Midtown rentals,
managed end-to-end.
Local expertise for Midtown 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 Midtown Memphis houses.
Rentometer rent comps for Midtown Memphis single-family rentals over the past 12 months. Bedroom counts with fewer than 50 comps are excluded for statistical reliability.
| Bedrooms | Median rent | 25th pct | 75th pct | Sample (n) |
|---|---|---|---|---|
| 1 BR house | $1,100 | $880 | $1,263 | 22 † |
| 2 BR house | $1,460 | $1,147 | $1,694 | 74 |
| 3 BR house | $1,750 | $1,444 | $2,110 | 152 |
| 4 BR house | $1,973 | $1,687 | $2,591 | 56 |
| 5 BR house | $2,395 | $1,967 | $3,838 | 13 † |
† Sample size under 50. Use as directional guidance, not a market benchmark. All data: Rentometer, house rentals within 12 months, May 2026.
Midtown's price gradient runs core to fringe.
Click a tier on the map. Rent ranges, comp counts, and neighborhood lists update live. Central Gardens core = premium rents, strongest appreciation. Southern fringe near Lamar = lower entry, better cash flow, block-by-block variance.
Central Gardens / Evergreen Historic
Four metrics. One thesis.
Lower entry than East Memphis, higher yield than the suburbs, walkability-driven demand, crime declining at record pace. The signal in four cards.
The thesis, plain-stated.
Midtown is the urban yield play in the Memphis market. The median home sells for $275,000 with 3BR rents at $1,750, producing a 0.64% rent-to-price ratio that outperforms every independent suburb except the C-class corridors. The demand driver is not a school district. It is walkability, proximity to the medical district and University of Memphis, and a cultural density that keeps both long-term tenants and short-term guests coming. For a full breakdown of why the Memphis metro outperforms other mid-market cities, see our analysis of the Memphis rental market.
The STR numbers tell the real story: $28,754 average annual revenue across 725 active listings, with supply declining 3.1% while revenue rose 4.3%. That is the opposite of what most Memphis submarkets are showing. Investors comparing Midtown to nearby Downtown Memphis will find lower entry prices and less condo competition. Those looking at Cooper-Young will find similar walkability but a deeper inventory base in Midtown. For our detailed comparison of STR vs LTR returns in this neighborhood, see our Midtown Memphis rental investment analysis.
The typical Midtown investor property is a 3BR/1BA or 3BR/2BA built between 1920 and 1960, priced $200K to $350K, renting for $1,444 to $2,110. The tenant profile is young professionals working in the medical district, graduate students at the University of Memphis, traveling healthcare workers on mid-term stays, and music tourists booking STRs near Beale Street and Overton Square. The 2026 Memphis Housing Outlook covers metro-wide trends affecting these dynamics. For a frank look at what managing from out of state actually involves, read our guide to remote ownership challenges.
One honest caveat: Midtown is Memphis proper, not a walled-off suburb. While crime declined 27% in 2025 and is accelerating into 2026, it remains above national averages. Block-by-block variance is extreme: a Central Gardens listing earning $35K/year in STR revenue may be six blocks from a street with vacancy issues. The 1920s housing stock means deferred maintenance is common, and renovation costs run higher than in newer-build suburbs like Cordova. This is not a passive market. Professional, boots-on-the-ground management is the difference between strong returns and a headache. Our guide to Memphis crime perception and STR guests covers how we handle this operationally.
A market where pricing varies by block.
152 three-bedroom rentals from the past 12 months. σ of $494, roughly 28% of the mean. The IQR is $666 wide. Central Gardens commands a premium; south of Lamar trades at a discount. Know the micro-location before you price.
Six metrics. One image.
The questions out-of-state investors ask before they sign, answered in a single chart.
LTR is the steady play. STR is the seasonal one.
Long-term: walkability-driven , medical district, renter-heavy.
The steadier play in Midtown. Tenants come for the walkability, Overton Park, the medical district commute, and the nightlife on Overton Square. Lease retention is driven by lifestyle, not school zones. 63% of Midtown housing is renter-occupied, creating deep demand. Learn more about our long-term management services.
- 152 comps · σ $494. Wide spread reflects block-by-block variance. Price to micro-location.
- 63% renter-occupied. Deep demand pool, fast lease-up when priced right.
- Shelby County Schools district. Not the draw. Walkability and proximity are the tenant magnets.
- No lease-up fee. No tech fee. No maintenance markup. Flat 8%.
Short-term: transit-driven , declining supply, strong fundamentals.
Midtown is not a vacation market. STR demand is medical district workers, St. Jude families, music tourists, and corporate travelers. Revenue is real and growing. Supply is declining, which is rare in Memphis. See how LPS STR properties perform across the portfolio in our STR performance case study. For a deeper look at what separates professional operators from hobbyists in this market, read our analysis of Memphis STR profitability.
- $2,000 trough → $3,100 peak. June owns the year, but October events create a second bump.
- Supply –3.1% YoY. 725 active listings. Rare supply decline is a positive signal.
- Permit required. Memphis Ordinance 5631, $300 app, $1M insurance. See our STR management services.
- $10K–20K furnishing capex. Not in monthly math.
June peaks. October bumps. Winter holds.
Monthly revenue swings from $2,000 trough to $3,100 peak. Supply declined 3.1% YoY, a rare positive signal. ADR up 2.3% YoY with occupancy rising 2.5%. The fundamentals are tightening.
STR revenue & occupancy by month · Midtown Memphis
The Midtown tenant chose this neighborhood. Walkability, culture, proximity to work. When tenants pick their location for lifestyle reasons, they stay. That retention is the single biggest contributor to net returns over a 5–10 year hold.LPS Leasing Desk · Memphis, TN
$275K. 3BR/2BA. Run both ways.
Central Midtown (38104), 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: $2,000 trough (winter) to $3,100 peak (June). 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 Midtown property lease?
14 to 45 days at correct pricing, depending on the micro-location and condition. Central Gardens properties in good condition lease faster. Properties south of Lamar or in transitional blocks take longer. We use Rentometer plus our own leasing-desk data, not Zillow. If a property sits past 30 days, we re-evaluate pricing and presentation. We don't blindly discount.
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. Midtown has extreme block-by-block variance, so the address-level analysis matters more here than in any suburban market.
Do I need an STR permit in Midtown Memphis?
Yes. The City of Memphis requires a Short-Term Rental Operating Permit under Ordinance 5631 (Chapter 5-44). You will need $1,000,000 in liability insurance, a Code Enforcement inspection, and zoning compliance. Permits are valid for 365 days and must be renewed annually. Application and renewal fees are set by the City Permits Office: call (901) 636-6711 or visit the Memphis Permit Administration site to confirm current amounts. Full Memphis STR Permit Guide →
What about Midtown crime?
This is the question every out-of-state investor asks, and the data has changed dramatically. Memphis violent crime fell 27% in 2025, with carjackings down 48%, murders down 26%, and robberies down 31%. Through Q1 2026, the decline accelerated to 35.5% versus 2024. The Council on Criminal Justice confirmed that 9 of 10 offense categories declined in 2025, with eight falling 10% or more. Midtown specifically has benefited from increased community camera networks and focused patrol resources. Crime remains above national averages, and block-by-block awareness still matters. That is exactly why professional management with local teams is not optional. Our guide to Memphis crime and STR guests covers how we handle this operationally.
Property taxes: what should I model?
Combined rate $5.27 / $100 of assessed value (Shelby County $2.69 + City of Memphis $2.58, FY2025/2026). Tennessee assesses residential at 25% of appraised. On a $275K home: ~$3,622/year. The 2025 reappraisal raised Midtown values significantly, and both city and county adopted truth-in-taxation certified rates. Verify via the Shelby County Trustee tax calculator. For a full breakdown of how the reappraisal affects investor returns, read our property tax reappraisal guide.
Send your Midtown address.
We'll send the real numbers.
Not a Zestimate. Actual leasing-desk rent estimates from 152 Midtown comps. We'll flag micro-location risks before you wire earnest money.
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