Rent by ZIP · Shelby County
Rent in Memphis, TN 38115
HUD's FY2027 Small Area Fair Market Rent for a 2-bedroom here is $1,360 (0% vs FY2026). Renters in this ZIP code pay a median $1,185 a month, including utilities.
Rent by number of bedrooms
| Size | SAFMR FY2027 | FY2026 | Change | Typical voucher range | Census median rent |
|---|---|---|---|---|---|
| Studio | $1,140 | $1,130 | +0.9% | $1,026–1,254 | $1,004 ±$243 |
| 1 bedroom | $1,240 | $1,230 | +0.8% | $1,116–1,364 | $1,023 ±$47 |
| 2 bedrooms | $1,360 | $1,360 | 0% | $1,224–1,496 | $1,162 ±$28 |
| 3 bedrooms | $1,800 | $1,800 | 0% | $1,620–1,980 | $1,451 ±$48 |
| 4 bedrooms | $2,070 | $2,090 | -1% | $1,863–2,277 | $1,594 ±$154 |
Small Area FMRs for the Memphis, TN-MS-AR HUD Metro FMR Area. Fair Market Rents include utilities. The voucher range is the typical 90–110% band; your housing authority sets the actual payment standard.
Area-wide FMR for Memphis, TN-MS-AR HUD Metro FMR Area, 2 bedrooms: $1,301.
What renters pay in 38115
How rents are spread
Share of renter households paying cash rent, by monthly gross rent (rent plus utilities).
Nearby ZIP codes
| ZIP | Place | 2-bedroom FMR | Census median, 2 bedrooms |
|---|---|---|---|
| 38114 | Memphis | $1,070 | $882 |
| 38116 | Memphis | $1,250 | $1,063 |
| 38117 | Memphis | $1,510 | $1,410 |
| 38112 | Memphis | $1,050 | $986 |
| 38118 | Memphis | $1,250 | $1,076 |
| 38111 | Memphis | $1,240 | $1,106 |
Fair Market Rents across Shelby County, TN · All TN counties · What is Fair Market Rent?
Sources: HUD Small Area and county Fair Market Rents, FY2027 (effective October 1, 2026); U.S. Census Bureau, 2020–2024 ACS 5-year estimates. Census figures are survey estimates (±90% margin of error) and trail today's market. Place name from GeoNames. About the data.