Rent by ZIP · Shelby County
Rent in Memphis, TN 38120
HUD's FY2027 Small Area Fair Market Rent for a 2-bedroom here is $1,680 (+5% vs FY2026). Renters in this ZIP code pay a median $1,705 a month, including utilities.
Rent by number of bedrooms
| Size | SAFMR FY2027 | FY2026 | Change | Typical voucher range | Census median rent |
|---|---|---|---|---|---|
| Studio | $1,410 | $1,330 | +6% | $1,269–1,551 | $1,814 ±$1,433 |
| 1 bedroom | $1,540 | $1,450 | +6.2% | $1,386–1,694 | $1,320 ±$93 |
| 2 bedrooms | $1,680 | $1,600 | +5% | $1,512–1,848 | $1,813 ±$177 |
| 3 bedrooms | $2,220 | $2,110 | +5.2% | $1,998–2,442 | $2,086 ±$519 |
| 4 bedrooms | $2,560 | $2,460 | +4.1% | $2,304–2,816 | $2,062 ±$541 |
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 38120
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 |
|---|---|---|---|
| 38119 | Memphis | $1,460 | $1,438 |
| 38118 | Memphis | $1,250 | $1,076 |
| 38122 | Memphis | $1,240 | $1,064 |
| 38117 | Memphis | $1,510 | $1,410 |
| 38116 | Memphis | $1,250 | $1,063 |
| 38115 | Memphis | $1,360 | $1,162 |
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.