ZIP Code · TN

ZIP 38112

Part of Memphis, TN

Pop. 16,809·Shelby County·126th most expensive ZIP in Tennessee

Median rent (all units)

$1,233/mo

Year-over-Year

+4.0%

Month-over-Month

+1.6%

vs US Median

-$699

Reported rents

Rising (Monthly)

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Most AffordableMost Expensive

ZIP 38112 · $1,233

More affordable than 90% of US ZIP codes · National median $1,932/mo

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Medians by bedroom

Rent by unit size

Studio

$890

1 BR

$970

2 BR

$1,080

3 BR

$1,430

4 BR+

$1,670

Research median

$1,080/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

Compared with the peak

Rent in ZIP 38112 is at its highest level since Zillow's records here began in February 2022.

Past year vs. the rest of Tennessee

Rent in ZIP 38112 changed +4.0% over the year to September 2026. Across the 127 Tennessee ZIP codes Zillow tracks, the typical change was +1.8%.

Recent direction

Rent rose in 5 of the last 12 months.

What a typical income covers

30% of the median household income ($55,207) is $1,380 a month. That covers HUD's Fair Market Rent for up to a 2-bedroom ($1,080); a 3-bedroom is $1,430.

Rank in Memphis

13th cheapest of 22 ZIP codes in Memphis.

Cheaper nearby

ZIP 38108, 2 miles away, rents for 12% less ($1,085/mo), about $1,800 a year in savings.

From Zillow's monthly rent index (ZORI) for ZIP 38112. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.

Annual cost

$14,796/yr

At $1,233/mo median

Location

CityMemphis

StateTN

CountyShelby County

Rent Market Meter

Strong Landlord's Market

Renter's MarketBalancedLandlord's Market

Rents are up 4.0% year-over-year. Expect competition, and move quickly to lock in terms.

Based on rent-price momentum (+4.0% YoY, +1.6% MoM), not inventory.

Demographics

Who lives here

ZIP 38112 (Memphis, TN) is roughly split between renters and owners, has a median income below the national average, 39.2% of residents hold a bachelor's degree or higher.

Population

16,809

Median income

$55,207

Median age

32.4

Renters

48.2%

Age distribution

23.9%

29.7%

20.7%

12.2%

13.6%

Under 1823.9%

18–3429.7%

35–5420.7%

55–6412.2%

65+13.6%

Gender

51.9%

48.1%

Male51.9%

Female48.1%

Race & ethnicity

35.5%

44.4%

14.9%

White35.5%

Black44.4%

Hispanic14.9%

Asian1.2%

Other3.9%

Education (25+)

15.1%

22.8%

22.9%

39.2%

No HS diploma15.1%

HS diploma22.8%

Some college22.9%

Bachelor's+39.2%

Housing tenure

51.8%

48.2%

Owner51.8%

Renter48.2%

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

2022 vs 2026

How ZIP 38112 in Memphis, TN has changed in 5 years

Rent

$1,003 → $1,233

up 22.9%

Income

$43,013 → $55,207

up 28.3%

Population

16,437 → 16,809

up 2.3%

Renter share

50% → 48.2%

-1.8 pts

Bachelor's+

37.4% → 39.2%

+1.8 pts

Median age

34.5 → 32.4

-2.1 yrs

Since 2022, the typical rent in ZIP 38112 in Memphis, TN has climbed from $1,003 to $1,233, a 22.9% change over five years. Median household income rose from $43,013 to $55,207 between 2021 and 2024, a 28.3% shift. On paper, paychecks moved up faster than rent, which softens the affordability squeeze versus the 2021 baseline. The population has grown by 2.3% since 2021, moving from about 16,437 residents to roughly 16,809. Renters now make up 48.2% of households, compared with 50% five years ago. Taken together, the five-year picture in ZIP 38112 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 38112

Last updated: October 17, 2026

ZIP code 38112 covers Memphis, TN. The median rent here is $1,233/mo as of October 2026. A 1-bedroom rents for a median of $970/mo. A 2-bedroom rents for a median of $1,080/mo.

At 27% of local median household income ($55,207/yr), ZIP 38112 ranks as affordable compared to the national benchmark of 30%. Rents have increased 4.0% over the past year.

FAQ

Frequently asked questions

How much income do you need to rent in ZIP 38112?

To keep rent at or below 30% of gross income, you would need to earn at least $49,000/year (about $24/hour full-time) to afford the median rent of $1,233/mo in ZIP 38112. The local median household income is $55,207/yr, so the typical household meets that bar.

Is rent going up or down in ZIP 38112?

Rent in ZIP 38112 has risen 4.0% over the past year as of September 2026. That is the highest level since Zillow's records here began in February 2022.

How does ZIP 38112 compare to other ZIPs in Tennessee?

ZIP 38112 is one of the more affordable among Tennessee ZIP codes for rent, ranking #126 of 147 at $1,233/mo. Over the year to September 2026, rent in ZIP 38112 changed +4.0%, against a typical +1.8% across the 127 Tennessee ZIP codes Zillow tracks.