Memphis, Tennessee Short-Term Rental Market Overview

Population: 655,770
Annual Visitors: 12,400,000
Total STRs: Still gathering data
ADR: $153.50

Visitor Profile

Memphis attracts a diverse array of visitors, with many coming to experience its rich musical heritage, historic landmarks, and vibrant cultural scene. Music enthusiasts, especially fans of blues, soul, and rock ‘n’ roll, are drawn to iconic spots like Beale Street and the Memphis Rock ‘n’ Soul Museum. History buffs interested in the civil rights movement and Elvis Presley fans flock to the legendary Graceland, which is a centerpiece of Memphis tourism. Visitors often seek authentic southern cuisine, lively live music events, and engaging cultural attractions that showcase Memphis’s unique identity. For an immersive experience, travelers often explore attractions like Graceland, the home of Elvis Presley, which offers interactive exhibits and a glimpse into Memphis’s musical roots.

Top Attractions

Memphis, Tennessee, is renowned for its vibrant music scene, rich history, and unique cultural attractions. Visitors are drawn to iconic sites such as Beale Street, celebrated for its lively blues and jazz clubs that echo the city’s musical heritage. Beyond the musical roots, Memphis offers fascinating landmarks like Elvis Presley’s Graceland mansion, the National Civil Rights Museum located at the Lorraine Motel, and the world’s longest pedestrian bridge over the Mississippi River. The city’s famous pyramid, which houses a massive Bass Pro Shops including an indoor swamp, underwater-themed bowling, and a glass-bottom observation deck, provides a one-of-a-kind experience that combines entertainment and breathtaking views.

Adding to Memphis’s allure are its diverse attractions catering to relaxation, adventure, and history buffs alike. The Memphis Zoo, home to over 3,500 animals, provides family-friendly fun, while the eclectic art galleries and vibrant nightlife scene showcase the city’s creative spirit. Food lovers flock here for mouthwatering barbeque, especially renowned spots like Corky’s Ribs & BBQ. Whether exploring lesser-known hidden sights or indulging in the city’s legendary musical and civil rights history, Memphis promises unforgettable experiences that beautifully blend past and present.

Regulations

Memphis, Tennessee, has a structured regulatory framework governing short-term rentals (STRs), reflecting the city’s commitment to balancing community interests with the economic opportunities offered by STR hosting. Hosts in Memphis should anticipate a set of requirements involving permits, occupancy limits, and adherence to local zoning laws, all designed to ensure responsible rental practices and neighborhood harmony. Navigating these rules requires awareness of licensing procedures and tax obligations that contribute to the city’s oversight and support for sustainable STR operations.

Key Regulatory Considerations:

Licensing and Permits: Short-term rental operators must obtain a permit from the City of Memphis, which involves an application process with specific requirements including registration and payment of associated fees. Renewal of permits is typically required annually to maintain compliance.

Primary Residence Requirement: Memphis regulations often emphasize that the property used for short-term rentals should be the host’s primary residence, limiting the ability to rent out entire investment properties without occupant presence. There may be restrictions on the number of days a property can be rented if it is not primary.

Zoning and Location: STRs must comply with local zoning ordinances, which may restrict rentals in certain residential districts or require special zoning permissions. Hosts should verify their property’s zoning classification to ensure eligibility.

Occupancy, Health & Safety: Regulations usually dictate maximum occupancy limits based on property size and amenities. Mandatory safety installations such as smoke detectors, carbon monoxide alarms, and fire extinguishers are typically required to protect guests.

Tax Obligations: Operators must collect and remit applicable transient occupancy taxes and any local sales taxes as mandated by Memphis and Shelby County authorities. Proper tax reporting and remittance are critical components of legal hosting.

Operational Standards & Enforcement: Memphis enforces standards around advertising accuracy, noise control, and guest management with penalties for violations ranging from fines to permit revocation. Hosts must adhere to community guidelines to avoid enforcement actions.

For the most current and legally binding information, property owners should consult the City of Memphis’s Official STR Regulations Page to ensure full compliance and to access application forms, detailed guidelines, and contact information for relevant departments.

Memphis, Tennessee Market Performance Trends

LTM Avg. Daily Rate$155.00
LTM Occupancy Rate48.4%
LTM Avg. Revenue$1,749

Memphis, Tennessee Rental Market Insights

10-Year Market Growth

Growth chart data is not available for this location.

Booking Activity

  • 1-3 Months:64% Booked
  • 4-6 Months:54.1% Booked
  • 7-9 Months:39.3% Booked
  • 10-12 Months:6.8% Booked

Cancellation Policies

  • Flexible:44%
  • Moderate:25.9%
  • Strict:28.8%
  • Super Strict:28.8%
  • N/A:0.8%

Minimum Stay

  • 1 Day:760
  • 2 Days:481
  • 3 Days:189
  • 4-6 Days:65
  • 7-29 Days:115
  • 30+ Days:84

Memphis, Tennessee Rental Market Composition

Entire Place by Beds

Common Rental Amenities

Guest Rating Highlights

  • Overall Rating:4.71 / 5
  • Cleanliness:4.74 / 5
  • Location:4.73 / 5
  • Value:4.71 / 5
  • Accuracy:4.80 / 5
  • Check-in:4.87 / 5
  • Communication:4.88 / 5

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