Rent by ZIP · Shelby County
Rent in Memphis, TN 38135
HUD's FY2027 Small Area Fair Market Rent for a 2-bedroom here is $1,830 (+0.5% vs FY2026). Renters in this ZIP code pay a median $1,702 a month, including utilities.
Rent by number of bedrooms
| Size | SAFMR FY2027 | FY2026 | Change | Typical voucher range | Census median rent |
|---|---|---|---|---|---|
| Studio | $1,540 | $1,510 | +2% | $1,386–1,694 | $344 ±$134 |
| 1 bedroom | $1,670 | $1,650 | +1.2% | $1,503–1,837 | $1,300 ±$1,135 |
| 2 bedrooms | $1,830 | $1,820 | +0.5% | $1,647–2,013 | $1,336 ±$376 |
| 3 bedrooms | $2,420 | $2,400 | +0.8% | $2,178–2,662 | $1,865 ±$200 |
| 4 bedrooms | $2,790 | $2,800 | -0.4% | $2,511–3,069 | $2,158 ±$349 |
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 38135
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 |
|---|---|---|---|
| 38134 | Memphis | $1,270 | $1,169 |
| 38133 | Memphis | $1,590 | $1,196 |
| 38138 | Germantown | $1,870 | $1,779 |
| 38139 | Germantown | $1,950 | – |
| 38141 | Memphis | $1,570 | $1,402 |
| 38128 | Memphis | $1,350 | $1,109 |
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.