Memphis, Tennessee Short-Term Rental Market
Memphis, TN STRs averaged $153/night at 62.1% occupancy in April 2026, with revenue up 13.9% year-over-year.
Quick Answer: Memphis, Tennessee is an active short-term rental market. average occupancy is 62%. average monthly revenue is $2,687. average daily rate is $153. the top operator is Evolve with 56 listings. market score is 91/100 (grade A).
Market Score Breakdown
Five dimensions Apivex evaluates per market.
Market Overview
Memphis is Tennessee’s second-largest city with a population of 618,980, anchored by music heritage (Graceland, Beale Street, Stax, Sun Studio), civil rights history, and a convention and business travel base. The city welcomed approximately 13.1 million visitors in 2024, generating roughly $4.3 billion in visitor spending. The STR market recorded an average daily rate of $153 and occupancy of 62.1% in April 2026, producing a RevPAR of $95. With 3,454 active listings, entire-place units dominate at 3,208 (92.9%), private rooms at 239 (6.9%), and shared rooms at 7 (0.2%). By bedroom count among the 3,449 categorized listings, one-bedroom units lead at 1,182 (34.3%), followed by two-bedroom at 760 (22.0%), three-bedroom at 748 (21.7%), four-bedroom at 456 (13.2%), and five-bedroom at 303 (8.8%). Channel distribution shows 1,777 Airbnb-only listings, 198 VRBO-only, and 1,479 on both platforms. Year-over-year as of April 2026, occupancy surged 17.3 percentage points, revenue rose 13.9%, and ADR declined 2.8%, indicating demand-driven occupancy recovery. The market total score is 91.0 out of 100, with an especially high investability score of 94.6 reflecting investor-friendly permitting and no owner-occupancy requirement.
Seasonal Patterns
| Month | Occupancy | ADR | Revenue |
|---|---|---|---|
| Jan | 48% | $120 | $1,730 |
| Feb | 55% | $121 | $1,717 |
| Mar | 63% | $137 | $2,394 |
| Apr | 59% | $136 | $2,217 |
| May | 62% | $151 | $2,518 |
| Jun | 61% | $142 | $2,383 |
| Jul | 63% | $137 | $2,444 |
| Aug | 59% | $131 | $2,180 |
| Sep | 59% | $131 | $2,066 |
| Oct | 58% | $136 | $2,208 |
| Nov | 56% | $135 | $2,039 |
| Dec | 52% | $137 | $1,986 |
Top Short-Term Rental Operators in Memphis
Ranked by total active listings. Useful for understanding the competitive landscape.
| # | Operator | Listings | Reviews | Rating |
|---|---|---|---|---|
| 1 | Evolve | 56 | 1,524 | ★ 4.34 |
| 2 | Landing, Inc. | 54 | 61 | ★ 4.13 |
| 3 | Midtown Stays | 49 | 8,933 | ★ 4.70 |
| 4 | Landing | 43 | 9 | ★ 2.91 |
| 5 | Eric Monte | 40 | 247 | ★ 3.68 |
What Kind of STR Should I Buy in Memphis?
Revenue and pricing by property type, tier, and bedroom count.
Revenue by Bedroom Count
| 1 bed | 1,182 |
| 2 bed | 760 |
| 3 bed | 748 |
| 4 bed | 456 |
| 5 bed | 303 |
ADR by Property Tier
| Entire Home | $160 |
| Luxury | $253 |
| Professionally Managed | $153 |
Revenue by Dwelling Type
| Apartment | $1,991 |
| Entire Place | $2,809 |
| House | $3,085 |
Booking Channel Mix
Distribution of bookings across major STR platforms.
| Channel | Share |
|---|---|
| airbnb | 51.4% |
| vrbo | 5.7% |
| both | 42.8% |
Investment Analysis
At the current typical home value of $147,306 (April 2026 Zillow snapshot), average monthly STR revenue of $2,620 projects to approximately $31,439 annualized, implying a gross revenue yield of approximately 21.3% before operating expenses, management fees, and vacancy. The low median home value relative to STR income is a distinguishing characteristic of the Memphis market. Median sale price is $144,983, with a median list price of $170,983, 2,881 active for-sale listings, a sale-to-list ratio of 0.848, and 33 median days to pending, indicating an active but buyer-friendly market. By property type, houses averaged $2,964 per month, entire-place listings averaged $2,742, and apartments averaged $2,026. The professionally managed tier averaged $161 per night, a 5.2% premium above the market-wide $153. Luxury-tier properties averaged $242 per night, 57.9% above the market rate. Memphis does not require owner-occupancy or a primary residence, making it accessible to non-resident investors. Revenue has trended between $2,349 and $2,558 annually from 2022 through 2025, with the 13.9% year-over-year gain in April 2026 representing a meaningful acceleration.
Revenue Trend (5 yr)
ADR & Occupancy Trends (5 yr)
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Booking Insights
Memphis guests book an average of 27 days in advance and stay approximately 4.5 nights per visit. The 27-day booking window is relatively short, consistent with a music, event, and culinary destination where travelers often plan within a month of departure. A 4.5-night average stay is among the higher in this batch, reflecting guests building multi-day itineraries around Graceland, the blues clubs on Beale Street, the National Civil Rights Museum, and the city’s BBQ scene. Operators with properties positioned near the downtown corridor or Midtown can benefit from event-driven last-minute demand spikes tied to concerts, festivals, and conventions.
Short-Term Rental Regulations
Memphis requires a Short-Term Rental Property Permit for any residential dwelling or accessory unit rented to transient guests for fewer than 30 consecutive days. The framework was overhauled by Ordinance No. 5631, effective July 1, 2023. The permit application fee is $300 (non-refundable), renewed annually; permits expire 365 days after issuance and are non-transferable. Applicants must submit a site plan, proof of ownership, proof of at least $1,000,000 in liability and hazard insurance, property-tax certification showing no outstanding taxes, a final code-enforcement inspection, and a designated responsible party with an address within approximately 50 miles available 24/7. Safety requirements include smoke alarms in sleeping areas, carbon monoxide detectors on every habitable floor, and a fire extinguisher. Occupancy is capped at two people per bedroom plus two additional guests. Memphis does not require owner-occupancy or primary residence, and there is no annual cap on nights rented, making it accessible to non-resident investors. The guest tax burden includes a 3.5% city short-term rental tax plus a 5% Shelby County privilege and occupancy tax (combined 8.5%), plus a $2 per bedroom per night charge, in addition to state and local sales taxes for a total combined guest tax burden of approximately 18.75%. Operating without a permit carries a fine of $50 per day per unit. Grandfathered permits no longer transfer on sale; new owners must apply under current rules.
Market Comparison
Memphis’s 62.1% occupancy in April 2026 is above the U.S. national STR median of approximately 55%, and its $153 ADR is well below the national median of approximately $220, reflecting the city’s low cost base. Revenue growth of 13.9% year-over-year is one of the stronger gains in this batch. The investability score of 94.6 reflects the investor-friendly regulatory environment. Among professional operators, Evolve leads with 56 listings (1,524 reviews, 4.34 avg rating), followed by Landing, Inc. with 54 listings (61 reviews, 4.13 rating) and Midtown Stays with 49 listings (8,933 reviews, 4.70 rating). Landing holds 43 listings (9 reviews, 2.91 rating) and Eric Monte holds 40 listings (247 reviews, 3.68 rating). The top five operators collectively manage 242 listings, approximately 7.0% of the 3,454 total. The 1,479 dual-listed properties (both Airbnb and VRBO) represent 42.8% of the market, indicating wide multi-channel distribution practice.
Frequently Asked Questions About Memphis, Tennessee
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