ZIP Code · TN

ZIP 38116

Part of Memphis, TN

Pop. 40,061·Shelby County·145th most expensive ZIP in Tennessee

Median rent (all units)

$928/mo

Year-over-Year

-0.3%

Month-over-Month

-0.4%

vs US Median

-$1,004

Reported rents

Stable (Monthly)

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Most AffordableMost Expensive

ZIP 38116 · $928

More affordable than 99% of US ZIP codes · National median $1,932/mo

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Medians by bedroom

Rent by unit size

Studio

$703

1 BR

$764

2 BR

$845

3 BR

$1,116

4 BR+

$1,299

Research median

$845/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 38116 is 0.5% below its high of $933 in December 2025, at $928 as of September 2026.

Past year vs. the rest of Tennessee

Rent in ZIP 38116 changed -0.3% 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 ($42,183) is $1,055 a month. That covers HUD's Fair Market Rent for up to a studio ($1,040); a 1-bedroom is $1,130.

Rank in Memphis

2nd cheapest of 22 ZIP codes in Memphis.

From Zillow's monthly rent index (ZORI) for ZIP 38116. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.

Annual cost

$11,136/yr

At $928/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 (-0.3% YoY, -0.4% MoM), not inventory.

Demographics

Who lives here

ZIP 38116 (Memphis, TN) is majority renter-occupied, has a large share of families with children, has a median income below the national average, 22.2% of residents hold a bachelor's degree or higher.

Population

40,061

Median income

$42,183

Median age

34.9

Renters

56.8%

Age distribution

26.3%

24%

20.1%

17.6%

Under 1826.3%

18–3424%

35–5420.1%

55–6411.9%

65+17.6%

Gender

45.4%

54.6%

Male45.4%

Female54.6%

Race & ethnicity

91.5%

White4%

Black91.5%

Hispanic3.5%

Other0.9%

Education (25+)

12.7%

34.9%

30.2%

22.2%

No HS diploma12.7%

HS diploma34.9%

Some college30.2%

Bachelor's+22.2%

Housing tenure

43.2%

56.8%

Owner43.2%

Renter56.8%

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

2022 vs 2026

How ZIP 38116 in Memphis, TN has changed in 5 years

Rent

$824 → $928

up 12.6%

Income

$38,862 → $42,183

up 8.5%

Population

40,854 → 40,061

down 1.9%

Renter share

55.5% → 56.8%

+1.3 pts

Bachelor's+

17.4% → 22.2%

+4.8 pts

Median age

33.8 → 34.9

+1.1 yrs

Compared with 2022, rent in ZIP 38116 in Memphis, TN has increased by $104 per month, settling near $928 after starting the period at $824. Local incomes tracked alongside that move, going from a median of $38,862 in 2021 to $42,183 more recently. Rent outpaced income growth by roughly 4.1 percentage points, which means renters are spending a larger slice of each paycheck on housing than they did in 2021. Headcount in the area went from 40,854 to 40,061 between 2021 and 2024, a 1.9% change. Educational attainment has shifted as well, with the share of adults holding a bachelor's degree or higher climbed from 17.4% to 22.2%. These shifts give renters and would-be renters a longer baseline for sizing up today's listings against the ZIP 38116 in Memphis, TN market of 2022.

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About renting in ZIP 38116

Last updated: October 17, 2026

ZIP code 38116 covers Memphis, TN. The median rent here is $928/mo as of October 2026. A 1-bedroom rents for a median of $764/mo. A 2-bedroom rents for a median of $845/mo.

At 26% of local median household income ($42,183/yr), ZIP 38116 ranks as affordable compared to the national benchmark of 30%. Rents have decreased 0.3% over the past year.

FAQ

Frequently asked questions

How much income do you need to rent in ZIP 38116?

To keep rent at or below 30% of gross income, you would need to earn at least $37,000/year (about $18/hour full-time) to afford the median rent of $928/mo in ZIP 38116. The local median household income is $42,183/yr, so the typical household meets that bar.

Is rent going up or down in ZIP 38116?

Rent in ZIP 38116 has been roughly flat over the past year as of September 2026, a -0.3% change. It sits 0.5% below its high of $933 in December 2025.

How does ZIP 38116 compare to other ZIPs in Tennessee?

ZIP 38116 is one of the more affordable among Tennessee ZIP codes for rent, ranking #145 of 147 at $928/mo. Over the year to September 2026, rent in ZIP 38116 changed -0.3%, against a typical +1.8% across the 127 Tennessee ZIP codes Zillow tracks.