEEShort-term rental
10% LPS FEEBoth pre-debt service. STR excludes $10K–$20K furnishing setup. STR seasonal: $1,700 trough (December) to $2,800 peak (May). Revenue down 7.3% YoY. Use the LPS Rental Calculator for your own numbers.
Six questions, six honest answers.
What does the management fee actually include?
8% LTR / 10% STR. Covers leasing, screening, rent or guest collection, maintenance coordination, monthly statements, lease enforcement, dynamic pricing (STR), and turnover ops (STR). No lease-up fee. No onboarding fee. No tech fee. No maintenance markup. We run our own crews.
How fast does a Downtown Memphis property lease?
14 to 28 days at correct pricing, though this varies significantly by block and property condition. Downtown's rental stock is diverse. A renovated 3BR near the Edge District leases faster than a dated property in northern 38105. We use Rentometer plus our own leasing-desk data, not Zillow. If a property sits past 30 days, we re-evaluate pricing and presentation.
How do I evaluate a deal before I buy?
Send the address. We return a real rent estimate (not a Zestimate), flag micro-location issues that don't show up online, and tell you if the deal is bad. Free. No obligation. We'd rather help you avoid a problem property than inherit one. Downtown requires especially close address-level diligence.
Do I need an STR permit in Memphis?
Yes. Memphis requires a short-term rental permit citywide under Ordinance 5631 for all properties rented for fewer than 30 consecutive days. $300 initial application, $150 annual renewal. $1M liability insurance required. You must designate a local agent within 50 miles who can respond within 2 hours. HOA covenants can override the city permit. Verify before you buy. Memphis STR Permit Guide →
What about crime in Downtown Memphis?
Memphis recorded historic crime reductions in 2025. Part I crimes fell 27% year-over-year. Homicides dropped 26%, reaching their lowest level since 2019. Shootings declined 38%. MPD opened a dedicated Downtown Command Center in April 2025 with an expanded camera network covering the core. Crime is trending in the right direction, and fast. However, Downtown Memphis still carries a higher incident rate than suburban areas like Bartlett or Germantown. Conditions vary block by block. We can flag micro-location safety context for any address you send us.
Property taxes: what should I model?
Combined rate $5.27 / $100 of assessed value (Shelby County $2.69 + City of Memphis $2.58, FY2026). Tennessee assesses residential at 25% of appraised. On a $185,000 home: ~$2,437/year. Downtown properties in the Center City District may also be subject to a CBID assessment. The 2025 Shelby County reappraisal raised values significantly; the county rate dropped from $3.39 to $2.69, but total bills may still be higher. Verify via the Shelby County Trustee tax calculator.
Send your Downtown Memphis address.
We'll send the real numbers.
Not a Zestimate. Actual leasing-desk rent estimates from Downtown Memphis comps plus AirDNA STR revenue data. We'll flag micro-location risks before you wire earnest money.
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