Rent by ZIP · Shelby County
Rent in Memphis, TN 38117
HUD's FY2027 Small Area Fair Market Rent for a 2-bedroom here is $1,510 (+2.7% vs FY2026). Renters in this ZIP code pay a median $1,457 a month, including utilities.
Rent by number of bedrooms
| Size | SAFMR FY2027 | FY2026 | Change | Typical voucher range | Census median rent |
|---|---|---|---|---|---|
| Studio | $1,270 | $1,220 | +4.1% | $1,143–1,397 | – |
| 1 bedroom | $1,380 | $1,330 | +3.8% | $1,242–1,518 | $1,076 ±$300 |
| 2 bedrooms | $1,510 | $1,470 | +2.7% | $1,359–1,661 | $1,410 ±$93 |
| 3 bedrooms | $1,990 | $1,940 | +2.6% | $1,791–2,189 | $1,550 ±$219 |
| 4 bedrooms | $2,300 | $2,260 | +1.8% | $2,070–2,530 | $1,651 ±$293 |
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 38117
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 |
|---|---|---|---|
| 38116 | Memphis | $1,250 | $1,063 |
| 38118 | Memphis | $1,250 | $1,076 |
| 38115 | Memphis | $1,360 | $1,162 |
| 38119 | Memphis | $1,460 | $1,438 |
| 38114 | Memphis | $1,070 | $882 |
| 38120 | Memphis | $1,680 | $1,813 |
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.