Rent in Millington, TN
Across Millington's 4 ZIP codes, a 2-bedroom typically rents for about $1,275 a month, with figures from $1,040–$1,301. The highest typical rent is in 38083 ($1,300) and the lowest in 38053 ($1,145). 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 7.24% in the week of Oct 29, 2026.
Rent by bedrooms
| Size | Typical | Range across ZIPs | ZIPs |
|---|---|---|---|
| Studio | $1,070 | $1,050–$1,095 | 4 |
| 1 bed | $1,165 | $855–$1,191 | 4 |
| 2 beds | $1,275 | $1,040–$1,301 | 4 |
| 3 beds | $1,685 | $1,332–$1,720 | 4 |
| 4 beds | $1,940 | $1,578–$1,981 | 4 |
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).
Millington ZIP codes
2 bedsFrequently asked questions
- What is the average rent for a 2-bedroom in Millington, TN?
- About $1,275 a month: the median of the typical rents in 4 ZIP codes, which range from $1,040–$1,301. Figures are gross rent (rent plus tenant-paid utilities).
- What is the average rent for a 1-bedroom in Millington, TN?
- About $1,165 a month: the median of the typical rents in 4 ZIP codes, which range from $855–$1,191. Figures are gross rent (rent plus tenant-paid utilities).
- What is the average rent for a 3-bedroom in Millington, TN?
- About $1,685 a month: the median of the typical rents in 4 ZIP codes, which range from $1,332–$1,720. Figures are gross rent (rent plus tenant-paid utilities).
- What is the average rent for a studio in Millington, TN?
- About $1,070 a month: the median of the typical rents in 4 ZIP codes, which range from $1,050–$1,095. Figures are gross rent (rent plus tenant-paid utilities).
- What is the average rent for a 4-bedroom in Millington, TN?
- About $1,940 a month: the median of the typical rents in 4 ZIP codes, which range from $1,578–$1,981. Figures are gross rent (rent plus tenant-paid utilities).
- Which Millington ZIP code has the highest rent?
- For a 2-bedroom, 38083 has the highest typical rent at $1,300 a month, and 38053 the lowest at $1,145.
- What is the property tax rate in Millington, 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 7.24% in the week of Oct 29, 2026 (Freddie Mac PMMS via FRED). It's a national average for owner-occupied loans; investment property loans usually cost more.
- Where do these Millington 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).