ZIP Code · TN

ZIP 38115

Part of Memphis, TN

Pop. 38,491·Shelby County·142nd most expensive ZIP in Tennessee

Median rent (all units)

$1,029/mo

Year-over-Year

+0.9%

Month-over-Month

+0.3%

vs US Median

-$903

Reported rents

Stable (Monthly)

Be the first to discuss 38115 rents ↓

Most AffordableMost Expensive

ZIP 38115 · $1,029

More affordable than 97% of US ZIP codes · National median $1,932/mo

Rent check

Is your rent fair?

Compare your rent to the local median.

Medians by bedroom

Rent by unit size

Studio

$778

1 BR

$847

2 BR

$937

3 BR

$1,240

4 BR+

$1,439

Research median

$937/mo

Bedroom estimates are gross rents that include essential utilities (electricity, water, gas, sewer, trash).

Rent trends

12-month history

Loading…

Last updated: October 17, 2026

From the history

What the numbers show

Cheapest month to sign

February. Asking rents in ZIP 38115 usually run 1.1% below trend in February and 0.9% above it in June, about $21 a month apart at today's median. Based on 5 years of data.

Compared with the peak

Rent in ZIP 38115 is 0.8% below its high of $1,037 in April 2025, at $1,029 as of September 2026.

Past year vs. the rest of Tennessee

Rent in ZIP 38115 changed +0.9% over the year to September 2026. Across the 127 Tennessee ZIP codes Zillow tracks, the typical change was +1.8%.

Recent direction

Rent has risen 7 months in a row, and rose in 7 of the last 12 months.

What a typical income covers

30% of the median household income ($45,636) is $1,141 a month. That covers HUD's Fair Market Rent for up to a studio ($1,130); a 1-bedroom is $1,230.

Rank in Memphis

4th cheapest of 22 ZIP codes in Memphis.

From Zillow's monthly rent index (ZORI) for ZIP 38115. 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

$12,348/yr

At $1,029/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 (+0.9% YoY, +0.3% 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

$803 → $1,029

up 28.1%

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 $803 in 2021 and currently runs about $1,029, reflecting a 28.1% increase over the period. Local incomes tracked alongside that move, going from a median of $35,900 in 2021 to $45,636 more recently. 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

Discussions about ZIP 38115

No discussions yet. Start the conversation.

Local insights

Tips for renters in ZIP 38115

About renting in ZIP 38115

Last updated: October 17, 2026

ZIP code 38115 covers Memphis, TN. The median rent here is $1,029/mo as of October 2026. A 1-bedroom rents for a median of $847/mo. A 2-bedroom rents for a median of $937/mo.

At 27% of local median household income ($45,636/yr), ZIP 38115 ranks as affordable compared to the national benchmark of 30%. Rents have increased 0.9% over the past year.

FAQ

Frequently asked questions

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 $41,000/year (about $20/hour full-time) to afford the median rent of $1,029/mo in ZIP 38115. The local median household income is $45,636/yr, so the typical household meets that bar.

Is rent going up or down in ZIP 38115?

Rent in ZIP 38115 has risen 0.9% over the past year as of September 2026. It sits 0.8% below its high of $1,037 in April 2025.

When is the cheapest time to rent in ZIP 38115?

Asking rents in ZIP 38115 are usually lowest in February, about 1.1% below their yearly trend, and highest in June, about 0.9% above it. At today's median that is a gap of roughly $21 a month. This pattern comes from 5 years of Zillow rent data.

How does ZIP 38115 compare to other ZIPs in Tennessee?

ZIP 38115 is one of the more affordable among Tennessee ZIP codes for rent, ranking #142 of 147 at $1,029/mo. Over the year to September 2026, rent in ZIP 38115 changed +0.9%, against a typical +1.8% across the 127 Tennessee ZIP codes Zillow tracks.