What is the Fair Market Rent in Memphis, TN?

HUD’s fiscal year 2027 Small Area Fair Market Rent for a two-bedroom home runs from $1,010 to $1,750 a month across the 8 ZIP codes that cover Memphis.

By ZIP code: 38103 $1,750, 38104 $1,450, 38105 $1,090, 38106 $1,080, 38107 $1,120, 38108 $1,010, 38111 $1,240, 38112 $1,050.

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 Memphis is $1,135 (±$16), below the Small Area figure for ZIP 38103.

Figures last updated on .

2 bedrooms, whole area
$1,301
2 bedrooms, ZIP 38103
$1,750
2 bedrooms, ZIP 38104
$1,450
2 bedrooms, ZIP 38105
$1,090

Fair Market Rents for Memphis, 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
Studio1 bedroom2 bedrooms3 bedrooms4 bedroomsCensus median rent
Memphis, TN-MS-AR HUD Metro FMR Area (whole area)$1,095$1,191$1,301$1,717$1,981—
ZIP 38103$1,470$1,600$1,750$2,310$2,660$1,661
ZIP 38104$1,220$1,330$1,450$1,910$2,210$1,112
ZIP 38105$920$1,000$1,090$1,440$1,660$997
ZIP 38106$910$990$1,080$1,430$1,640$952
ZIP 38107$940$1,020$1,120$1,480$1,700$1,073
ZIP 38108$850$920$1,010$1,330$1,540$902
ZIP 38111$1,040$1,130$1,240$1,640$1,890$1,155
ZIP 38112$880$960$1,050$1,390$1,600$985

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 Memphis

What is the Section 8 payment standard in Memphis?

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 38103 is $1,750.

What is the Fair Market Rent for a two-bedroom in ZIP 38103?

HUD’s fiscal year 2027 Small Area Fair Market Rent for a two-bedroom home in ZIP 38103 is $1,750 a month; the Census Bureau’s median gross rent across that ZIP code, for homes of every size, is $1,661 (±$70).

What is the Fair Market Rent for a two-bedroom in ZIP 38104?

HUD’s fiscal year 2027 Small Area Fair Market Rent for a two-bedroom home in ZIP 38104 is $1,450 a month; the Census Bureau’s median gross rent across that ZIP code, for homes of every size, is $1,112 (±$56).

What is the Fair Market Rent for a two-bedroom in ZIP 38105?

HUD’s fiscal year 2027 Small Area Fair Market Rent for a two-bedroom home in ZIP 38105 is $1,090 a month; the Census Bureau’s median gross rent across that ZIP code, for homes of every size, is $997 (±$77).

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

HUD’s fiscal year 2027 Small Area Fair Market Rent for a one-bedroom home in ZIP 38103 is $1,600 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.

Figures last updated on .

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