ZIP Code · TN

ZIP 38103

Part of Memphis, TN

Pop. 14,534·Shelby County·85th most expensive ZIP in Tennessee

Median rent (all units)

$1,538/mo

Year-over-Year

+0.8%

Month-over-Month

+0.3%

vs US Median

-$394

Reported rents

Stable (Monthly)

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Most AffordableMost Expensive

ZIP 38103 · $1,538

More affordable than 70% of US ZIP codes · National median $1,932/mo

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Compare your rent to the local median.

Medians by bedroom

Rent by unit size

Studio

$1,166

1 BR

$1,269

2 BR

$1,401

3 BR

$1,848

4 BR+

$2,156

Research median

$1,401/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

January. Asking rents in ZIP 38103 usually run 1% below trend in January and 1.7% above it in August, about $42 a month apart at today's median. Based on 8 years of data.

Compared with the peak

Rent in ZIP 38103 is 1.4% below its high of $1,560 in January 2026, at $1,538 as of September 2026.

Past year vs. the rest of Tennessee

Rent in ZIP 38103 changed +0.9% 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 38103 rose 18.6% while median household income rose 4.7% ($72,850 to $76,278). Rent outpaced income.

Recent direction

Rent rose in 5 of the last 12 months.

What a typical income covers

30% of the median household income ($76,278) is $1,907 a month. That covers HUD's Fair Market Rent for up to a 1-bedroom ($1,730); a 2-bedroom is $1,910.

Rank in Memphis

19th cheapest of 22 ZIP codes in Memphis.

Cheaper nearby

ZIP 38107, 2 miles away, rents for 20% less ($1,227/mo), about $3,700 a year in savings.

From Zillow's monthly rent index (ZORI) for ZIP 38103. 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

$18,456/yr

At $1,538/mo median

Location

CityMemphis

StateTN

CountyShelby County

Rent Market Meter

Balanced Market

Renter's MarketBalancedLandlord's Market

Rents are roughly steady, with neither renters nor landlords holding a strong edge right now.

Based on rent-price momentum (+0.8% YoY, +0.3% MoM), not inventory.

Demographics

Who lives here

ZIP 38103 (Memphis, TN) is majority renter-occupied, skews toward younger working-age adults, 61.6% of residents hold a bachelor's degree or higher.

Population

14,534

Median income

$76,278

Median age

35.5

Renters

68.3%

Age distribution

43.2%

30.6%

Under 185.8%

18–3443.2%

35–5430.6%

55–6410.8%

65+9.7%

Gender

59.9%

40.1%

Male59.9%

Female40.1%

Race & ethnicity

60.9%

25.8%

White60.9%

Black25.8%

Hispanic4.1%

Asian7.4%

Other1.8%

Education (25+)

14.1%

18.7%

61.6%

No HS diploma5.6%

HS diploma14.1%

Some college18.7%

Bachelor's+61.6%

Housing tenure

31.7%

68.3%

Owner31.7%

Renter68.3%

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

2021 vs 2026

How ZIP 38103 in Memphis, TN has changed in 5 years

Rent

$1,388 → $1,538

up 10.8%

Income

$79,307 → $76,278

down 3.8%

Population

14,243 → 14,534

up 2.0%

Renter share

67% → 68.3%

+1.3 pts

Bachelor's+

65.2% → 61.6%

-3.6 pts

Median age

33.9 → 35.5

+1.6 yrs

Since 2021, the typical rent in ZIP 38103 in Memphis, TN has increased from $1,388 to $1,538, a 10.8% change over five years. Median household income slipped from $79,307 to $76,278 between 2021 and 2024, a 3.8% shift. That spread, with rent up faster than earnings, points to a tougher affordability environment than five years ago. The population has grown by 2.0% since 2021, moving from about 14,243 residents to roughly 14,534. College-educated residents now make up 61.6% of adults here, versus 65.2% in 2021. Taken together, the five-year picture in ZIP 38103 in Memphis, TN reflects how housing costs and the people paying them have evolved through a stretch that included a pandemic, a hot rental market, and a recent cooling phase.

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About renting in ZIP 38103

Last updated: October 17, 2026

ZIP code 38103 covers Memphis, TN. The median rent here is $1,538/mo as of October 2026. A 1-bedroom rents for a median of $1,269/mo. A 2-bedroom rents for a median of $1,401/mo.

At 24% of local median household income ($76,278/yr), ZIP 38103 ranks as affordable compared to the national benchmark of 30%. Rents have increased 0.8% over the past year.

FAQ

Frequently asked questions

How much income do you need to rent in ZIP 38103?

To keep rent at or below 30% of gross income, you would need to earn at least $62,000/year (about $30/hour full-time) to afford the median rent of $1,538/mo in ZIP 38103. The local median household income is $76,278/yr, so the typical household meets that bar.

Is rent going up or down in ZIP 38103?

Rent in ZIP 38103 has risen 0.8% over the past year as of September 2026. It sits 1.4% below its high of $1,560 in January 2026.

When is the cheapest time to rent in ZIP 38103?

Asking rents in ZIP 38103 are usually lowest in January, about 1% below their yearly trend, and highest in August, about 1.7% above it. At today's median that is a gap of roughly $42 a month. This pattern comes from 8 years of Zillow rent data.

Has rent outpaced income in ZIP 38103?

Yes. From 2019 to 2024, rent in ZIP 38103 rose 18.6% while median household income rose 4.7%, from $72,850 to $76,278. Rent is Zillow's yearly average; income is the Census 5-year estimate for the same years.

How does ZIP 38103 compare to other ZIPs in Tennessee?

ZIP 38103 is in the middle among Tennessee ZIP codes for rent, ranking #85 of 147 at $1,538/mo. Over the year to September 2026, rent in ZIP 38103 changed +0.9%, against a typical +1.8% across the 127 Tennessee ZIP codes Zillow tracks.