$1,600 Per Month
- 3 Beds
- 1 Bath
- 1,413 Sq Ft
- House for Rent
1653 Colonial Rd, Memphis, TN 38117
1653 Colonial Rd, Memphis, TN 38117
Frequently Asked Questions
How much does it cost to rent a single-family home in Memphis, TN?
The median rent for a single-family home in Memphis, TN is $1,485 per month, though prices vary by neighborhood, size, and property type. As of June 2026, condos tend to be the most affordable option while single-family homes and townhouses are currently more expensive.
How much do you need to make to afford rent in Memphis, TN?
To comfortably afford the median rent in Memphis, TN, a household needs to earn roughly $56,000 per year. This is based on the common guideline that households should spend no more than 30% of gross income on housing. Most landlords require monthly household income of at least 3x the monthly rent, and with a median rent of $1,400 per month in Memphis, TN, renters typically need to show $4,200 per month in gross income to qualify. Actual affordability will vary depending on household debts, other living expenses, and overall budget.
Is it more affordable to rent or buy in Memphis, TN?
In Memphis, TN, the price-to-rent ratio is 12.2, which generally favors renting. This ratio divides the median home price by the annual median rent: below 15 typically favors buying, 15 to 20 is balanced, and above 20 typically favors renting. Your finances, how long you plan to stay, and costs like mortgage rates, taxes, and maintenance all factor into the decision.
What neighborhoods in Memphis, TN are best for renting a single-family home?
The best neighborhood for renting in Memphis, TN depends on your priorities: commute, walkability, budget, and lifestyle all play a role. Popular areas for renting a single-family home include Chickasaw Gardens, Binghampton, Midtown Memphis, Cooper-Young and Orange Mound, each with its own character and price range.
