Rent by ZIP · Shelby County
Rent in Memphis, TN 38122
HUD's FY2027 Small Area Fair Market Rent for a 2-bedroom here is $1,240 (0% vs FY2026). Renters in this ZIP code pay a median $1,144 a month, including utilities.
Rent by number of bedrooms
| Size | SAFMR FY2027 | FY2026 | Change | Typical voucher range | Census median rent |
|---|---|---|---|---|---|
| Studio | $1,040 | $1,030 | +1% | $936–1,144 | – |
| 1 bedroom | $1,130 | $1,120 | +0.9% | $1,017–1,243 | $1,138 ±$75 |
| 2 bedrooms | $1,240 | $1,240 | 0% | $1,116–1,364 | $1,064 ±$53 |
| 3 bedrooms | $1,640 | $1,640 | 0% | $1,476–1,804 | $1,266 ±$102 |
| 4 bedrooms | $1,890 | $1,910 | -1% | $1,701–2,079 | $1,917 ±$1,570 |
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 38122
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 |
|---|---|---|---|
| 38120 | Memphis | $1,680 | $1,813 |
| 38119 | Memphis | $1,460 | $1,438 |
| 38125 | Memphis | $1,590 | $1,593 |
| 38118 | Memphis | $1,250 | $1,076 |
| 38126 | Memphis | $1,000 | $788 |
| 38117 | Memphis | $1,510 | $1,410 |
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.