Fair Market Rent · Tennessee
Fair Market Rent in Shelby County, TN
FY2027 HUD figures, effective October 1, 2026, plus what renters pay by ZIP code.
HUD's FY2027 Fair Market Rent for a 2-bedroom home in Shelby County is $1,301 a month, +2.1% from FY2026. Shelby County is part of the Memphis, TN-MS-AR HUD Metro FMR Area (a metro area). HUD also publishes Small Area FMRs by ZIP code here; those can be higher or lower than the area-wide figure. See each ZIP code below.
Area-wide Fair Market Rents
| Size | FY2027 | FY2026 | Change | Typical voucher range (90–110%) |
|---|---|---|---|---|
| Studio | $1,095 | $1,060 | +3.3% | $986–1,204 |
| 1 bedroom | $1,191 | $1,154 | +3.2% | $1,072–1,310 |
| 2 bedrooms | $1,301 | $1,274 | +2.1% | $1,171–1,431 |
| 3 bedrooms | $1,717 | $1,683 | +2% | $1,545–1,889 |
| 4 bedrooms | $1,981 | $1,959 | +1.1% | $1,783–2,179 |
The voucher range is the typical band housing authorities use for payment standards; your housing authority sets the actual standard.
Rents by ZIP code in Shelby County
Open a ZIP code for every size, the spread of rents and nearby ZIP codes.
| ZIP | Place | 2-bedroom FMR (ZIP) | Census median, 2 bedrooms | Census median, all sizes |
|---|---|---|---|---|
| 38002 | Arlington | $1,860 | $1,426 | $1,753 |
| 38016 | Cordova | $1,600 | $1,593 | $1,595 |
| 38017 | Collierville | $1,660 | $1,694 | $1,609 |
| 38018 | Cordova | $1,780 | $1,574 | $1,716 |
| 38029 | Ellendale | $1,670 | – | – |
| 38053 | Millington | $1,250 | $1,040 | $1,161 |
| 38054 | Millington | $1,250 | – | – |
| 38103 | Memphis | $1,750 | $1,924 | $1,661 |
| 38104 | Memphis | $1,450 | $1,246 | $1,112 |
| 38105 | Memphis | $1,090 | $1,252 | $997 |
| 38106 | Memphis | $1,080 | $873 | $952 |
| 38107 | Memphis | $1,120 | $1,059 | $1,073 |
| 38108 | Memphis | $1,010 | $834 | $902 |
| 38109 | Memphis | $1,080 | $840 | $1,040 |
| 38111 | Memphis | $1,240 | $1,106 | $1,155 |
| 38112 | Memphis | $1,050 | $986 | $985 |
| 38113 | Memphis | $1,300 | – | – |
| 38114 | Memphis | $1,070 | $882 | $905 |
| 38115 | Memphis | $1,360 | $1,162 | $1,185 |
| 38116 | Memphis | $1,250 | $1,063 | $1,059 |
| 38117 | Memphis | $1,510 | $1,410 | $1,457 |
| 38118 | Memphis | $1,250 | $1,076 | $1,181 |
| 38119 | Memphis | $1,460 | $1,438 | $1,401 |
| 38120 | Memphis | $1,680 | $1,813 | $1,705 |
| 38122 | Memphis | $1,240 | $1,064 | $1,144 |
| 38125 | Memphis | $1,590 | $1,593 | $1,581 |
| 38126 | Memphis | $1,000 | $788 | $787 |
| 38127 | Memphis | $1,180 | $1,020 | $1,160 |
| 38128 | Memphis | $1,350 | $1,109 | $1,196 |
| 38131 | Memphis | $1,300 | – | – |
| 38132 | Memphis | $1,180 | – | – |
| 38133 | Memphis | $1,590 | $1,196 | $1,504 |
| 38134 | Memphis | $1,270 | $1,169 | $1,198 |
| 38135 | Memphis | $1,830 | $1,336 | $1,702 |
| 38138 | Germantown | $1,870 | $1,779 | $1,726 |
| 38139 | Germantown | $1,950 | – | $2,697 |
| 38141 | Memphis | $1,570 | $1,402 | $1,532 |
| 38152 | Memphis | $1,240 | – | – |
Sources: HUD Fair Market Rents and Small Area Fair Market Rents, FY2027 (effective October 1, 2026) and FY2026; U.S. Census Bureau, 2020–2024 American Community Survey 5-year estimates (median gross rent by ZIP code). Fair Market Rents and Census figures include utilities. Not affiliated with HUD or the Census Bureau. About the data.