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ZIP Code · TN

ZIP 38111

Part of Memphis, TN
Pop. 41,934·Shelby County·127th most expensive ZIP in Tennessee
Median rent (all units)
$1,283/mo
Year-over-Year
+7.5%
Month-over-Month
-2.3%
vs US Median
-$682
Falling (Monthly)
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Most AffordableMost Expensive
ZIP 38111 · $1,283
More affordable than 88% of US ZIP codes · National median $1,965/mo
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Medians by bedroom

Rent by unit size

Studio
$1,030
1 BR
$1,120
2 BR
$1,240
3 BR
$1,640
4 BR+
$1,910
Research median
$1,240/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: July 20, 2026

Annual cost
$15,396/yr
At $1,283/mo median
Location
StateTN
CountyShelby County
Rent Market Meter
Landlord's Market
Renter's MarketBalancedLandlord's Market
Rents are climbing (7.5% YoY), so leverage tilts toward landlords. Act sooner rather than later.
Based on rent-price momentum (+7.5% YoY, -2.3% MoM), not inventory.
Demographics

Who lives here

ZIP 38111 (Memphis, TN) is majority renter-occupied, skews toward younger working-age adults, has a median income below the national average, 39.1% of residents hold a bachelor's degree or higher.

Population
41,934
Median income
$52,589
Median age
32.2
Renters
55.8%
Age distribution
22.7%
31.4%
22%
14.2%
Under 1822.7%
18–3431.4%
35–5422%
55–649.7%
65+14.2%
Gender
45.2%
54.8%
Male45.2%
Female54.8%
Race & ethnicity
34.3%
48.8%
13.3%
White34.3%
Black48.8%
Hispanic13.3%
Asian3.5%
Education (25+)
26%
24.7%
39.1%
No HS diploma10.2%
HS diploma26%
Some college24.7%
Bachelor's+39.1%
Housing tenure
44.2%
55.8%
Owner44.2%
Renter55.8%

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

2021 vs 2026

How ZIP 38111 in Memphis, TN has changed in 5 years

Rent
$935 → $1,283
up 37.2%
Income
$41,428 → $52,589
up 26.9%
Population
40,947 → 41,934
up 2.4%
Renter share
53.4% → 55.8%
+2.4 pts
Bachelor's+
37% → 39.1%
+2.1 pts
Median age
33.6 → 32.2
-1.4 yrs

The median rent in ZIP 38111 in Memphis, TN stood at $935 in 2021 and currently runs about $1,283, reflecting a 37.2% increase over the period. Median household income rose from $41,428 to $52,589 between 2021 and 2024, a 26.9% shift. That spread, with rent up faster than earnings, points to a tougher affordability environment than five years ago. The population has grown by 2.4% since 2021, moving from about 40,947 residents to roughly 41,934. Renters now make up 55.8% of households, compared with 53.4% five years ago. College-educated residents now make up 39.1% of adults here, versus 37% in 2021. Taken together, the five-year picture in ZIP 38111 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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Local insights

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About renting in ZIP 38111

Last updated: July 20, 2026

ZIP code 38111 covers Memphis, TN. The median rent here is $1,283/mo as of July 2026. A 1-bedroom rents for a median of $1,120/mo. A 2-bedroom rents for a median of $1,240/mo.

At 29% of local median household income ($52,589/yr), ZIP 38111 ranks as affordable compared to the national benchmark of 30%. Rents have increased 7.5% over the past year.

FAQ

Frequently asked questions

How much is rent in ZIP code 38111?

As of July 20, 2026, the median monthly rent in ZIP 38111 (Memphis, TN) is $1,283. This is based on aggregated data from public sources and community submissions.

How does ZIP 38111 rent compare to the US average?

ZIP 38111's median rent of $1,283/mo is $682 (35%) below the US national median of $1,965/mo.

How does ZIP 38111 compare to other ZIPs in Tennessee?

ZIP 38111 is among the more affordable ZIP codes in Tennessee, ranking #127 out of 145 ZIPs at $1,283/mo.

How much income do you need to rent in ZIP 38111?

To keep rent at or below 30% of gross income, you would need to earn at least $51,000/year (~$25/hour full-time) to afford the median rent of $1,283/mo in ZIP 38111. The local median household income is $52,589/yr, meaning the typical household meets that threshold.

Is rent going up or down in ZIP 38111?

Rent in ZIP 38111 has increased 7.5% over the past year as of July 20, 2026, putting upward pressure on renter budgets.

Is ZIP 38111 an affordable place to rent?

ZIP 38111 is considered affordable for renters. At $1,283/mo, rent takes approximately 29% of the local median household income ($52,589/yr). The standard benchmark is 30%. ZIP 38111 falls comfortably within that range.

What percentage of ZIP 38111 residents rent vs. own?

According to Census data, approximately 55.8% of ZIP 38111 households are renters, while 44.2% are owner-occupied. With a majority renter population, ZIP 38111 has a strong rental market.

How does ZIP 38111 compare to the rest of Memphis?

ZIP 38111 is pricier than Memphis as a whole. At $1,283/mo, it's $3 above the Memphis citywide median of $1,280/mo.

When was rent data for ZIP 38111 last updated?

Rent data for ZIP 38111 reflects July 20, 2026. RentDataNow refreshes all data monthly using public and private datasets.
Income Affordability
29%
AFFORDABLE

At $1,283/mo, rent takes ~29% of ZIP 38111's median household income ($52,589/yr). The standard benchmark is 30%.

ZIP 38111 29%Benchmark 30%
State income taxNone
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