Report: Memphis rent increased 2% since last year - WMC Action News 5 - Memphis, Tennessee

Report: Memphis rent increased 2% since last year

(Source: WMC Action News 5) (Source: WMC Action News 5)
MEMPHIS, TN (WMC) -

The cost of rent in Memphis grew 2 percent year-over-year, according to a report published by ApartmentList.com.

In the report, the site said it tracked rent growth, median prices, and market trends.

Over the past month, Memphis rent increased .2 percent, but two full percentage points year to year. Median rent prices remain more affordable than other cities nationwide. 

The national rent index increased by 2.9 percent year to year.

The following is how ApartmentList.com explains where its data comes from:

Data from private listing sites, including our own, tends to skew towards luxury apartments, introducing sample bias. In order to address these limitations and provide the most accurate rent estimates available, we now start with reliable median rent statistics from the Census Bureau, then extrapolate forward based on our own rental listing data, using a same-unit analysis similar to Case-Shiller’s approach, which compares only units that are available across both time periods to provide an accurate picture of rent growth in cities across the country.

To read the full report, click here.

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