Rent by ZIP code in Memphis
| ZIP code | County | Typical rent | vs city median |
|---|---|---|---|
| 38141 | Shelby County | $1,570 | +31% |
| 38120 | Shelby County | $1,563 | +30% |
| 38103 | Shelby County | $1,538 | +28% |
| 38125 | Shelby County | $1,516 | +27% |
| 38119 | Shelby County | $1,472 | +23% |
| 38117 | Shelby County | $1,466 | +22% |
| 38111 | Shelby County | $1,280 | +7% |
| 38104 | Shelby County | $1,265 | +6% |
| 38112 | Shelby County | $1,233 | +3% |
| 38107 | Shelby County | $1,227 | +2% |
| 38128 | Shelby County | $1,198 | 0% |
| 38118 | Shelby County | $1,178 | -2% |
| 38109 | Shelby County | $1,151 | -4% |
| 38122 | Shelby County | $1,119 | -7% |
| 38105 | Shelby County | $1,101 | -8% |
| 38108 | Shelby County | $1,085 | -9% |
| 38127 | Shelby County | $1,085 | -9% |
| 38115 | Shelby County | $1,029 | -14% |
| 38114 | Shelby County | $929 | -22% |
| 38116 | Shelby County | $928 | -23% |
| 38106 | Shelby County | $908 | -24% |
Rent by bedroom count in Memphis
Zillow's index above blends every unit size into one number. For a bedroom level view, these are HUD's FY2027 Fair Market Rents for Shelby County. They include utilities and sit near the 40th percentile of the market, so treat them as the low side of what a typical unit lists for. Shelby County uses Small Area FMRs, and the two bedroom figure runs from $1,010 to $1,750 depending on the Memphis ZIP code.
| Unit size | FY2027 Fair Market Rent | Change from FY2026 |
|---|---|---|
| Studio | $1,095 | +3.3% |
| 1 bedroom | $1,191 | +3.2% |
| 2 bedroom | $1,301 | +2.1% |
| 3 bedroom | $1,717 | +2.0% |
| 4 bedroom | $1,981 | +1.1% |
Source: HUD Fair Market Rents. Updates when HUD publishes a new fiscal year.
Is rent going up or down in Memphis?
Typical rent across Shelby County is $1,341 as of September 2026. That is up 1.4% from a year earlier and up 15.5% over five years.
| Year | Typical rent, Shelby County | Change |
|---|---|---|
| 2021 | $1,191 | +13.9% |
| 2022 | $1,248 | +4.7% |
| 2023 | $1,274 | +2.1% |
| 2024 | $1,318 | +3.4% |
| 2025 | $1,328 | +0.8% |
| 2026 (through September) | $1,341 | +1.0% |
Zillow Observed Rent Index for the county, all home types, last published month of each year. Each row is compared with the end of the year before it.
Memphis rent questions
- What is the average rent in Memphis, TN?
- Typical asking rent in Memphis is $1,198 a month as of September 2026, across 21 ZIP codes. By ZIP code it runs from $908 to $1,570.
- How much is rent for a 2 bedroom in Memphis?
- HUD's FY2027 Fair Market Rent for a two bedroom in Shelby County is $1,301 a month including utilities. A one bedroom is $1,191 and a three bedroom is $1,717. Fair Market Rent is set near the 40th percentile, so a typical unit lists somewhat higher.
- Is rent going up or down in Memphis?
- Rent is rising. Typical rent in Shelby County is $1,341 as of September 2026, up 1.4% from a year earlier.
- What is the cheapest ZIP code to rent in Memphis?
- ZIP 38106 has the lowest typical asking rent in Memphis at $908 a month, compared with $1,198 for the city overall.
- How much income do you need to rent in Memphis?
- Most landlords look for gross income of about three times the rent. At the typical Memphis rent of $1,198, that is about $3,594 a month, or $43,128 a year. This is a common screening rule of thumb, and individual landlords set their own.
How to use these numbers
These are Zillow Observed Rent Index values, a smoothed measure of typical asking rent for single family homes, condos, and apartments in each ZIP code. They describe what units are listed for, not what any specific unit will get. Condition, bedroom count, and the exact block all move the number.
If you are underwriting a purchase, use the ZIP figure rather than the city median, and then verify against live listings for the same bedroom count before you commit. Memphis sits in the Memphis, TN-MS-AR metro area.