ZIP Code · TN

ZIP 38117

Part of Memphis, TN

Pop. 25,776·Shelby County·104th most expensive ZIP in Tennessee

Median rent (all units)

$1,466/mo

Year-over-Year

+4.3%

Month-over-Month

+1.4%

vs US Median

-$466

Reported rents

Rising (Monthly)

Be the first to discuss 38117 rents ↓

Most AffordableMost Expensive

ZIP 38117 · $1,466

More affordable than 75% 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

$1,220

1 BR

$1,330

2 BR

$1,470

3 BR

$1,940

4 BR+

$2,260

Research median

$1,470/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

May. Asking rents in ZIP 38117 usually run 0.9% below trend in May and 1.2% above it in August, about $31 a month apart at today's median. Based on 5 years of data.

Compared with the peak

Rent in ZIP 38117 is at its highest level since Zillow's records here began in March 2021.

Past year vs. the rest of Tennessee

Rent in ZIP 38117 changed +4.3% 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 3 months in a row, and rose in 8 of the last 12 months.

What a typical income covers

30% of the median household income ($85,633) is $2,141 a month. That covers HUD's Fair Market Rent for up to a 3-bedroom ($1,940); a 4-bedroom is $2,260.

Rank in Memphis

16th cheapest of 22 ZIP codes in Memphis.

Cheaper nearby

ZIP 38111, 2 miles away, rents for 13% less ($1,280/mo), about $2,200 a year in savings.

From Zillow's monthly rent index (ZORI) for ZIP 38117. 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

$17,592/yr

At $1,466/mo median

Location

CityMemphis

StateTN

CountyShelby County

Rent Market Meter

Strong Landlord's Market

Renter's MarketBalancedLandlord's Market

Rents are up 4.3% year-over-year. Expect competition, and move quickly to lock in terms.

Based on rent-price momentum (+4.3% YoY, +1.4% MoM), not inventory.

Demographics

Who lives here

ZIP 38117 (Memphis, TN) is majority owner-occupied, has a large retiree population, 62% of residents hold a bachelor's degree or higher.

Population

25,776

Median income

$85,633

Median age

39.4

Renters

24.3%

Age distribution

21.3%

22.6%

24.5%

20.2%

Under 1821.3%

18–3422.6%

35–5424.5%

55–6411.4%

65+20.2%

Gender

46.8%

53.2%

Male46.8%

Female53.2%

Race & ethnicity

76.2%

12.2%

White76.2%

Black12.2%

Hispanic8.7%

Asian2%

Other1%

Education (25+)

15%

19%

62%

No HS diploma3.9%

HS diploma15%

Some college19%

Bachelor's+62%

Housing tenure

75.7%

24.3%

Owner75.7%

Renter24.3%

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

2021 vs 2026

How ZIP 38117 in Memphis, TN has changed in 5 years

Rent

$1,139 → $1,466

up 28.7%

Income

$82,093 → $85,633

up 4.3%

Population

26,584 → 25,776

down 3.0%

Renter share

20.8% → 24.3%

+3.5 pts

Bachelor's+

61.7% → 62%

+0.3 pts

Rent in ZIP 38117 in Memphis, TN has climbed 28.7% since 2021, going from about $1,139 per month to roughly $1,466 today. Census figures show median household income at $85,633 today, compared with $82,093 five years earlier. Rent outpaced income growth by roughly 24.4 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 26,584 to 25,776 between 2021 and 2024, a 3.0% change. About 24.3% of households rent today, against 20.8% in 2021. The combined trend lines point to a market that has changed measurably from where it stood in early 2021.

Community

Discussions about ZIP 38117

No discussions yet. Start the conversation.

Local insights

Tips for renters in ZIP 38117

About renting in ZIP 38117

Last updated: October 17, 2026

ZIP code 38117 covers Memphis, TN. The median rent here is $1,466/mo as of October 2026. A 1-bedroom rents for a median of $1,330/mo. A 2-bedroom rents for a median of $1,470/mo.

At 21% of local median household income ($85,633/yr), ZIP 38117 ranks as affordable compared to the national benchmark of 30%. Rents have increased 4.3% over the past year.

FAQ

Frequently asked questions

How much income do you need to rent in ZIP 38117?

To keep rent at or below 30% of gross income, you would need to earn at least $59,000/year (about $28/hour full-time) to afford the median rent of $1,466/mo in ZIP 38117. The local median household income is $85,633/yr, so the typical household meets that bar.

Is rent going up or down in ZIP 38117?

Rent in ZIP 38117 has risen 4.3% over the past year as of September 2026. That is the highest level since Zillow's records here began in March 2021.

When is the cheapest time to rent in ZIP 38117?

Asking rents in ZIP 38117 are usually lowest in May, about 0.9% below their yearly trend, and highest in August, about 1.2% above it. At today's median that is a gap of roughly $31 a month. This pattern comes from 5 years of Zillow rent data.

How does ZIP 38117 compare to other ZIPs in Tennessee?

ZIP 38117 is one of the more affordable among Tennessee ZIP codes for rent, ranking #104 of 147 at $1,466/mo. Over the year to September 2026, rent in ZIP 38117 changed +4.3%, against a typical +1.8% across the 127 Tennessee ZIP codes Zillow tracks.