Rent in Memphis, TN
Across Memphis's 53 ZIP codes, a 2-bedroom typically rents for about $1,300 a month, with figures from $788–$1,924. The highest typical rent is in 38103 ($1,837) and the lowest in 38126 ($894). 48 ZIPs have ZIP-level figures from HUD or Census; the other 5 use the county Fair Market Rent. Owner-occupied homes in Shelby County pay about 0.98% of their value a year in property tax, and the 30-year fixed mortgage rate averaged 7.32% in the week of Oct 22, 2026.
Rent by bedrooms
| Size | Typical | Range across ZIPs | ZIPs |
|---|---|---|---|
| Studio | $1,090 | $344–$1,540 | 53 |
| 1 bed | $1,190 | $582–$1,670 | 53 |
| 2 beds | $1,300 | $788–$1,924 | 53 |
| 3 beds | $1,720 | $986–$3,046 | 53 |
| 4 beds | $1,980 | $1,222–$3,164 | 53 |
Typical = median of each ZIP's best guess. Gross rent (rent plus tenant-paid utilities). Sources: HUD Small Area Fair Market Rents (Oct 1, 2026), Census ACS 5-year median gross rent (Dec 31, 2024) and HUD county Fair Market Rents (Oct 1, 2026).
Memphis ZIP codes
2 beds- 37501$1,301
- 38101$1,300–$1,301
- 38103$1,750–$1,924
- 38104$1,246–$1,450
- 38105$1,090–$1,252
- 38106$873–$1,080
- 38107$1,059–$1,120
- 38108$834–$1,010
- 38109$840–$1,080
- 38111$1,106–$1,240
- 38112$986–$1,050
- 38113$1,300–$1,301
- 38114$882–$1,070
- 38115$1,162–$1,360
- 38116$1,063–$1,250
- 38117$1,410–$1,510
- 38118$1,076–$1,250
- 38119$1,438–$1,460
- 38120$1,680–$1,813
- 38122$1,064–$1,240
- 38124$1,300–$1,301
- 38125$1,590–$1,593
- 38126$788–$1,000
- 38127$1,020–$1,180
- 38128$1,109–$1,350
- 38130$1,300–$1,301
- 38131$1,300–$1,301
- 38132$1,180–$1,301
- 38133$1,196–$1,590
- 38134$1,169–$1,270
- 38135$1,336–$1,830
- 38136$1,301
- 38137$1,300–$1,301
- 38141$1,402–$1,570
- 38152$1,240–$1,301
- 38157$1,300–$1,301
- 38161$1,301
- 38166$1,300–$1,301
- 38167$1,300–$1,301
- 38168$1,300–$1,301
- 38173$1,300–$1,301
- 38174$1,300–$1,301
- 38175$1,300–$1,301
- 38177$1,300–$1,301
- 38181$1,300–$1,301
- 38182$1,300–$1,301
- 38184$1,300–$1,301
- 38186$1,300–$1,301
- 38187$1,300–$1,301
- 38188$1,300–$1,301
- 38190$1,300–$1,301
- 38193$1,301
- 38197$1,301
Frequently asked questions
- What is the average rent for a 2-bedroom in Memphis, TN?
- About $1,300 a month: the median of the typical rents in 53 ZIP codes, which range from $788–$1,924. Figures are gross rent (rent plus tenant-paid utilities).
- What is the average rent for a 1-bedroom in Memphis, TN?
- About $1,190 a month: the median of the typical rents in 53 ZIP codes, which range from $582–$1,670. Figures are gross rent (rent plus tenant-paid utilities).
- What is the average rent for a 3-bedroom in Memphis, TN?
- About $1,720 a month: the median of the typical rents in 53 ZIP codes, which range from $986–$3,046. Figures are gross rent (rent plus tenant-paid utilities).
- What is the average rent for a studio in Memphis, TN?
- About $1,090 a month: the median of the typical rents in 53 ZIP codes, which range from $344–$1,540. Figures are gross rent (rent plus tenant-paid utilities).
- What is the average rent for a 4-bedroom in Memphis, TN?
- About $1,980 a month: the median of the typical rents in 53 ZIP codes, which range from $1,222–$3,164. Figures are gross rent (rent plus tenant-paid utilities).
- Which Memphis ZIP code has the highest rent?
- For a 2-bedroom, 38103 has the highest typical rent at $1,837 a month, and 38126 the lowest at $894.
- What is the property tax rate in Memphis, TN?
- Owner-occupied homes in Shelby County pay a typical 0.98% of their value a year (Census ACS, median taxes paid ÷ median home value, Dec 31, 2024). Investors often pay more after a purchase: the home is reassessed at the sale price and there is no homestead exemption.
- What is the current 30-year mortgage rate?
- The 30-year fixed rate averaged 7.32% in the week of Oct 22, 2026 (Freddie Mac PMMS via FRED). It's a national average for owner-occupied loans; investment property loans usually cost more.
- Where do these Memphis rent figures come from?
- HUD Small Area Fair Market Rents (Oct 1, 2026), Census ACS 5-year median gross rent (Dec 31, 2024) and HUD county Fair Market Rents (Oct 1, 2026).