Memory bandwidth allocations for a plurality of tenants on a processor socket may be managed by determining a total memory bandwidth for the processor socket, determining a respective share of the total memory bandwidth for each tenant, and determining a respective dynamic memory bandwidth budget for the each tenant. The memory bandwidth allocations may be controlled based on the determined respective dynamic memory bandwidth budgets, wherein the each respective dynamic memory bandwidth budget supports utilizing the each respective share and supports sharing unused memory bandwidth of the each respective tenant with a different tenant included in the plurality of tenants.