Rent by ZIP · Shelby County
Rent in Memphis, TN 38134
HUD's FY2027 Small Area Fair Market Rent for a 2-bedroom here is $1,270 (0% vs FY2026). Renters in this ZIP code pay a median $1,198 a month, including utilities.
Rent by number of bedrooms
| Size | SAFMR FY2027 | FY2026 | Change | Typical voucher range | Census median rent |
|---|---|---|---|---|---|
| Studio | $1,070 | $1,060 | +0.9% | $963–1,177 | $1,131 ±$248 |
| 1 bedroom | $1,160 | $1,150 | +0.9% | $1,044–1,276 | $1,043 ±$56 |
| 2 bedrooms | $1,270 | $1,270 | 0% | $1,143–1,397 | $1,169 ±$40 |
| 3 bedrooms | $1,680 | $1,680 | 0% | $1,512–1,848 | $1,490 ±$106 |
| 4 bedrooms | $1,930 | $1,950 | -1% | $1,737–2,123 | $1,766 ±$108 |
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 38134
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 |
|---|---|---|---|
| 38133 | Memphis | $1,590 | $1,196 |
| 38135 | Memphis | $1,830 | $1,336 |
| 38138 | Germantown | $1,870 | $1,779 |
| 38139 | Germantown | $1,950 | – |
| 38128 | Memphis | $1,350 | $1,109 |
| 38127 | Memphis | $1,180 | $1,020 |
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.