Rent by ZIP · Shelby County
Rent in Memphis, TN 38116
HUD's FY2027 Small Area Fair Market Rent for a 2-bedroom here is $1,250 (0% vs FY2026). Renters in this ZIP code pay a median $1,059 a month, including utilities.
Rent by number of bedrooms
| Size | SAFMR FY2027 | FY2026 | Change | Typical voucher range | Census median rent |
|---|---|---|---|---|---|
| Studio | $1,050 | $1,040 | +1% | $945–1,155 | $885 ±$62 |
| 1 bedroom | $1,140 | $1,130 | +0.9% | $1,026–1,254 | $808 ±$81 |
| 2 bedrooms | $1,250 | $1,250 | 0% | $1,125–1,375 | $1,063 ±$39 |
| 3 bedrooms | $1,650 | $1,650 | 0% | $1,485–1,815 | $1,257 ±$82 |
| 4 bedrooms | $1,900 | $1,920 | -1% | $1,710–2,090 | $1,445 ±$418 |
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 38116
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 |
|---|---|---|---|
| 38115 | Memphis | $1,360 | $1,162 |
| 38117 | Memphis | $1,510 | $1,410 |
| 38114 | Memphis | $1,070 | $882 |
| 38118 | Memphis | $1,250 | $1,076 |
| 38119 | Memphis | $1,460 | $1,438 |
| 38112 | Memphis | $1,050 | $986 |
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.