ZIP Code · TN

ZIP 38016

Part of Cordova, TN

Pop. 44,136·Shelby County·97th most expensive ZIP in Tennessee

Median rent (all units)

$1,495/mo

Year-over-Year

-2.2%

Month-over-Month

-0.2%

vs US Median

-$437

Reported rents

Stable (Monthly)

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Most AffordableMost Expensive

ZIP 38016 · $1,495

More affordable than 74% of US ZIP codes · National median $1,932/mo

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Medians by bedroom

Rent by unit size

Studio

$1,280

1 BR

$1,400

2 BR

$1,570

3 BR

$2,070

4 BR+

$2,420

Research median

$1,570/mo

Bedroom estimates are gross rents that include essential utilities (electricity, water, gas, sewer, trash).

Rent trends

12-month history

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Last updated: October 17, 2026

From the history

What the numbers show

Cheapest month to sign

December. Asking rents in ZIP 38016 usually run 1.4% below trend in December and 1.3% above it in July, about $40 a month apart at today's median. Based on 11 years of data.

Compared with the peak

Rent in ZIP 38016 is 2.9% below its high of $1,539 in April 2025, at $1,495 as of September 2026.

Past year vs. the rest of Tennessee

Rent in ZIP 38016 changed -2.2% over the year to September 2026. Across the 127 Tennessee ZIP codes Zillow tracks, the typical change was +1.8%.

Rent vs. income since 2019

From 2019 to 2024, rent in ZIP 38016 rose 35.5% while median household income rose 14.2% ($67,041 to $76,569). Rent outpaced income.

Since before the pandemic

Rent in ZIP 38016 is 30.6% higher than in March 2020. Across the US, rent is up 37.3% over the same stretch.

Recent direction

Rent has fallen 2 months in a row, and rose in 4 of the last 12 months.

What a typical income covers

30% of the median household income ($76,569) is $1,914 a month. That covers HUD's Fair Market Rent for up to a 2-bedroom ($1,570); a 3-bedroom is $2,070.

Cheaper nearby

ZIP 38134, 6 miles away, rents for 19% less ($1,206/mo), about $3,500 a year in savings.

From Zillow's monthly rent index (ZORI) for ZIP 38016. The seasonal pattern compares Zillow’s seasonally adjusted and unadjusted series. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.

Annual cost

$17,940/yr

At $1,495/mo median

Location

CityCordova

StateTN

CountyShelby County

Rent Market Meter

Renter's Market

Renter's MarketBalancedLandlord's Market

Rents are softening (down 2.2% YoY), so renters have negotiating leverage.

Based on rent-price momentum (-2.2% YoY, -0.2% MoM), not inventory.

Demographics

Who lives here

ZIP 38016 (Cordova, TN) is roughly split between renters and owners, 40.8% of residents hold a bachelor's degree or higher.

Population

44,136

Median income

$76,569

Median age

Renters

45.3%

Age distribution

21.2%

26.7%

26.5%

14%

Under 1821.2%

18–3426.7%

35–5426.5%

55–6411.6%

65+14%

Gender

46.3%

53.7%

Male46.3%

Female53.7%

Race & ethnicity

29%

54.7%

White29%

Black54.7%

Hispanic7.3%

Asian4.3%

Other4.8%

Education (25+)

23.3%

32.2%

40.8%

No HS diploma3.7%

HS diploma23.3%

Some college32.2%

Bachelor's+40.8%

Housing tenure

54.7%

45.3%

Owner54.7%

Renter45.3%

Source: U.S. Census Bureau · ACS 2024 5-Year Estimates

2021 vs 2026

How ZIP 38016 in Cordova, TN has changed in 5 years

Rent

$1,284 → $1,495

up 16.4%

Income

$66,480 → $76,569

up 15.2%

Population

45,170 → 44,136

down 2.3%

Renter share

42.6% → 45.3%

+2.7 pts

Bachelor's+

41.7% → 40.8%

-0.9 pts

Median age

38.4 → 37

-1.4 yrs

Since 2021, the typical rent in ZIP 38016 in Cordova, TN has increased from $1,284 to $1,495, a 16.4% change over five years. Local incomes tracked alongside that move, going from a median of $66,480 in 2021 to $76,569 more recently. The population has contracted by 2.3% since 2021, moving from about 45,170 residents to roughly 44,136. Renters now make up 45.3% of households, compared with 42.6% five years ago. These shifts give renters and would-be renters a longer baseline for sizing up today's listings against the ZIP 38016 in Cordova, TN market of 2021.

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Local insights

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About renting in ZIP 38016

Last updated: October 17, 2026

ZIP code 38016 covers Cordova, TN. The median rent here is $1,495/mo as of October 2026. A 1-bedroom rents for a median of $1,400/mo. A 2-bedroom rents for a median of $1,570/mo.

At 23% of local median household income ($76,569/yr), ZIP 38016 ranks as affordable compared to the national benchmark of 30%. Rents have decreased 2.2% over the past year.

FAQ

Frequently asked questions

How much income do you need to rent in ZIP 38016?

To keep rent at or below 30% of gross income, you would need to earn at least $60,000/year (about $29/hour full-time) to afford the median rent of $1,495/mo in ZIP 38016. The local median household income is $76,569/yr, so the typical household meets that bar.

Is rent going up or down in ZIP 38016?

Rent in ZIP 38016 has fallen 2.2% over the past year as of September 2026. It sits 2.9% below its high of $1,539 in April 2025.

When is the cheapest time to rent in ZIP 38016?

Asking rents in ZIP 38016 are usually lowest in December, about 1.4% below their yearly trend, and highest in July, about 1.3% above it. At today's median that is a gap of roughly $40 a month. This pattern comes from 11 years of Zillow rent data.

Has rent outpaced income in ZIP 38016?

Yes. From 2019 to 2024, rent in ZIP 38016 rose 35.5% while median household income rose 14.2%, from $67,041 to $76,569. Rent is Zillow's yearly average; income is the Census 5-year estimate for the same years.

How does ZIP 38016 compare to other ZIPs in Tennessee?

ZIP 38016 is in the middle among Tennessee ZIP codes for rent, ranking #97 of 147 at $1,495/mo. Over the year to September 2026, rent in ZIP 38016 changed -2.2%, against a typical +1.8% across the 127 Tennessee ZIP codes Zillow tracks.