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ZIP Code · TN

ZIP 38115

Part of Memphis, TN
Pop. 38,491·Shelby County·137th most expensive ZIP in Tennessee
Median rent (all units)
$1,075/mo
Year-over-Year
-5.4%
Month-over-Month
-1.6%
vs US Median
-$890
Falling (Monthly)
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Most AffordableMost Expensive
ZIP 38115 · $1,075
More affordable than 96% of US ZIP codes · National median $1,965/mo
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Medians by bedroom

Rent by unit size

Studio
$813
1 BR
$885
2 BR
$979
3 BR
$1,295
4 BR+
$1,504
Research median
$979/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
$12,900/yr
At $1,075/mo median
Location
StateTN
CountyShelby County
Rent Market Meter
Strong Renter's Market
Renter's MarketBalancedLandlord's Market
Rents are down 5.4% year-over-year. Push hard on price, concessions, and lease terms.
Based on rent-price momentum (-5.4% YoY, -1.6% MoM), not inventory.
Demographics

Who lives here

ZIP 38115 (Memphis, TN) is majority renter-occupied, skews toward younger working-age adults, has a median income below the national average, 16.5% of residents hold a bachelor's degree or higher.

Population
38,491
Median income
$45,636
Median age
29.9
Renters
76.6%
Age distribution
28%
31.5%
20.6%
Under 1828%
18–3431.5%
35–5420.6%
55–649.2%
65+10.7%
Gender
46.5%
53.5%
Male46.5%
Female53.5%
Race & ethnicity
81.9%
White6.9%
Black81.9%
Hispanic11.3%
Education (25+)
13.2%
37.9%
32.4%
16.5%
No HS diploma13.2%
HS diploma37.9%
Some college32.4%
Bachelor's+16.5%
Housing tenure
23.4%
76.6%
Owner23.4%
Renter76.6%

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

2021 vs 2026

How ZIP 38115 in Memphis, TN has changed in 5 years

Rent
$875 → $1,075
up 22.9%
Income
$35,900 → $45,636
up 27.1%
Population
37,626 → 38,491
up 2.3%
Renter share
76.3% → 76.6%
+0.3 pts
Bachelor's+
15.9% → 16.5%
+0.6 pts
Median age
28.8 → 29.9
+1.1 yrs

The median rent in ZIP 38115 in Memphis, TN stood at $875 in 2021 and currently runs about $1,075, reflecting a 22.9% increase over the period. Local incomes tracked alongside that move, going from a median of $35,900 in 2021 to $45,636 more recently. 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 37,626 residents to roughly 38,491. These shifts give renters and would-be renters a longer baseline for sizing up today's listings against the ZIP 38115 in Memphis, TN market of 2021.

Community

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Local insights

Tips for renters in ZIP 38115

About renting in ZIP 38115

Last updated: July 20, 2026

ZIP code 38115 covers Memphis, TN. The median rent here is $1,075/mo as of July 2026. A 1-bedroom rents for a median of $885/mo. A 2-bedroom rents for a median of $979/mo.

At 28% of local median household income ($45,636/yr), ZIP 38115 ranks as affordable compared to the national benchmark of 30%. Rents have decreased 5.4% over the past year.

FAQ

Frequently asked questions

How much is rent in ZIP code 38115?

As of July 20, 2026, the median monthly rent in ZIP 38115 (Memphis, TN) is $1,075. This is based on aggregated data from public sources and community submissions.

How does ZIP 38115 rent compare to the US average?

ZIP 38115's median rent of $1,075/mo is $890 (45%) below the US national median of $1,965/mo.

How does ZIP 38115 compare to other ZIPs in Tennessee?

ZIP 38115 is among the more affordable ZIP codes in Tennessee, ranking #137 out of 145 ZIPs at $1,075/mo.

How much income do you need to rent in ZIP 38115?

To keep rent at or below 30% of gross income, you would need to earn at least $43,000/year (~$21/hour full-time) to afford the median rent of $1,075/mo in ZIP 38115. The local median household income is $45,636/yr, meaning the typical household meets that threshold.

Is rent going up or down in ZIP 38115?

Rent in ZIP 38115 has decreased 5.4% over the past year as of July 20, 2026, offering some relief compared to 12 months ago.

Is ZIP 38115 an affordable place to rent?

ZIP 38115 is considered affordable for renters. At $1,075/mo, rent takes approximately 28% of the local median household income ($45,636/yr). The standard benchmark is 30%. ZIP 38115 falls comfortably within that range.

What percentage of ZIP 38115 residents rent vs. own?

According to Census data, approximately 76.6% of ZIP 38115 households are renters, while 23.4% are owner-occupied. With a majority renter population, ZIP 38115 has a strong rental market.

How does ZIP 38115 compare to the rest of Memphis?

ZIP 38115 is more affordable than Memphis overall. At $1,075/mo, it's $205 below the Memphis citywide median of $1,280/mo.

When was rent data for ZIP 38115 last updated?

Rent data for ZIP 38115 reflects July 20, 2026. RentDataNow refreshes all data monthly using public and private datasets.
Income Affordability
28%
AFFORDABLE

At $1,075/mo, rent takes ~28% of ZIP 38115's median household income ($45,636/yr). The standard benchmark is 30%.

ZIP 38115 28%Benchmark 30%
State income taxNone
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