Rent by ZIP · Shelby County
Rent in Memphis, TN 38127
HUD's FY2027 Small Area Fair Market Rent for a 2-bedroom here is $1,180 (-0.8% vs FY2026). Renters in this ZIP code pay a median $1,160 a month, including utilities.
Rent by number of bedrooms
| Size | SAFMR FY2027 | FY2026 | Change | Typical voucher range | Census median rent |
|---|---|---|---|---|---|
| Studio | $990 | $990 | 0% | $891–1,089 | – |
| 1 bedroom | $1,080 | $1,080 | 0% | $972–1,188 | $822 ±$273 |
| 2 bedrooms | $1,180 | $1,190 | -0.8% | $1,062–1,298 | $1,020 ±$65 |
| 3 bedrooms | $1,560 | $1,570 | -0.6% | $1,404–1,716 | $1,212 ±$44 |
| 4 bedrooms | $1,800 | $1,830 | -1.6% | $1,620–1,980 | $1,252 ±$168 |
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 38127
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 |
|---|---|---|---|
| 38126 | Memphis | $1,000 | $788 |
| 38128 | Memphis | $1,350 | $1,109 |
| 38125 | Memphis | $1,590 | $1,593 |
| 38122 | Memphis | $1,240 | $1,064 |
| 38133 | Memphis | $1,590 | $1,196 |
| 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.