What is the Fair Market Rent in Germantown, TN?

HUD’s fiscal year 2027 Small Area Fair Market Rent for a two-bedroom home runs from $1,870 to $1,950 a month across the 2 ZIP codes that cover Germantown.

By ZIP code: 38138 $1,870, 38139 $1,950.

Across the whole Memphis, TN-MS-AR HUD Metro FMR Area the two-bedroom figure is $1,301.

The Census Bureau’s median gross rent for a two-bedroom home in Germantown is $1,782 (±$219), within its margin of the Small Area figure for ZIP 38138.

Figures last updated on November 12, 2026.

2 bedrooms, whole area: $1,301
2 bedrooms, ZIP 38138: $1,870
2 bedrooms, ZIP 38139: $1,950

Fair Market Rents for Germantown, fiscal year 2027

HUD Fair Market Rent, dollars a month (gross rent, including utilities), beside the Census Bureau’s median gross rent for each ZIP code
	Studio	1 bedroom	2 bedrooms	3 bedrooms	4 bedrooms	Census median rent
Memphis, TN-MS-AR HUD Metro FMR Area (whole area)	$1,095	$1,191	$1,301	$1,717	$1,981	—
ZIP 38138 (99% of the ZIP’s land is in this place)	$1,570	$1,710	$1,870	$2,470	$2,850	$1,726
ZIP 38139 (82% of the ZIP’s land is in this place)	$1,640	$1,780	$1,950	$2,570	$2,970	$2,697

A Fair Market Rent is HUD’s estimate of the gross rent (shelter plus utilities) of a modest rental home in the area.

Whether a housing authority uses the ZIP code (Small Area) figures or the area-wide one depends on whether HUD has designated the area for Small Area FMRs or the authority has opted in; ask the local housing authority which applies.

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Questions about Germantown

What is the Section 8 payment standard in Germantown?

Housing authorities set payment standards between 90% and 110% of HUD’s Fair Market Rent; for fiscal year 2027, the two-bedroom Fair Market Rent for the Memphis, TN-MS-AR HUD Metro FMR Area is $1,301, and the Small Area figure for 38138 is $1,870.

What is the Fair Market Rent for a two-bedroom in ZIP 38138?

HUD’s fiscal year 2027 Small Area Fair Market Rent for a two-bedroom home in ZIP 38138 is $1,870 a month; the Census Bureau’s median gross rent across that ZIP code, for homes of every size, is $1,726 (±$134).

What is the Fair Market Rent for a two-bedroom in ZIP 38139?

HUD’s fiscal year 2027 Small Area Fair Market Rent for a two-bedroom home in ZIP 38139 is $1,950 a month; the Census Bureau’s median gross rent across that ZIP code, for homes of every size, is $2,697 (±$343).

What is the Fair Market Rent for a one-bedroom in Germantown?

HUD’s fiscal year 2027 Small Area Fair Market Rent for a one-bedroom home in ZIP 38138 is $1,710 a month, against $1,191 across the Memphis, TN-MS-AR HUD Metro FMR Area.

Sources

Figures are published by the US Census Bureau, HUD, the Bureau of Labor Statistics and the FBI; Seayora reproduces them and does not adjust them, except where a sentence says it compares dollar figures after inflation. They describe the whole place, not any one building or street, and are not an appraisal, a rent determination, a tax bill, a safety rating or legal advice.