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ZIP Code · TN

ZIP 38118

Part of Memphis, TN
Pop. 39,107·Shelby County·131st most expensive ZIP in Tennessee
Median rent (all units)
$1,225/mo
Year-over-Year
-0.7%
Month-over-Month
-2.4%
vs US Median
-$740
Falling (Monthly)
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Most AffordableMost Expensive
ZIP 38118 · $1,225
More affordable than 91% of US ZIP codes · National median $1,965/mo
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Medians by bedroom

Rent by unit size

Studio
$1,020
1 BR
$1,110
2 BR
$1,230
3 BR
$1,620
4 BR+
$1,890
Research median
$1,230/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
$14,700/yr
At $1,225/mo median
Location
StateTN
CountyShelby County
Rent Market Meter
Renter's Market
Renter's MarketBalancedLandlord's Market
Rents are softening (down 0.7% YoY), so renters have negotiating leverage.
Based on rent-price momentum (-0.7% YoY, -2.4% MoM), not inventory.
Demographics

Who lives here

ZIP 38118 (Memphis, TN) is majority renter-occupied, has a large share of families with children, has a median income below the national average, 12.1% of residents hold a bachelor's degree or higher.

Population
39,107
Median income
$43,446
Median age
29.1
Renters
60.2%
Age distribution
33.5%
27.4%
19.9%
Under 1833.5%
18–3427.4%
35–5419.9%
55–649.9%
65+9.2%
Gender
47.3%
52.7%
Male47.3%
Female52.7%
Race & ethnicity
71.9%
20.9%
White6.6%
Black71.9%
Hispanic20.9%
Asian0.8%
Education (25+)
21.1%
35.8%
31%
12.1%
No HS diploma21.1%
HS diploma35.8%
Some college31%
Bachelor's+12.1%
Housing tenure
39.8%
60.2%
Owner39.8%
Renter60.2%

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

2021 vs 2026

How ZIP 38118 in Memphis, TN has changed in 5 years

Rent
$945 → $1,225
up 29.6%
Income
$38,589 → $43,446
up 12.6%
Population
38,931 → 39,107
up 0.5%
Renter share
57.5% → 60.2%
+2.7 pts
Bachelor's+
10.3% → 12.1%
+1.8 pts
Median age
28.3 → 29.1
+0.8 yrs

Compared with 2021, rent in ZIP 38118 in Memphis, TN has climbed by $280 per month, settling near $1,225 after starting the period at $945. On the earnings side, the typical household in ZIP 38118 in Memphis, TN now reports about $43,446, up from $38,589 in 2021. Rent outpaced income growth by roughly 17.0 percentage points, which means renters are spending a larger slice of each paycheck on housing than they did in 2021. About 60.2% of households rent today, against 57.5% in 2021. For context, the 2021 to 2026 window covers an unusually volatile run for US rents nationally, and ZIP 38118 in Memphis, TN reflects that arc in its own way.

Community

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Local insights

Tips for renters in ZIP 38118

About renting in ZIP 38118

Last updated: July 20, 2026

ZIP code 38118 covers Memphis, TN. The median rent here is $1,225/mo as of July 2026. A 1-bedroom rents for a median of $1,110/mo. A 2-bedroom rents for a median of $1,230/mo.

At 34% of local median household income ($43,446/yr), ZIP 38118 ranks as moderate compared to the national benchmark of 30%. Rents have decreased 0.7% over the past year.

FAQ

Frequently asked questions

How much is rent in ZIP code 38118?

As of July 20, 2026, the median monthly rent in ZIP 38118 (Memphis, TN) is $1,225. This is based on aggregated data from public sources and community submissions.

How does ZIP 38118 rent compare to the US average?

ZIP 38118's median rent of $1,225/mo is $740 (38%) below the US national median of $1,965/mo.

How does ZIP 38118 compare to other ZIPs in Tennessee?

ZIP 38118 is among the more affordable ZIP codes in Tennessee, ranking #131 out of 145 ZIPs at $1,225/mo.

How much income do you need to rent in ZIP 38118?

To keep rent at or below 30% of gross income, you would need to earn at least $49,000/year (~$24/hour full-time) to afford the median rent of $1,225/mo in ZIP 38118. The local median household income is $43,446/yr, meaning the typical household falls short of that threshold.

Is rent going up or down in ZIP 38118?

Rent in ZIP 38118 has decreased 0.7% over the past year as of July 20, 2026, offering some relief compared to 12 months ago.

Is ZIP 38118 an affordable place to rent?

ZIP 38118 is considered moderate for renters. At $1,225/mo, rent takes approximately 34% of the local median household income ($43,446/yr). The standard benchmark is 30%. ZIP 38118 slightly exceeds that threshold, so budgeting carefully matters here.

What percentage of ZIP 38118 residents rent vs. own?

According to Census data, approximately 60.2% of ZIP 38118 households are renters, while 39.8% are owner-occupied. With a majority renter population, ZIP 38118 has a strong rental market.

How does ZIP 38118 compare to the rest of Memphis?

ZIP 38118 is more affordable than Memphis overall. At $1,225/mo, it's $55 below the Memphis citywide median of $1,280/mo.

When was rent data for ZIP 38118 last updated?

Rent data for ZIP 38118 reflects July 20, 2026. RentDataNow refreshes all data monthly using public and private datasets.
Income Affordability
34%
MODERATE

At $1,225/mo, rent takes ~34% of ZIP 38118's median household income ($43,446/yr). The standard benchmark is 30%.

ZIP 38118 34%Benchmark 30%
State income taxNone
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Schools nearby

Public schools near ZIP 38118 (Memphis, TN)

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