Rent by ZIP · Shelby County
Rent in Germantown, TN 38138
HUD's FY2027 Small Area Fair Market Rent for a 2-bedroom here is $1,870 (+1.1% vs FY2026). Renters in this ZIP code pay a median $1,726 a month, including utilities.
Rent by number of bedrooms
| Size | SAFMR FY2027 | FY2026 | Change | Typical voucher range | Census median rent |
|---|---|---|---|---|---|
| Studio | $1,570 | $1,540 | +1.9% | $1,413–1,727 | – |
| 1 bedroom | $1,710 | $1,680 | +1.8% | $1,539–1,881 | $1,050 ±$843 |
| 2 bedrooms | $1,870 | $1,850 | +1.1% | $1,683–2,057 | $1,779 ±$217 |
| 3 bedrooms | $2,470 | $2,440 | +1.2% | $2,223–2,717 | $1,778 ±$199 |
| 4 bedrooms | $2,850 | $2,840 | +0.4% | $2,565–3,135 | $2,570 ±$620 |
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 38138
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 |
|---|---|---|---|
| 38139 | Germantown | $1,950 | – |
| 38135 | Memphis | $1,830 | $1,336 |
| 38141 | Memphis | $1,570 | $1,402 |
| 38134 | Memphis | $1,270 | $1,169 |
| 38133 | Memphis | $1,590 | $1,196 |
| 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.