ZIP 38111
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12-month history
Last updated: October 17, 2026
What the numbers show
December. Asking rents in ZIP 38111 usually run 0.9% below trend in December and 1% above it in July, about $24 a month apart at today's median. Based on 11 years of data.
Rent in ZIP 38111 is 0% below its high of $1,280 in August 2026, at $1,280 as of September 2026.
Rent in ZIP 38111 changed +2.3% over the year to September 2026. Across the 127 Tennessee ZIP codes Zillow tracks, the typical change was +1.8%.
From 2019 to 2024, rent in ZIP 38111 rose 43.1% while median household income rose 34.5% ($39,103 to $52,589). Rent outpaced income.
Rent in ZIP 38111 is 45% higher than in March 2020. Across the US, rent is up 37.3% over the same stretch.
30% of the median household income ($52,589) is $1,315 a month. That covers HUD's Fair Market Rent for up to a 2-bedroom ($1,240); a 3-bedroom is $1,640.
15th cheapest of 22 ZIP codes in Memphis.
ZIP 38114, 3 miles away, rents for 27% less ($929/mo), about $4,200 a year in savings.
From Zillow's monthly rent index (ZORI) for ZIP 38111. 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.
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.
Source: U.S. Census Bureau · ACS 2024 5-Year Estimates
How ZIP 38111 in Memphis, TN has changed in 5 years
The median rent in ZIP 38111 in Memphis, TN stood at $974 in 2021 and currently runs about $1,280, reflecting a 31.4% 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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Tips for renters in ZIP 38111
Last updated: October 17, 2026
ZIP code 38111 covers Memphis, TN. The median rent here is $1,280/mo as of October 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 2.3% over the past year.
Frequently asked questions
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How does ZIP 38111 compare to the rest of Memphis?
At $1,280/mo, rent takes ~29% of ZIP 38111's median household income ($52,589/yr). The standard benchmark is 30%.
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