Rent by ZIP · Shelby County
Rent in Memphis, TN 38128
HUD's FY2027 Small Area Fair Market Rent for a 2-bedroom here is $1,350 (0% vs FY2026). Renters in this ZIP code pay a median $1,196 a month, including utilities.
Rent by number of bedrooms
| Size | SAFMR FY2027 | FY2026 | Change | Typical voucher range | Census median rent |
|---|---|---|---|---|---|
| Studio | $1,140 | $1,120 | +1.8% | $1,026–1,254 | $819 ±$510 |
| 1 bedroom | $1,240 | $1,220 | +1.6% | $1,116–1,364 | $751 ±$92 |
| 2 bedrooms | $1,350 | $1,350 | 0% | $1,215–1,485 | $1,109 ±$31 |
| 3 bedrooms | $1,780 | $1,780 | 0% | $1,602–1,958 | $1,411 ±$56 |
| 4 bedrooms | $2,060 | $2,080 | -1% | $1,854–2,266 | $1,468 ±$154 |
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 38128
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 |
|---|---|---|---|
| 38127 | Memphis | $1,180 | $1,020 |
| 38126 | Memphis | $1,000 | $788 |
| 38125 | Memphis | $1,590 | $1,593 |
| 38133 | Memphis | $1,590 | $1,196 |
| 38122 | Memphis | $1,240 | $1,064 |
| 38134 | Memphis | $1,270 | $1,169 |
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.